The shopping mall sits on 32 acres at the corner of Southeast Cypress Street and Tualatin Valley Highway. Buildings on the property total 357,943 sf, but Target owns its 100,000-sf store so the transaction included only 256,034 sf rentable. Safeway, Rite Aid and Petco are other anchor tenants.

Lou Lauman of CB Richard Ellis, who had the disposition assignment, tells GlobeSt.com the asking price for the mall was $29.5 million. The disposition was handled as a managed bid process, and Lauman says he garnered offers from 10 qualified buyers, including pension fund advisers, REITs and large private investors. The new owner's capitalization rate on the deal is "just under 9.5%," says Lauman, who worked the deal with CBRE's Bob Dunn.

Bay 605 Corp., the seller, is a privately held institutional investor based in Atlanta. The center, which it acquired in 1989, has been its only asset in the Portland Metro area since 1996, when Lauman sold the company's 71,000-sf flex-office building in the Tigard Triangle.