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The Langer family, which is partnering with Gramor Development on a $50 million retail development in Sherwood, has used the proceeds of a recent sale to Walmart to purchase a shopping center in Hillsboro.

This week, Gramor announced that a 145,000-square-foot Walmart will anchor its Sherwood Town Center planned for the former Langer Farms property off of Tualatin-Sherwood Road. Now, the Langers have purchased Tanasbourne Central, a 43,827-square-foot retail and office center, for $12.4 million.

George Diamond, the president and principal broker for Real Estate Investment Group, which represented the Langer family, said the deal was a property exchange following the sale of the Sherwood site to Walmart. Tanasbourne Central is at the intersection of Northwest Cornell Road and 188th Avenue.

“It just was a good long-term hold for their family,” Diamond said. “It’s right in the heart of Intel, where all the new development is going on – new apartments, new jobs, Intel, Salesforce, Kaiser (Permanente). And this is right within a mile of all these.”

Built in 2007, the unanchored center has three multi-tenant buildings and a two-story, mixed-use building. The property sold for $282.93 per square foot, with a capitalization rate of 7.5 percent.

Capital Pacific’s Scott Frank represented the seller, Tanasbourne Central Landlord LLC. Nicholas Diamond, a principal broker at REIG, also assisted the buyer in the transaction.