A Spokane Valley-based real estate development company has purchased 5 Mile Shopping Center, at 1812 W. Francis, and several neighboring commercial buildings for $32 million, according to Spokane-based Kiemle Hagood.

Developer Romax 5 Mile LLC purchased the 14-acre property from Spokane-based 5-Mile Investment Company I LLC, a Kiemle Hagood press release states.

The purchase was completed in May, tax records on file with Spokane County show.

Casey Brazil, vice president and chief operating officer of Kiemle Hagood, along with real estate broker Richard Fox, also of Kiemle Hagood, represented the seller. Kiemle Hagood brokers Colin Conway and Steve McIntosh represented the buyer.

The property, which features over 163,000 square feet of retail space, is located north of the intersection at Francis Avenue and Ash Street in North Spokane.

The purchase of the multitenant retail property includes the 9-acre strip mall on the north end of the property — anchored by a Rosauers Supermarkets Inc. grocery store — as well as the parking lot, four standalone commercial buildings south of the strip mall, and six commercial buildings across Ash Street located east of the strip mall, according to Spokane County tax records. 

Businesses including Starbucks, Chipotle, Taco Bell, Washington Trust Bank, Mister Car Wash, GNC, and Edward Jones are tenants at the shopping center. Cascadia Public House and The Urban Canine are tenants of the adjacent property.

The shopping center, where Rosauers is located, was built in 1955, and retail space has been added since then. The property has also undergone several renovations over time.

High occupancy, a diverse tenant mix, a grocery store anchor, and the North Spokane location created an attractive retail asset for buyers, Brazil says in the press release.

“Assets with these characteristics continue to attract strong investor interest because they combine daily-needs traffic with long-term neighborhood stability,” he says.

The purchase of 5 Mile Shopping Center follows the sale of a different commercial retail property this year. In February, a nearby commercial center in North Spokane — Town & Country Shopping Center — and three neighboring commercial buildings were purchased for $11 million as part of a separate transaction, the Journal previously reported.

Spokane-based Francis Monroe LLC purchased the 72,000-square-foot retail property from Town & Country Shopping Center LLC. Spokane-based real estate brokerage NAI Black handled that transaction.