A California real estate investment group has bought the Manito Shopping Center for $13 million , says Dave Black , a principal in Spokane -based Black Realty Management Inc. , which manages the property. Manito Shopping Center , located at 802 E. 29th, near the southeast corner of Grand Boulevard and 29th Avenue , has 127,000 square feet of retail space and is anchored by a Super 1 Foods supermarket, a Ross Dress for Less apparel store, and a Rite Aid drug store. Other tenants include a Go Froyo frozen-yogurt outlet, Manito Tap House restaurant, and a Verizon wireless communications retail store. Black says the new ownership group for the Manito Shopping Center is Manito Center LLC , which is controlled by Jonathan Cheng , the San Diego -based president of Tourmaline Capital , a commercial real estate investment and management concern. Paul Sleeth and Billy Sleeth , of Seattle -based Colliers International , brokered the real estate transaction. The Sleeths have ties to Spokane , Black says, adding, " Paul Sleeth is a friend of mine." The seller was Manito Shopping Center Associates LLC , a group made up of the Walther family, of Spokane , and an East Coast -based real estate investment group, Black says. Black Realty Management will continue to manage the property, he says. Black's father, James S. Black Sr. , developed the shopping center for the Walther family in the 1960s, and Black companies have managed it since then. Much of the center has undergone a facelift in recent years. The former owners invested $1.2 million in a remodel project at the Ross Dress for Less store site in a project completed in 2011. The following year, Super 1 Foods performed a $1 million remodel of its store. The Manito Shopping Center is 88 percent occupied. A 12,000-square-foot space next to Ross Dress for Less and a 3,200-square-foot lower-level space that faces Grand Boulevard are vacant. Black says potential tenants are showing active interest in both locations.
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