Vernon Township, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. ACME anchors the property, which was built from 2001 to 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, an undisclosed developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carries a five-year …
Gainesville, Ga. — Branch Properties has acquired 14 acres for the construction of Limestone Marketplace in Gainesville, roughly 55 miles northeast of Atlanta. Upon completion, the shopping center will comprise 76,764 square feet and feature a 54,964-square-foot Publix. The property will also include three outparcels ranging in size from one to three acres. Branch will break ground on the development in spring of this year, with completion of construction scheduled for the second quarter of 2024.
Albemarle, N.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.2 million sale of First Street Station, a 52,230-square-foot, grocery-anchored shopping center located in Albemarle, about 40 miles east of Charlotte. Ed Laycox of SRS represented the seller, a North Carolina-based private investor, in the all-cash transaction. The buyer was a Charlotte-based private investor operating in a 1031 exchange. Built in 1989 on a six-acre site, First Street Station was 91 percent leased at the time of sale to tenants including Harris Teeter, Roma Pizza and …
Lutz, Fla. — Fairway Investments has acquired Livingston Market Place, a 64,441-square-foot shopping center located in the northern Tampa suburb of Lutz. Situated on 32.8 acres, the property is anchored by Publix. Other tenants at the center, which was completed in 2022 and fully leased at the time of sale, include Heartland Dental, Papa Johns, Prime Barber and 40 Thieves Irish Pub. Bryan Belk and John Tennant of Franklin Street arranged the sale on behalf of the seller/developer, a partnership between Dunphy Development and Batson-Cook Development.
Menifee, Calif. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located in Menifee. A private 1031 exchange buyer acquired the center for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
Mesa, Ariz. — Marcus & Millichap has brokered the $18.5 million sale of Sprouts Center, a 55,615-square-foot shopping center located in Mesa. Sprouts Farmers Market anchors the property. Marc Irvin of Marcus & Millichap represented the seller, an Arizona-based private investor. A California-based family trust acquired the center in a 1031 exchange. Ryan Sarbinoff of Marcus & Millichap acted as broker of record and assisted in closing the transaction.
Pinole, Calif. — Balboa Retail Partners has purchased Pinole Square, a shopping center located in Pinole, approximately 20 miles northeast of San Francisco. A private family sold the property for an undisclosed price. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction.
Puyallup, Wash. — Hyperion Realty Capital LLC has acquired Meridian Place Shopping Center in Puyallup, roughly 35 miles south of Seattle. Built in 1979, the property comprises 127,429 square feet. Grocery Outlet and Michaels anchor the center, which was 70 percent occupied at the time of sale. Sean Tufts and Kevin Adatto of CPX arranged the transaction on behalf of Hyperion. An entity doing business as Meridian Place LLC was the seller.
Lake Mary, Fla. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but the Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that …
Metamoras, Pa. — Larken Associates has acquired Westfall Town Center, a 203,907-square-foot shopping center located in Matamoras, at the nexus of the New York-New Jersey-Pennsylvania border. A 73,000-square-foot ShopRite anchors the property, and other tenants include Flagship Cinemas, T.J. Maxx, Planet Fitness, Dollar Tree and Wendy’s. The seller was CenterPoint Properties. Derek Zerfass and Scott Horner of Colliers represented both parties in the transaction.