SEASIDE, OR-The Seaside Factory Outlet on Highway 101 here changed hands on Friday for $20.27 million, a local source tells GlobeSt.com. It last sold two years ago for $16 million and likely will re-trade once more before 2008 rolls around.

The new owner is value-add retail investor Howard & Mills Inc. of Northridge, CA, which typically holds properties less than 18 months and has invested in some 475 retail centers. Chief executive Geoff Mills tells GlobeSt.com that Seaside Factory Outlets represents the company's first outlet center investment and its first investment in the Northwest.

The 117,000-sf property sits on the Oregon coast, one hour from Portland, OR and 30 miles from the Washington border. Built in 1997, the property draws visitors to the coastal community by offering tax-free shopping from such national retailers as Eddie Bauer, GNC, Liz Claiborne and Nike. The opening of a Trendwest timeshare resort on the beach in 2003 has helped steadily increase traffic the past two years.

Mills describes Seaside Factory Outlet as a stable property to which the company expects to add substantial value in the short term by developing a couple of pads and filling a vacancy next to Nike with a strong national tenant. Given the purchase price and the firm's national tenant relationships, Mills says he expects to boost the value of the property such that the IRR on the investment is at or above the company's plus-20% average.

Howard & Mills acquired the property from Ted and Jennifer Cooper, a couple from San Jose, CA. The Coopers acquired the property from the developers, a group of investors whose managing partner was Graham Bryce of Portland, OR. Portland-based Elliot & Associates managed the property for the Coopers and will continue to do so for Howard & Mills. The brokers in the deal were Mike Garrido of Trident Realty Advisors, a Los Angeles-based brokerage firm, and Len Davis.