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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (April 3, 1910)
lO THE SUNDAY OREGOXIAX. PORTLAND, APRIL 3, 1910. NEW LEASES MEAN LARGE BUILDINGS Improvement Plans re Fea ture of Week's Develop ments in Real Estate. RENEWED ACTIVITY SHOWN Sales In. Down-Town District Reflect Good Tone of Market fniMrtant Ileal a in Outside Acreage Are Reported. Last week was momentous in the his tory of realty transactions in Portland. The feature qt the week was the ar rangement of several large leases, which will result in the construction of handsome buildinprs on the leased properties. Sales in the downtown dis trict were little behind the leases in Importance. There was an instant re vival of the active trading- and not only was this noticeable in the down town properties, but important tracts of acreage were dealt in all over the tate, large development plans were announced and everywhere evidence was given of the rapid growth and development of Portland and Oregon. Sales of residence lots in the newly platted additions continued on the same scale as in the previous week. Down town properties, especially along the Park streets. In South Portland, on upper Alder street and in the Nob Mill district were also iactors in sev eral sales, those along Park and West Park streets being even greater than in any previous week, despite marked ac tivity ti.e last three months in this ection. The closing of three large leases was, however, the principal factor in an active week. The first of these deals to be closed was the lease for 50 years by M. W. Hunt, of the Portland Flour ing Mills, to Matthew P. i.ac, of Chi cago, of the northwest corner, 50x100, of Park and Morrison streets. This was leased on a basis of 6 per cent net income on a valuation of $225,000 for the full term. In the lease is included an option to buy the property within a year at $200,000. The purchaser will erect a 10-story Class building, cost ing $300,000. It will be used lor a re tail dry goods store and tenanted by Mr. Raf. Mr. Hunt bought this prop erty from H. M. Cake last Summer for $150,000. The lease goes into effect in SO days,- or as soon as the present ten ants move from the location. The second of these large leases is for the 50x100 feet at the southwest corner of Park and Washington streets, which was leased by Piatt & Piatt, at torneys, for 30 years. This property, owned by I. F Durkheimer and Jeo JTrlede. was leased for a ground rental of 6 per cent on $250,000. or a rental of $1000 a month at the start, Increasing $100 a month every five years of the period of the lease. It is 'at present occupied under lease by the Royal Bakery Company. Thts lease expires in July. 1911. 'when the new lessees will begin the erection of a 10-story building for office purposes. This structure will cost in the neighborhood of $200,000. The owners bought this property 17 years ago for $16,500, when it was bringing in a rental of $120 a. month. The third lease was of 175 feet on the south side of Burnside street be tween Seventh and Eighth streets.-This was leased to Lowengart & Company as a site for a six-story building to be built at a cost of $100,000 by the own ers. Work will begin st once and be rushed to completion. Vtennes & Hend ricks are the architects. It may be completed this Fall. Mr. Lowengart will occupy the biMldlng with his wholesale millinery establishment. This lease was negotiated for a term of ten years on the basis of 7 per cent Interest on $100,000 ground valuation and the same for the building. The property is owned by Burke & Ilaak -.and was bought by them last Summer for $i5,500. In the vicinity or the Broadway bridge landing on the East .Side ac tivity has been noticeable recently. An apartment-house. at Cherry and "Wheeler streets, containing seven modern apartments, has been sold through the agency of A. II. Blrrell & Company for $14,000. The same firm reports the sale of a qtiarter block at Kast Fifty-third and Belmont streets for $4400, and several other smaller aies of outlylnj? property. Along the Park streets the sales have been especially heavy. Sales reported last week include transactions of from $10,000 to S.lti.000 In this district. If. M. Leffert bought a corner at Park and Jefferson for $.".6,000: the Beacon Investment Company bought a lot at Wert Park and Columbia for $22,500 .and sold it for $25,000; K. L. Shull ' bought a quarter block at "West Park .and Jackson streets for $31,000: the jPark Harris Investment Company 'bought a lot at Park and Harrison streets for $15,0o0; James Hislop sold a lot at Seventh and Harrison for $13,500 and other sales in the same vicinity were reported. These sales all were made at prices indicating a snarp advance over prices paid a few months ago and the great activity has probably been brought about on ac count 'of the low valuations which have been placed upon properties along these two streets. Sales on South Twelfth and South Klevcnth streets were also a factor iu the week's trading, three deals having been completed at figures ranging from $11,500 to $21,000. These were for properties at Twelfth and Harri son and at Eleventh and Montgomery streets. A quarter block at Twelfth an dHarrisoii brought $t:i,000. a single lot on the same intersection $13.po and a single lot at Eleventh and Mont gomery $11,500. A local wholesale company whose name is withheld has purchased loOx 100 feet at the northwest corner of Kleventh and Glisan street from Eu gene Pirrard for $42,000. The property Is improved "with old dwellings, but these win be removed and replaced with a brick warehouse. The sale was made through the agency of Uold vmltb. & Company. J. K. tern. a ladies' tailor, located en Washington street, has bought a fractional lot. 48x66 feet, on the north aide of Alder street, 50 feet west of Twelfth street. The property was bought from George Heusner for $53, 000. Mr. Heusner had owned this prop erty three years. He paid $15,000 for It. The new owner will construct a brick Juildlng for his own occupancy. E. C Nicholson has bought 50x100 feet on Aspen street ort Willamette . Heights from X. K. Jensen for $5750, Tha property la Improved with a mod ern seven-room residence. It was bonght through the agency of the Union Bank & Trust Company and will be occupied as a home. J. Russell and Fred Fritz have pur chased 100x114 'feet on East Twenti eth and East Ash streets from E. A. Baldwin for $10,000. The property is improved with a modern nine-room residence which will be occupied by Mr. Russell as a home. The sale was negotiated by the E. P. Mall Company. The Western Oregon Trust Company and the Clark-Cook Company have purchased 33 lots In Menefee Addition form W. Walker' for $25,000. They were bought as an investment. The real estate offices of the Brong Steele Company have been moved to a ground floor location in the Lewis Building. . The . new offices are being equipped with handsome mahogany fixtures and fittings. I.ester Park Bungalows Sold. F. A. Sherman & Co. announced the sale in Lester Park, southeast corner of East Twenty-nfth and Wygant streets, from George F. Barber to George P.. ntngle for $2500. This lot is improved with a five-room frame bungalow . and was purchased for a home, the new owner taking possession at once. A lot 50x100 feet at the cor ner of East Fifteenth, near Alberta street, improved with a new five-room bungalow, was sold to George W. Tabaka for $3000 and an unimproved lot at the southwest corner of East Twenty-third and Going streets was sold to F. A. Sherman for $800. BUILD BUDDHIST TEMPLE JAPANESE PLAX FOR OF WORSHIP. HOUSE Site on Tenth - Street Xear Everett Soon Be Scene of Build ing Operations. Mill A. C. Ewart, architect, has prepared plans for a Japanese Buddhist Temple, to be erected on Tenth street, between Everett and Flanders streets. The con tract for the structure has been award ed to Zanello & Sons, the cost to be $15,000. Plans for the building were prepared last Fall, but owing to delays the start was not possible until now. The build ing will be a three-story brick, 47x50 feet. The first floor will be used as a place of worship and the other floors for various purposes. Roberts & Roberts, architects, have prepared plans for a two-tory brick building to be erected at the northeast corner of East Tenth and East Everett streets. The structure will be 50x100 feet and will be used for laundry pur poses. The cost will be $15,000. Work will be started in the Immediate future. Kelso Man Buys in lrvington. James Wallace, of Kelso, Wash., has purchased a quarter block at the south east corner of East Nineteenth and Stanton streets, and also a quarter on the southwest corner of East Twentieth and Stanton streets, from the Irvington Investment Company for $7500. This half block is in the choicest part of Irv ington and Wallace bought with the Intention of erecting a home this Spring. B1GBUYS NUMEROUS Demand for Oregon Farms Un usually Strong. ALL KINDS ARE INVOLVED Thirteen Lots Sell In Welch Borough The following sales have recently been made In Welch Borough, on the eastern slope of Mount Tabor: O. Rowe. lot for $875: John Oliver, two lots for $1700; W. A. Hopkins, lot for $800; J. H. Heim. lot for $800; A. Sleep, lot for $900; N. P. Hansen, lot for $800; Hughes Bros., three lots for $1900; John Wards, lot for $1000; O. Rowe, two lota for $1800. These lota all are on high ground. Xew Apartment-House Starts. D. JIoKeen has drawn plans for a three-story apartment-house to be erected on East Fourteenth and Madison streets for Mini P. H. White. Excavations have been started for the basement of the building. It will be an attractive structure. Sale of Wagon Road Grant Leads All Realty Transactions Central Oregon Tracts and Willamette Fruit Lands Change Hands. Great as has been the demand for property in Portland, the swarm of investors seeking farm lands seems to toe even greater from the wealth of pales in great tracts of acreage which were reported last week. Deals in this class of real estate Indicate a great influx of well-to-do settlers locating in Oregon from the East, and that a large amount of Portland capital has recently been going into the lands lying tributary to this city. Paramount in these deals is, of course, the great undertaking in Cen tral Oregon, where Minnesota capital ists are. buying 800.000 acres of land, comprising the holdings of the Wil lamette Valley & Cascade Mountain Wagon Road corporation. This great deal, involving upwards of $6,000,000, will, if finally closed, result in the opening up of a great tract of timber lands, in volving hundreds of thousands of acres, and said to contain 3,000,000,000 feet of timber, hundreds of thousands of acres of wheat lands and a great quantity of the rich undeveloped land of Central Oregon. With this deal comes the strong probability that a railroad is to be built connecting Eastern, Central and Western Oregon by means of a cross-state line. A large deal in timber, negotiated last week, was the purchase of the Siracoe Chapman holdings in the Chap man Timber Company by Henry Tur rlsh and associates of Minnesota. This involves a tract of 17,000 acres of fine timber located back of Scappoose, and in cludes a fine logging railroad. Record Sale Closed at Mosier. In fruit lands, one of the most im portant purchases was the buy of 230 acres of rich apple land in the Impor tant Mosier district by C. A. McCar ger, of the firm of McCarger, Bates & Lively. This land was bought from George Sellinger for $40,000. It is lo cated one mile east of Mosier, In the heart of the rich non-irrigated -fruit land section. This deal Is the largest ever negotiated in that district. The new owner will plat the land Into tracts of 10- and 20 acres and place it on the market jis apple land, under the Mosier co-operative fruit raising plan. At present the tract is being used successfully in growing apples and prunes, although the greater portion has been used as a hay ranch. Mr. Sellinger made a for tune from the nay on this tract, se curing last year an average of four tons of hay per acre. The land will be sold at Mosier through the agency of jIcGregor & Bothfur and at Port land by McCarger, Bates & Lively. There has been considerable activity in farm lands in the section In and around Prinevllle. Three deals were consummated last week representing a total consideration of $77,500. The largest single purchase was made by George Russell, a prominent horse buyer from Tacoma, who tought the C Sam Smith ranch, up the Ochoco River, for $55,000. The ranch contains 8260 acres, of which 3360 acres were owned by Mr. Smith. The remaining 5000 acres were leased lands. The land is good alfalfa land, and from 300 acres has been producing an annual crop of 600 tons. The greater portion is pasture. Mr. Russell will develop the tract as a stock ranch. He has been running horses on the range in that vicinity for several years. Another deal was a sale by Will Wursweller, of Portland, to Frank Cox. Mr. Wurzweller sold his 140 acres of MOW TO MM NET Buy Some Lots in the City of Othello, the Logical Railroad Center of Eastern Washington, Supported by 400,000 Farms Othello is the logical center and gateway of the Inland Empire's great western farm and orchard land. It is division headquarters of the Milwaukee road, and the natural radiating point for feeder branches already under construction both northerly and southerly. It is the natural location for the fu ture great metropolis, with unusual advantages for successful manufacturing and other industries, and all the requisites for effectually and conveniently carrying on the limitless commerce of this wonder fully productive region. It is difficult to estimate the possibilities and the certain destiny of this beau tiful country, which may conservatively be claimed as logically tributary to Othello. There is a region about 140 miles in length east and west and about 50 or 60 miles in width north and south. For the sake of moderation, cut this down to a width of 50 miles and you have no less than 7000 square miles of land, and allowing 480,000 acres as unfit for cultivation, this will show that the areable area of first-class farm land in this territory embraces 4,000,000 acres. As it has been amply demonstrated that 10 acres of this land is sufficient to make any large family comfort ably wealthy even without growing fruit, to which this land is naturally adapted in the highest degree this provides 400,000 10-acre farms, capable of main taining a population of 2,000,000 persons. Othello is a model townsite, laid out on the 20th century plan. Although less than a year old, it is already assuming the mode and manner of an important city. An emi nent and well-known landscapist and horticulturist has been secured for a long term to devote all his time and art to the arboreal beautif ication of Othello. We are formally placing-the choice business and resi dence lots of Othello on the market, and if one is to judge by the volume of business already done by us in our offices at Spokane, Seattle, Tacoma, Everett and Bellingham, as well as our office here in Port land, it would seem to be a foregone conclusion that our choice holdings will be snapped up within 60 days. Now, Mr. Investor, Home Seeker or Working Man, you have planned time and time again to take advantage of the first opportunity to .invest your money so it would make something for you. Yet op portunity after opportunity has passed by you and you are still at the cross-roads with a few dollars in the bank drawing interest. Your friend who took up the chance which you saw, but let go by, is now on Easy street, made so by his timely investment. Are you going to continue and be a PROCRASTINATOR, or are you going to be an "ISER"? We have told you about Othello in issue after issue of this paper and you have not yet invested. You know of the splendid opportunities it offers for you. Now the thing for you to do is to get in on the ground floor. The ground-floor man always reaps the largest profits. Othello lots are now selling on terms so that you can purchase without missing the cost. Just a small sum each month. Make your plans so that you can call at our offices,' and let us tell you something of this young giant of the West. Write us for free booklet. OT IPMVE1EN I CO. P. B. NEWKIRK, Managing; Director 219-220 Commercial Club Bldg. Corner Fifth and Oak Streets alfalfa lan.d, located on Crooked River, for $11,000. The third deal reported from this section was a 200-acre farm located east of Prinevllle, which was bought by M. T. Powell for $11,500. In the T anthill country one of the most Important transfers was repre sented in a purchase by Isaac Fergu- REMOVAL OF SWAN ISLAND ADVOCATED W. H. Corbett Presents Plan for Enlargement of Lower Harbor and Filling'-in of Low Land on Each Side of River. ''j:Mm PLAJt FOR LOWER HIIHOR AS OBTUTED BT W. M. CORBETT. PORTION l" Or.. April ;. To the Kdi tor.V Through two previous discus sions effort has been made to show what the writer believes to be the best development of our harbor problem. The first article was Illustrated by a general map of the harbor, the second one by a birdseye view of the lower lowlands of Mock's "Bottom and Guild's Lake. The extensive areas of these now ufeK'ss locations would be con verted Into Ideal factory sites with ade quate railroad and marine transporta tion facilities. Various other projects for accomplishing the same purpose have been put forward from time to harbor showing the location of Swan ! time, but none seem to offer the same Island und the inadequate passage j natural development of what we al through the cast channel, which Is now i ready have as that suggested by the exclusively used on account of the dyK- j carrying out of this project. More i!ic of the west channel. To complete i over, the scheme lends itself to develop- the argument. Illustration Is herewith submitted showing the general appear ance of the lower harbor, which would follow the removal of Swan Island, and the opening out of the entire width of the river at this point for the anchor age and .passage of deep-sea commerce. In thts illustration consequent re sults are shown of the depoait of the dredged-out material In the present nient by easy ami economical stages to meet the growing requirements, and does not involve any unusual altera tion of the face of nature. The first step to secure such a result will be the carrying out of a projeot al ready under way by the Port of Port land Commission in co-operation with the United States Engineers, by the dredging out of the west channel. This should go forward immediately, as the demands for It are already press ing. After that the growing needs of our commercial relations will, deter mine the necessity for the ultimate re moval of Swan Island, which can be done by easy stages, working from the lower point and adding to the extent of the mooring basin from year to year. Every time we take a yard of sand from this location, to the main land we remove that much of an obstacle to navigation and create that much of a foundation at some point where it Is needed for our industrial growth, and no private ownership of any citizen of this community, who possesses an ounce of patriotism, should permit the opportunities of such ownership to in terfere with a general community en terpriss. At the same time It is not expected that reasonable consideration should not be given to any private In terest involved, and th, benefits ac cruing 'to property owners on both the east and west banks of the river should be easily adjusted to meet the legiti mate requirements of the present own ers of Swan Island. In otiier words the details of the accomplishment can be left to ordinary business arrange ments between our representative citi zens whose property ownership is in volved. . " The scheme haa been presented and outlined by the writer with absolutely no motive except that of securing for this port the grasp of commerce and dignity of appearance, which it de serves. No claim ' 1 made as to any novelty of thought In the premises, but merely an Illustration of results, which will appeal to those who have not ac qualnted themselves with the logic of Portland's position as a challenger for Paciflo Ooast supremacy. TV. H. CORBETT. son, a horticulturist of Chicago, who bought 200 acres in the highlands near Sheridan from John H. Hall and George E. Waggoner for $15,000. The entire tract, which Is high-grade fruit and walnut land, will be planted to commercial orchards. In the same locality Angus JIcCul lough bought 150 acres from the same sellers for $12,000. Mr. McCullough will devote a portion of the tract to fruitraislner, and will use the remain, der for alfalfa and general farming. F. R. Foster and Eastern associ ates have purchased a 240-acre tract from George 15. Waggoner for $55 an acre. This land will also be devel oped. This tract ia also located In the Yamhill country In the same 'vicinity as the other two purchases. A - sale of 6000 acres located near nermtston was reported last . week. This land was bought bj- Dr. H. W. Coe, of this city, and associates, and lies under the Umatilla Government ir rigation project. It ' has already been watered. Numerous other land and ranch deals were reported for smaller amounts from practically every section of the state. Bakery Will Build on Belmont. J. M. Wallace has been awarded the contract for the erection of the three story building for the New York bak ery on the corner of Cast Seventh and Belmont streets for $40,000. It will coyer 100x100. Excavations have been started for the basement of this build ing. Goddard & Wledrick sold a 60x50 lot on the southeast corner of East Eighteenth and Alberta streets for H. A. Walker to Peter Nelson for $8000. The property Is Improved with a two- story frame building used for stores with flats on the second story, all of which Is rented. Flats Will Cost $30,000. Excavating has been started for the basement of a three-story brick base ment apartment house to be erected on the southeast corner of Each Couch and Eighth streets for I. C. Major, who recently bought the corner lot for $6600. The building will be 60x100, and the cost is estimated at $30,000. A feature of the building is that all the rooms will have outside fronts. Wall furniture will be Installed in each flat J. Bryson Moore, architeot for the Portland Realty & Construction Com pany, has drawn the plans for this building. It will be one of the finest apartment houses erected on the East Side. Mr. Major recently came to Port land from Spokane. JT S T READY FEB. SSth, ISIO. California Bungalow Homes The newest, beat, moet practical and most comprehensive Book of the Bun- falow; 300 Illustrations of the beauti ul bungalows of Los Angeles, Pasa dena and environs; exteriors, floor plans. Interiors, mantels, buffets, doors, etc.; costs and descriptions. Homes costing: from $350 up. Price on dollar, postpaid- The Bungalowcraft Co., 403 Chamber of Commerce, Los Angeles, Cal. Builders Taking Great Interest More attention is now paid to lighting fixtures than any other decoration of the home. The new designs just received by the M. J. 'Walsh Co., from the leading manufacturers, are the richest and most practical ever shown jn Portland. You should see our beautiful line of Tiffany lustercd and imported lines of glassware. It's worth investigation. V M. J. Walsh Co. TILING, WIRING AND ELECTRICAL SUPPLIES 311 STARK STREET, NEAR SIXTH Main 879. Both Phones. A 1879.