Author

Abby Cox

Village-Shoppes_Indian-Trail
Investment salesNewsNorth Carolina

Marcus & Millichap Brokers $3.3M Sale of Retail Center in Metro Charlotte, North Carolina

by Abby Cox

Indian Trail, N.C. — Marcus & Millichap has brokered the $3.3 million sale of Village Shoppes, a 12,075-square-foot, retail strip center located in Indian Trail, roughly 16 miles southeast of Charlotte. Situated on a 2-acre lot near a Walmart Supercenter, Village Shoppes was fully leased at the time of sale to Little Caesars, a dentist practice, pet store, salon and a performing arts studio. A fund-based private equity group purchased the property from a partnership based on the West Coast. Harrison Creason, Andrew Margulies and Kyle Carpentier of Marcus & Millichap …

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1125-Olive-Dr-Bakersfield-CA
CaliforniaInvestment salesNews

Torrey Financial Group Sells Single-Tenant Retail Property in Bakersfield, California, for $2.6 Million

by Abby Cox

Bakersfield, Calif. — San Diego-based Torrey Financial Group has sold a single-tenant retail property located in the San Joaquin Valley city of Bakersfield for $2.6 million. The 8,302-square-foot, newly renovated building was originally constructed in 2013. AutoZone occupies the property on a new 15-year triple-net lease featuring 10 percent rental increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller in the deal, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer, a Los Angeles-based investor.

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IllinoisInvestment salesNews

Newmark Brokers Sale of 51,795-Square-Foot Retail Condo Along Chicago’s Magnificent Mile

by Abby Cox

Chicago — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The store occupies the base of the historic, 37-story Palmolive Building. The …

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Shack_Shack_Richmond_TX
Investment salesNewsTexas

RealSource Group Brokers $5.8 Million Sale of Newly Constructed Restaurant Property in Metro Houston

by Abby Cox

Richmond, Texas — RealSource Group has brokered the $5.8 million sale of a newly constructed, single-tenant restaurant property located in Richmond, a southwestern suburb of Houston. Shake Shack occupies the 3,072-square-foot building on a 15-year corporate absolute triple-net ground lease with 10 percent rental increases every five years. The property is situated within Waterview Town Center, a 134-acre mixed-use development anchored by Sprouts Farmers Market, Academy Sports + Outdoors and LA Fitness. Austin Blodgett and Jonathan Schiffer of RealSource Group, in association with ParaSell Inc., represented the seller, Read King, a …

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CaliforniaInvestment salesNews

Faris Lee Arranges $5.3 Million Sale of Retail Strip Center in Fontana, California

by Abby Cox

Fontana, Calif. — Faris Lee Investments has arranged the $5.3 million sale of a 4,872-square-foot retail strip center located in the Inland Empire city of Fontana. The five-tenant property was fully leased at the time of sale to Chipotle Mexican Grill, Jersey Mike’s Subs, Dragon Grill, Phantom Fireworks and KWIK Charge EV charging stations. Two of the property’s five tenants — Phantom Fireworks and KWIK Charge EV charging stations — lease parking lot areas, rather than occupying traditional building space. The retail center is positioned as a pad building in front of …

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Grocery-anchoredInvestment salesNewsTexas

Rockspring Properties Negotiates Sale of Four Grocery-Anchored Centers in Texas

by Abby Cox

Houston and Pasadena, Texas — Rockspring Properties has negotiated the sale of four Sellers Bros.-anchored retail centers totaling 145,500 square feet in Houston and Pasadena. The properties, which span more than 19 acres, are leased on absolute triple-net terms. Additional details of the transaction were not disclosed. The portfolio includes: Cotton Munson, Mike Axelrad and Aimee Namakarn of Rockspring Properties arranged the transaction.

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DevelopmentFloridaInvestment salesNewsRetailers

Minto Communities Sells Land in South Florida to Walmart for New Supercenter

by Abby Cox

Westlake, Fla. — Minto Communities USA has sold a 24-acre parcel at Town Center West in Westlake, a master-planned community in South Florida’s Palm Beach County. The buyer, Walmart, plans to develop a 188,779-square-foot Walmart Supercenter at the site, including a separate convenience store and gas station. The sales price was not released. The new Walmart Supercenter will sit adjacent to a future Lowe’s Home Improvement store, which will also double as a regional headquarters for the North Carolina-based retailer. Minto sold that site to Lowe’s in January. In addition, Minto owns …

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Plaza-Bonita_National-City
CaliforniaInvestment salesNews

Henderson Park, Lowe Acquire Metro San Diego Mall for $201.5 Million, Plan Upgrades

by Abby Cox

National City, Calif. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional mall in National City within San Diego County. The seller and sales price were not disclosed, but The San Diego Union-Tribune reports that Paris-based mall giant Unibail-Rodamco-Westfield sold the property for $201.5 million. Built in 1981, Plaza Bonita sits on a 78-acre site and serves the San Diego suburbs of National City and Chula Vista. Anchor tenants of the mall include Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1. Overall, the …

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West Pembroke Square
FloridaInvestment salesNews

Marcus & Millichap Brokers $8.3 Million Sale of Retail Property in Pembroke Pines, Florida

by Abby Cox

Pembroke Pines, Fla. — Marcus & Millichap has brokered the $8.3 million sale of West Pembroke Square, a 30,250-square-foot retail property located in Pembroke Pines, a city in South Florida’s Broward County. Built in 1987 on nearly 3.8 acres, West Pembroke Square features 19 retail suites and 180 parking spaces. Tenants include Dunkin’, a church, a convenience store and a dance studio. Matt Albregts represented the seller, an entity doing business as West Pembroke Square LLC. Jonathan De La Rosa and Eddie Toledo of Marcus & Millichap procured the buyer, Jorge …

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University-Station
GeorgiaInvestment salesNews

Colliers Negotiates Sale of 30,865-Square-Foot Retail Center in Statesboro, Georgia

by Abby Cox

Statesboro, Ga. — Colliers has negotiated the sale of University Station, a newly constructed, 30,865-square-foot retail center located near the Georgia Southern University campus in Statesboro. Tenants at the center, which was fully leased at the time of sale, include QDOBA, Hotworx, Eyemart Express, Uptown Cheapskate, Blaze Pizza and Oconee State Bank, among others. The property is part of a larger development surrounding the university that includes a recently developed Publix-anchored shopping center, new student housing projects and additional residential growth. Henry Kushner, Ashley Smith and Tyler Mouchet of Colliers represented …

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