Retail

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Acquisitions Georgia Retail Southeast

SRS Brokers $11.6M Sale of Shopping Center in Metro Atlanta

by Julia Sanders January 26, 2022

DOUGLASVILLE, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Douglasville Marketplace, an 86,166-square-foot shopping center located in Douglasville. The seller, a family office out of Dallas, sold the property for $11.6 million to Continental Property Group LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2000 on 9.4 acres, Douglasville Marketplace was fully occupied at the time of sale to tenants including Kaiser Permanente, Ashley Homestore and Best Buy. The property is shadow-anchored by Lowe’s Home Improvement. Located at 775 Douglas Blvd., the property is situated 23.6 miles west from downtown Atlanta and 27.9 miles from the University of West Georgia. The property is also located close to Douglas County High School, Wellstar Douglas Hospital and the Douglas County Courthouse.

January 26, 2022

Acquisitions California Retail Western

NewMark Merrill Cos. Acquires North Broadway Plaza Shopping Center in Santa Maria, California

by Amy Works January 26, 2022

SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.

January 26, 2022

Acquisitions Illinois Midwest Retail

Joint Venture Acquires 160,301 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow January 26, 2022

SCHAUMBURG, ILL. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property is also home to Bob’s Furniture, Office Depot, Petco and H Mart. Kensington Development Partners was the seller.

January 26, 2022

Acquisitions Massachusetts Northeast Retail

JLL Negotiates $39.5M Sale of Grocery-Anchored Shopping Center in Saugus, Massachusetts

by Taylor Williams January 26, 2022

SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Three-Tenant Retail Property in Coconut Creek, Florida

by Julia Sanders January 25, 2022

COCONUT CREEK, FLA. — Marcus & Millichap has arranged the $10.4 million sale of a three-tenant retail property in Coconut Creek. Michael Salafia, Gabriel Britti, Ricardo Esteves and Ronnie Issenberg of Marcus & Millichap represented the seller, a publicly traded REIT, and procured the buyer, Boca Gas Co. The tenants at the two-building property include a Shell Station, Daily’s Convenience store and a Firestone Complete Auto Care Center. The property spans 94,090 square feet on 2.2 acres at 6350 N State Road 7 and 6330 US-331 South. Both properties are surrounded by retailers including BJs, Publix, Walmart Supercenter, Kohl’s, Starbucks and Chick-fil-A.

January 25, 2022

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $11.4M Sale of Three-Tenant Retail Property in Metro Minneapolis

by Kristin Harlow January 25, 2022

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $11.4 million sale of Riverdale Village in the Minneapolis suburb of Coon Rapids. Constructed in 2021, the property consists of a 4,150-square-foot building with a drive-thru occupied by Bank of America and a two-tenant, 6,700-square-foot building occupied by Famous Dave’s and Banfield Hospital. The asset serves as an outparcel to Menards. Jeff Lefko and Bill Asher of Hanley, along with Robert Wise of CBRE, represented the seller, Florida-based OneCorp Global. Boston Weir of Henry Group Real Estate represented the buyer, a Colorado-based private investor completing a 1031 exchange.

January 25, 2022

Acquisitions Indiana Midwest Retail

Quantum Brokers Sale of Walgreens-Occupied Property in Anderson, Indiana

by Kristin Harlow January 25, 2022

ANDERSON, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,418-square-foot property occupied by Walgreens in Anderson, about 40 miles northeast of Indianapolis. The sales price was undisclosed. Constructed in 2004, the building is located at 320 S. Scatterfield Road. At the time of sale, Walgreens had roughly eight years remaining on its 25-year lease term. Dan Waszak of Quantum represented the buyer, a New York City-based 1031 investor. The seller was also based in New York.

January 25, 2022

Acquisitions Retail Texas

Structure Commercial Arranges Sale of 68,492 SF Retail Center in Irving

by Taylor Williams January 25, 2022

IRVING, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Imperial Square, a 68,492-square-foot retail center in Irving. At the time of sale, the center was fully leased to a tenant roster that includes FedEx-Kinkos. Allegiance Staffing and Mint Mobile. Eric Deuillet and Jake Burns of Structure Commercial represented the seller in the transaction. Greg Nelson and Brent Bosworth of Paladin Partners represented the buyer, Global Unique Logistics Corp.

January 25, 2022

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