Cole Real Estate Investments of Phoenix is the new owner of much of the Manchester Highlands shopping center in Manchester.

That announcement comes from Mid-America Real Estate Corp., which says it represented Pace Properties in the $48.5 million sale.

Pace developed the 60-acre center, which is anchored by a Walmart Supercenter and includes Best Buy, Bed Bath & Beyond, PetSmart and Ulta. The sale apparently had been in the works since at least May, when Pace acknowledged it was trying to sell part of Manchester Highlands, at Highway 141 and Manchester Road.

Mark Sedgwick, Pace's managing director, said at the time that the company intended to retain and expand its remaining part of the center.

Manchester had provided the Highlands project $37.5 million in tax increment financing and a $12 million transportation development district paid for by revenue generated by the project. Even with the financing, Pace encountered obstacles, including having to buy out 60 houses and 10 businesses. The city awarded Pace eminent domain rights but the company did not use them.