Manchester, Mo. St. Louis-based developer Pace Properties has sold a major portion of Manchester Highlands shopping center, in Manchester, Mo., to Phoenix-based Cole Real Estate Investments for $48.5 million.
The acquired assets include 29 acres occupied by a Wal-Mart Supercenter plus a group of junior anchor and in-line space totaling 136,000 sq. ft. The center is 98% leased.
Pace retains ownership of two new retail buildings hosting a combined 12,000 sq. ft. located on the northern end of the shopping center, as well as two undeveloped out-lots totaling three acres east of Manchester Highlands Drive.
Pace will continue to manage and lease Manchester Highlands.
Pace opened the first phase of Manchester Highlands in late 2008. Major tenants complementing Wal-Mart include Best Buy, PetSmart, Bed Bath & Beyond, Ulta Salon and Carters Children’s Wear. Additionally, a Costco Warehouse Club owned by Costco is on the Manchester Highlands site.