“Because we were in partnership (with C.E. John) it was a little different,” said Cain. “I think long-term, it probably didn’t fit to have things together, so we were in a position where we were up for re-financing and we went out and saw what it would be worth and thought it made sense [to sell].
“If either of us had owned it completely, we wouldn’t have sold it,” he added. “But the fact that we had half as much ownership as we normally would have, it wasn’t worth continuing like that.”
Cain said that his belief in the growth of the Hazel Dell area remains, and he noted that the listing attracted several bids before being sold to the group out of Medford.
“Hazel Dell has some old things that need to be taken down, but it’s a good area,” he said. “I still think it’s an up and coming area.”
Cain said the sale is not related to any of Gramor’s other developments, including the Vancouver waterfront project.
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