91ÊÓƵ

Kimco Realty has sold a 90,000-square-foot retail center in Troutdale to a California-based investment company for $4.5 million.

The Alamo Group purchased the Troutdale Market Place, located at the intersection of Troutdale Road and Stark Street, according to a press release from the city. The sale also includes a nearby Dairy Queen.

Built in 1985, the property was remodeled in 2001 and includes 16 separate retail spaces. Grocery Depot plans to occupy a 25,000-square-foot space at the marketplace by mid summer.

According to the city, the Alamo Group is a sole proprietorship owned by Don Guabe. The company has properties in Oregon, Washington, California, Montana and Nevada and manages 2 million square feet of retail and restaurant space. Alamo focuses on purchasing, remodeling and marketing under performing properties.

Alamo’s is shooting to have Troutdale Market Place at 100 percent occupancy within the next 12 to 18 months.