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PORTLAND, OR-Wood Village Town Center, a 500,000-sf retail and office development that is under construction east of here has changed hands for $34.9 million, according to the listing brokerage firm, Grubb & Ellis Co. GM Realty Advisors of Irvine, CA sold the project to M&J Wilkow Properties Inc., a Chicago-based pension fund advisor.

Located on the northeast corner of 223rd Avenue and Glisan Street, Wood Village Town Center is currently in the final stages of development. Major tenants in the portion of the center that sold include the first Kohl’s department store in Oregon, Starbucks, Party City, Sleep Country, Carl’s Jr., El Pollo Loco and Wireless Toyz. Fred Meyer and Lowe’s are shadow anchors, which means they are located at the development but own their own facilities.

In addition to the existing improvements, M&J Wilkow acquired the development rights to six future pad buildings entitled for retail, restaurant and office uses. Michelle Schierberl of Grubb & Ellis’ Newport Beach office, and a licensed Oregon real estate broker, represented the GM. The buyer represented itself.

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