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DDR Corp., a publicly traded real estate investment trust, has purchased Gresham Station Shopping Center for $87 million.

The property was sold by Westlake Realty Group Inc., based in San Mateo, California. The firm was represented by Holliday Fenoglio Fowler鈥檚 Portland office, led by Director Nick Kassab. The closing was announced Tuesday.

Gresham Station Shopping Center has major tenants, including Best Buy, Bed Bath & Beyond and Cost Plus World Market. The sale of the nearly 300,000-square-foot Gresham Station included a 45,000-square-foot LA Fitness center.

The property encompasses 19.2 acres. Gresham Station Shopping Center is located at 649 N.W. 12th St. in Gresham, while LA Fitness is at 779 N.W. Council Drive.

Gresham Station also includes 12,289 square feet of office space that is 89 percent leased.

The transaction is the latest example of institutional players investing in east Portland, Kassab stated in a news release. More than 243,000 people with an average annual household income of $62,207 live within 5 miles of the properties, according to HFF.

鈥淕iven the dearth of retail offerings of institutional scale available in Portland, the asset received a high amount of attention, as opportunities for investors to grow their Pacific Northwest retail allocations are few and far between,鈥� Kassab stated in a news release.

DDR, based in Beachwood, Ohio, also owns Tanasbourne Town Center, a 585,495-square-foot shopping center near Hillsboro, and Orchards Market Center, a 209,300-square-foot center in Vancouver, Washington. The company鈥檚 stock closed at $16.94 per share on Monday. 鈥�