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RICHLAND, WA-A 145,451-sf shopping center in Richland, WA changed hands late last week for $10.2 million. Bob Wallace, a Bellevue, WA-based investor, acquired the Washington Plaza Shopping Center from the Dallas-based P.O’B Montgomery. The asking price was $11.2 million.

The grocery-anchored center sits on 13 acres at the Southwest Corner of McMurray Street and George Washington Way, which serves as Richland’s main north-south retail artery. It was built in 1979 and is currently 100% leased to the likes of Safeway, Big Lots, Hallmark, Starbucks, Taco Bell, Shari’s Restaurant, Radio Shack, Regis, and Washington State Liquor.

Wallace is the owner of Wallace Properties, a Bellevue-based commercial real estate brokerage firm. P.O’B Montgomery is an owner and operator of neighborhood centers. Neither Bob Wallace nor a representative of P/O’B Montgomery could be reached for comment on Monday. Colliers International’s Paul Sleeth brokered the transaction, which closed Friday, June 6, 2003.

Sleeth also is marketing for P.O’B the nearby Highlands Center, a 123,196-sf shopping center in Kennewick, WA that is anchored by Rite Aid, Recreational Equipment Inc. (REI) and Hastings Books and Music. The asking price for that property is $7.34 million.

Elsewhere in Washington and not for sale, P.O’B Montgomery owns: the 96,000-sf Park Manor Shopping Center in Bellingham, WA; the 178,000-sf Greentree Plaza Shopping Center in Everett, WA; and the 233,000-sf Tacoma Place Shopping Center in Tacoma, WA.

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