Retail

11201-11223-National-Blvd-West-Los-Angeles-CA

CBM1 Negotiates $13.1M Sale of Retail Center in West Los Angeles

by Amy Works March 25, 2022

LOS ANGELES — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Boulevard in West Los Angeles. Los Robles Office Partners sold the asset to a private party for $13.1 million. The property includes a 10,883-square-foot retail building situated on a 24,400-square-foot lot. The retail center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.

March 25, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers Sale of 126,145 SF Shopping Center in Knoxville

by Julia Sanders March 25, 2022

KNOXVILLE, TENN. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Clinton Plaza, a 126,145-square-foot, grocery-anchored shopping center in Knoxville. LBD Properties LLC purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of the SRS represented the undisclosed seller in the transaction. The buyer was self-represented. Anchored by Food City, Clinton Plaza’s tenant roster includes Advance Auto Parts, Dollar Tree, Gas ‘N Go, Rent-A-Center, ADMA Biologics, Metro by T-Mobile, 1st Heritage Credit and Cricket Wireless. Food City and Dollar Tree have been operating at the location for 22 years, and Rent-A-Center has been for 32 years. Advance Auto Parts, which is an outparcel at the property, has been a tenant since 1966. Located on Clinton Highway, the property is situated five miles from downtown Knoxville and 5.2 miles from the University of Tennessee campus.

March 25, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 193,657 SF Shopping Center in Rockford, Illinois

by Kristin Harlow March 25, 2022

ROCKFORD, ILL. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford for an undisclosed price. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property is 69 percent leased to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.

March 25, 2022

Acquisitions Michigan Midwest Net Lease Restaurant Retail

Marcus & Millichap Arranges $3.5M Sale of Net-Leased Restaurant Property in Westland, Michigan

by Kristin Harlow March 25, 2022

WESTLAND, MICH. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.

March 25, 2022

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Boulder Group Negotiates $2.1M Sale of Starbucks-Occupied Property in Central Illinois

by Kristin Harlow March 25, 2022

LINCOLN, ILL. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.

March 25, 2022

Leasing Activity Midwest Retail Wisconsin

Nobel Dental to Open at River Bend Shopping Center in West Allis, Wisconsin

by Kristin Harlow March 25, 2022

WEST ALLIS, WIS. — Nobel Dental has signed a 2,639-square-foot lease to open at River Bend Shopping Center in the Milwaukee suburb of West Allis. The property is located at 7500 W. Oklahoma Ave. Matthew Beadle and Garrett Warner of Founders 3 Real Estate represented the landlord, River Bend Baceline LLC.

March 25, 2022

Acquisitions New York Northeast Office Retail

Avison Young Negotiates $10.5M Sale of Manhattan Office, Retail Building

by Taylor Williams March 25, 2022

NEW YORK CITY — Avison Young has negotiated the $10.5 million sale of a 15,540-square-foot office and retail building located at 206 Spring St. in Manhattan’s So District. The five-story building houses tenants such as Korean restaurant The Woo and cosmetic dentistry firm SoHo Smile. James Nelson, Brandon Polakoff, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller, locally based investment firm Corigin, in the transaction. The team also procured the undisclosed buyer.

March 25, 2022

Leasing Activity New Jersey Northeast Retail

Fortunoff Backyard to Open New Store at Somerset Shopping Center in Northern New Jersey

by Taylor Williams March 25, 2022

BRIDGEWATER, N.J. — Patio/outdoor furniture and accessories retailer Fortunoff Backyard Store will open a 9,400-square-foot retail establishment at Somerset Shopping Center in the Northern New Jersey community of Bridgewater. The tenant will backfill a space at the 219,000-square-foot center that was formerly occupied by Pier 1 Imports, which declared bankruptcy and began liquidating its stores in May 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord in the lease negotiations. Jake Frantzman of RIPCO Real Estate represented Fortunoff Backyard Store.

March 25, 2022

Florida Loans Northmarq Retail Southeast

Northmarq Secures $16.8M Acquisition Loan for Grocery-Anchored Center in Jupiter, Florida

by Julia Sanders March 24, 2022

JUPITER, FLA. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market. Located at 287 East Indiantown Road, the property is situated 19.7 miles from Palm Beach and 20.6 miles from Palm Beach International Airport.

March 24, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Investments Negotiates $37.4M Sale of Turlock Town Center in California

by Amy Works March 24, 2022

TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.

March 24, 2022

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