Pace sells most of Manchester Highlands to Phoenix firm
Core Real Estate Investments of Phoenix has acquired about 60 percent of the Manchester Highlands shopping center in Manchester, Mo., from its developer, Pace Properties, for $48.5 million.
Mid-America Real Estate Corp. of Oakbrook Terrace, Ill., represented Pace in the deal and announced the sale Wednesday.
Manchester Highlands is located on Manchester Road at Highway 141.
Core, which represented itself in the deal, bought 340,000 square feet of the Manchester Highlands. Pace opened the first phase of the $120 million, 555,000-square-foot center in late 2008.
Wal-Mart and Costco opened there in 2009. Other primary tenants there include Best Buy, Petsmart and Bed Bath & Beyond. Costco Wholesale Club owns its building, which is not part of Cole’s purchase.
Pace put part of the shopping center on the market in May, saying it would retain ownership of two retail buildings totaling 12,000 square feet, as well as two undeveloped out-lots of about 3 acres.
Filed under: online by Finance Boss