In April 1998, Fog Cutter Capital Group Inc. purchased five retail buildings and the headquarters-distribution center in a sale/lease-back transaction with G.I. Joe’s, a Northwest sporting goods and automotive retailer. The buildings totaled approximately 445,000 square feet and are located in Salem (two buildings adjacent to each other), Milwaukee, Tualatin, and Gresham, all major cities in the State of Oregon. The headquarters-distribution center is located in Wilsonville, Oregon. A 10.9 acre tract, which is available for future development, is adjacent to the Wilsonville property. All of the buildings were leased to G.I. Joe's on competitive market rents under fifteen year leases ending in April 2013.

On October 10, 2000, the Company sold the five retail buildings and the office-distribution center at a gain to an unaffiliated third party. The properties were sold for approximately $28.8 million. As part of the sale, the buyer assumed debt of approximately $20.3 million. The Company continues to hold the 10.9 acres in Wilsonville, Oregon as an investment.