MANCHESTER, MO-Cole Real Estate Investments, based in Phoenix,recently purchased a major portion of the Manchester Highlandsshopping center here. The company paid $48.5 million for its shareof the 525,000-square-foot center from Pace Properties.

The Cole purchase includes 29 acres with a 204,000-square-footWal-Mart Supercenter and two retail strips of about 135,000 squarefeet, including a Best Buy, Bed Bath & Beyond and a PetSmart.The rest of the property includes a Costco, which owns itssite.

Pace will continue to manage and lease the Cole property. BenWineman with Mid-America Real Estate Corp., who represented Pace,tells GlobeSt.com that it was time to sell the 98%-lased portion ofthe site. “This newly-completed development had reached its firstphase,” Wineman says. “The Manchester Road corridor is one of thedominant trade areas in West County, right down the road from WestCounty Center, that just continues to grow.”