MANCHESTER, MO. —Cole Real Estate Investments has acquired a major portion of Manchester Highlands, a retail center located at the intersection of Manchester Road and Missouri Highway 141 in Manchester. Pace Properties sold the assets for $48.5 million. The acquired portion includes a 29-acre site, which is occupied by a Walmart Supercenter, and a 136,000-square-foot group of junior anchor and in-line space. The acquired property is 98 percent occupied. Pace retains ownerships of two new retail buildings offering a combined 12,000 square feet and two undeveloped out-lots totaling 3 acres. Year-to-date, Cole has acquired more than $1 billion of high-quality commercial real estate, including retail, office and industrial properties across the United States. Scott Holmes of Mid-America Real Estate Corp. represented the buyer; Ben Wineman, also of Mid-America, represented Pace Properties in the transaction.
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