Retail

SRS Arranges $30M Sale of Regional Shopping Center in Jeffersonville, Indiana

by Kristin Harlow December 4, 2019

JEFFERSONVILLE, IND. — SRS Real Estate Partners National Net Lease Group has arranged the sale of Jefferson Town Center West in Jeffersonville for $30 million. The newly developed, 184,663-square-foot regional shopping center is located at 4251 Town Center Blvd. It is fully leased to tenants such as Hobby Lobby, Burlington, TJ Maxx, HomeGoods, Petco, Five Below and Ulta. Michael Carter and Frank Rogers of SRS represented the seller, a Louisville, Ky.-based developer. Carter and Rogers also represented the buyer, a private investor based in Newport Beach, Calif.

December 4, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.7M Sale of Firestone-Occupied Property in East Lansing

by Kristin Harlow December 4, 2019

EAST LANSING, MICH. — Marcus & Millichap has brokered the sale of a 10,000-square-foot property leased to Firestone Complete Auto Care in East Lansing for $2.7 million. The building, renovated this year, is located at 2700 E. Grand River Ave. Don McMinn of Marcus & Millichap represented the seller, East Lansing BF Retail LLC. Andrew Irvine of Marcus & Millichap represented the buyer, Lincoln Street Commercial LLC. “This Firestone traded at 99 percent of list price with a 1031 buyer with multiple back up offers. This speaks to the strong investor demand for Firestone deals due to its strong credit, long-term NNN leases with increases, solid retail locations and internet-resistant business model,” says McMinn.

December 4, 2019

Acquisitions Massachusetts Northeast Retail

JLL Brokers $24.1M Sale of Wonderland Marketplace in Metro Boston

by Taylor Williams December 4, 2019

REVERE, MASS. — JLL has brokered the $24.1 million sale of Wonderland Marketplace, a 139,507-square-foot shopping center in Revere, a northeastern suburb of Boston. The shopping center is anchored by Marshalls, Big Lots and Planet Fitness and is adjacent to the Massachusetts Bay Transportation Authority Wonderland Station. Nat Heald and Chris Angelone of JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities, in the transaction. Urban Edge Properties purchased the asset.

December 4, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado December 3, 2019

CHESTER, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including Petco, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler of Thalhimer represented the seller, Giant Food Stores, in the sale. David Crawford and Pete Waldbauer, also of Thalhimer, served as leasing advisers during the disposition.

December 3, 2019

Acquisitions California Retail Western

Sares Regis Divests of The Ashton Retail Center in San Francisco Bay Area

by Amy Works December 3, 2019

BELMONT, CALIF. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. Terms of the transaction, including acquisition price and buyer, were not disclosed. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the Belmont Caltrain station. The development team included Tricon Capital, Dahlin Group, BKF Engineers, Nishkian Menniger and Regis Contractors Bay Area.

December 3, 2019

Acquisitions Illinois Midwest Retail

JLL Negotiates Sale of Single-Tenant Retail Building in Chicago

by Kristin Harlow December 3, 2019

CHICAGO — JLL has negotiated the sale of a 9,794-square-foot, single-tenant retail building in Chicago for an undisclosed price. The property is triple net leased to Walter E. Smithe, a family-owned and operated local furniture business. Located at 2009 N. Clybourn Ave., the building is one of the tenant’s 10 Chicagoland showrooms. Nicholas Kanich and Alex Sharrin of JLL represented the seller, a Chicago-based private partnership. JLL also procured the buyer, a California-based family office, which purchased the asset while completing a 1031 tax-deferred exchange.

December 3, 2019

Acquisitions Retail Texas

NAI Partners Acquires 58,929 SF Retail Center in Metro Austin

by Taylor Williams December 3, 2019

ROUND ROCK, TEXAS — NAI Partners’ Investment Fund III has acquired Triangle Center, a 58,929-square-foot retail center situated on 4.9 acres in the northern Austin suburb of Round Rock. According to LoopNet Inc., the property was built in 1984. Andrew Pappas and Adam Hawkins of NAI Partners negotiated the deal with Matt Fain of Equitable Commercial Realty, who represented the undisclosed seller. Veritex Community Bank provided acquisition financing.

December 3, 2019

Leasing Activity New Jersey Northeast Retail

Pupcakes and Pawstries Barkery Signs 2,500 SF Retail Lease in Bridgewater, New Jersey

by Alex Patton December 3, 2019

BRIDGEWATER, N.J. — Pet supplies retailer Pupcakes & Pawstries Barkery and Shoppe has signed a 2,500-square-foot retail lease in Bridgewater, located approximately 40 miles west of New York City. The space is situated within Somerset Shopping Center, a 219,000-square-foot retail center with tenants including Barnes & Noble, Gap and Men’s Wearhouse. The company has already relocated from its previous space in Basking Ridge, New Jersey. Vanessa Fernandez-Kelty of Levin Management Corp. internally represented the landlord in the lease negotiations.

December 3, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $21M Sale of Maplewood Center in Manassas, Virginia

by John Nelson December 2, 2019

MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

December 2, 2019

Acquisitions Mississippi Net Lease Retail Southeast

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

by John Nelson December 2, 2019

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a private West Coast investor, purchased the store in a 1031 exchange. The property was built in 2013 and Dollar General has nine years remaining on the lease, expiring in 2028. The lease features rental escalations in year 11 and in each of the five 5-year renewal option periods. The absolute triple-net lease has zero landlord responsibilities, according to Boulder Group.

December 2, 2019

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