Buyer spends close to $20 million for shopping centers anchored by Albertsons
A Bend family with roots in the grocery business sold its two shopping centers anchored by Albertsons for a combined $19.95 million, deeds recorded in Deschutes County show.
Wagner Mall and Pinebrook Plaza were sold to Western Pacific Holdings Inc., Compass Commercial Real Estate Services announced. Compass did not disclose the sale price.
Built in 1972 with Wagners supermarket as the anchor, Wagner Mall was the first “decently built enclosed mall” in Bend, said John Overbay, who took over the grocery chain from his father-in-law, Irl Wagner, in 1980.
Overbay sold the Central Oregon chain to Albertsons in 1994 but continued to own and manage the two Bend shopping centers, as well as Wagner Square in Redmond.
Overbay said he doesn’t know much about the buyer, except that it is based in the San Francisco area and owns dozens of shopping centers in California and some in Oregon and Washington.
“The Wagner Mall needs some help,” Overbay said. “And it takes people that have bigger money and easier money than how we financed.”
Western Pacific has only said it plans to work with current leases and try to fill the gaps in Wagner Mall, Overbay said.
The 108,818-square-foot shopping center is on about 9 acres at 1800 NE Third St. The sale encompassed the mall and surrounding pad sites, which include a McDonald’s, a liquor store and a Chinese restaurant. It sold for $11.15 million, a deed shows.
Pinebrook Plaza, a 59,509-square-foot center on about 6 acres at 61155 U.S. Highway 97, sold for $8.8 million. The sale included a stand-alone Shari’s restaurant.
Overbay, 85, said his two children who worked with him on the real estate business, Connie Overbay and Robert Overbay, were ready to retire.
“We’ve lived in Bend most of our lives,” he said. “And we don’t get to enjoy it as much as other people.”
The Wagner name is still attached to one Central Oregon grocery store, the Wagner IGA in Prineville. Overbay said he sold it to the management eight years ago.
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