Developer dumps Wood Village Town Center

Rights to construct additional space included in sale

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Irvine, Calif.-based GM Realty Advisors, developer of Wood Village Town Center, sold the project to M&J Wilkow Properties Inc., a Chicago-based pension fund advisor, in a deal valued at $34.9 million. The retail/office development is located in Wood Village, Ore., a suburb of Portland. Located at the northeast corner of 223rd Avenue and Glisan Street, it is currently in the final stages of development and will encompass more than 500,000 square feet of retail/office space when complete. The buyer acquired the existing improvements, as well as the development rights to six future pad buildings entitled for retail, restaurant and office uses. Major tenants in the center at the time of sale included the first Kohl's department store in Oregon, Starbucks, Party City, Sleep Country, Carl's Jr., El Pollo Loco and Wireless Toyz. The project is also anchored by Fred Meyer and Lowe's, which were not part of the sale. ...