Coldwater Plaza, an 80,600 square foot retail center, sold for $174 a square foot. The property was sold by its original developer, WM Grace, who built it in 2005. Newmark represented the seller. The buyer was Kwon-State Ave, LLC.

The development sits on a 12.58 acre lot and is home to a Sam’s Club and Home Depot as well as 16 other tenants. In January of this year the seller completed an exterior paint job as well as parking lot improvements.

Newmark’s Steve Julius says it was a unique sale, “This was a rare situation where the original developer is our seller. Unlike many developers who build to sell, the WM Grace Company builds for generations of ownership, which is a testament to the long-term cash flow from this asset.”