Biggi Investments Buys 46,834-SF Tanasbourne Center for $11 Mil

HILLSBORO, OR-Biggi Investments of Portland has paid $11 million for Tanasbourne Center, 46,834-sf shopping center here that is 100% occupied by Bed Bath & Beyond, Party City and Men’s Wearhouse.

The seller was Regency Centers, a national owner, operator and developer of grocery-anchored shopping centers. Regency acquired the property in December of 2000 and started construction in February 2001.

The center is well located at the intersection of Tanasbourne Drive and Northwest 185th Avenue, just off the exit from Highway 26. Craig Ramey, senior vice president of investments for Regency’s Northwest region, tells GlobeSt.com Regency decided to sell the property because the company tends only to hold onto grocery-anchored properties.

“It wasn’t necessarily our intent to sell it right away, but the buyer had a requirement,” said Ramey, declining to reveal the specific motivating factor, such as a “10-31 Exchange” deadline. Nationally, Regency owns 268 retail properties in high growth markets throughout the United States.

Biggi Investments is owned by John Biggi Jr and invests in office, industrial and retail developments. Earlier this year, Biggi paid $3.15 million for the Pitney Bowes Building, located at 8880 SW Nimbus in Beaverton.