Brokers Pat Kesgard, CCIM and Kristie Schmitt of Compass Commercial Real Estate Services along with Compass Commercial Asset & Property Management brokers John Keba, CPM®, ARM® and Holley Jensen represented Overbay Development Company, LLC as the seller in the sale of the Wagner Mall and Pinebrook Plaza shopping centers in Bend. Russell Huntamer, CCIM and Tom Standish, broker represented the buyer, Western Pacific Holdings, Inc., in purchasing both properties.
Wagner Mall and Pinebrook Plaza were a part of a joint venture previously owned by Overbay Development Company, LLC. Kesgard and Schmitt were approached by Overbay’s lawyer to sell the two properties. Kesgard then brought in Compass Commercial Asset & Property Management’s Keba and Jensen to manage the properties. The Overbay family built the two retail centers in the early 1970’s and late 1980’s and also own the Wagner Square in Redmond.
Pinebrook Plaza is currently home to Albertsons, among other retail stores. The sale was comprised of both the main building and land and included the stand-alone Shari’s restaurant. The 59,509 sq. ft. shopping center is situated on 5.97 acres at 61155 Highway 97. Wagner Mall’s 108,818 sq. ft. shopping center is situated on 9.35 acres at 1800 NE 3rd Street and includes Albertsons, Rite Aid and Aaron’s. The sale of Wagner Mall included the mall, large box spaces and the surrounding pad sites.
If you have questions about this article, please contact Russell Huntamer, CCIM or Pat Kesgard, CCIM of Compass Commercial Real Estate Services at 541.383.2444.