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Grocery-anchored

Grocery-anchoredIllinoisInvestment salesNewsRetailers

Dolan Associates Sells 115,380-Square-Foot Retail Center in Naperville, Illinois

by Alex Tostado

Naperville, Ill. — Dolan Associates Ltd. has sold Naperville Plaza, a 115,380-square-foot retail center in Naperville. Northpond Acquisitions LLC acquired the property for an undisclosed price. At the time of sale, the asset was leased to Casey’s Foods, Trader Joe’s, Oswald’s Pharmacy and Bridgestone/Firestone. Naperville Plaza is situated at 8-192 W. Gartner Road, 30 miles west of downtown Chicago. Bob Mahoney, Christian Williams, George Good, Richard Frolik, Michael Kaider, Derrick Almassy and Adam Foret of CBRE represented the seller in the transaction.

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Hanley Investment Group Negotiates $14.8 Million Sale of Cardenas Markets Grocery Store in Metro Los Angeles

by Alex Tostado

Whittier, Calif. — Hanley Investment Group has negotiated the $14.8 million sale of a new Cardenas Market in Whittier. The store opened in July 2020 and is situated at 11750 Whittier Blvd., 13 miles southeast of downtown Los Angeles. The Ontario, California-based grocer now operates 53 stores under the Cardenas Market banner and an additional seven stores under the Cardenas Ranch Market banner. An undisclosed private investor based in Los Angeles County acquired the 34,642-square-foot property at a 5.03 percent cap rate. Carlos Lopez and Lee Csenar of Hanley Investment …

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Grocery-anchoredInvestment salesNewsNorth CarolinaRetailers

Marcus & Millichap Arranges $23.5 Million Sale of Shopping Center in High Point, North Carolina

by Alex Tostado

High Point, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

Crossman & Co. Brokers $15.4 Million Sale of Retail Center Near Orlando

by Alex Tostado

Orange City, Fla. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was not disclosed.

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Grocery-anchoredInvestment salesNewsNorth CarolinaRetailers

Palomar Group Arranges $12.3 Million Sale of Grocery-Anchored Center in Walkertown, North Carolina

by Alex Tostado

Walkertown, N.C. — Palomar Group has arranged the $12.3 million sale of Walkertown Commons, an 81,432-sqaure-foot shopping center in Walkertown. Lowes Foods anchors the fully leased property, which was originally built in 2004. Walkertown Commons is located at 5180 Reidsville Road, eight miles northeast of downtown Winston-Salem. Ryan McArdle, Steve Collins, David Rivers, Jefferson Knox and Lee Malchow of Palomar Group represented the seller, an undisclosed regional investor, in the transaction. An undisclosed buyer based in South Carolina acquired the asset in a 1031 tax exchange.

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AlabamaGrocery-anchoredInvestment salesNewsRetailers

Benderson Development Acquires 60,000-Square-Foot Retail Center in Huntsville, Alabama

by Alex Tostado

Huntsville, Ala. — Benderson Development has acquired The Pinnacle at Providence Publix, a 60,000-square-foot, Publix-anchored retail center in Huntsville. The property features 14,000 square feet of new retail space that is available for lease. The asset is situated at 1660 Old Monrovia Road NW, seven miles west of downtown Huntsville. The seller and sales price were not disclosed.

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5 Million

by Alex Tostado

Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …

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Grocery-anchoredIndianaInvestment salesMichiganNewsRetailers

IPA Brokers $22 Million Sale of Two Kroger-Anchored Shopping Centers in Indiana, Michigan

by Alex Tostado

Fort Wayne, Ind. and Farmington Hills, Mich. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in …

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DevelopmentGrocery-anchoredNewsRetailersTexas

Brookshire Grocery, City of Fate Begin Construction on 66,000-Square-Foot Grocery Store

by Alex Tostado

Fate, Texas — Tyler, Texas-based owner-operator Brookshire Grocery Co. and the City of Fate, located northeast of Dallas, have broken ground on a 66,000-square-foot grocery store for Brookshire’s FRESH concept. The public-private partnership expects to complete the project in late 2021 and to bring about 200 new jobs to the community. The store will be Brookshire’s second under the FRESH brand, with the first opening in Tyler in 2011. The concept in Tyler includes authentic Japanese ramen and Vietnamese pho counters, a taco bar, coffee bar, patio dining and onsite …

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Grocery-anchoredInvestment salesMassachusettsNewsRetailers

RK Centers Acquires Grocery-Anchored Shopping Center in Metro Boston for $23 Million

by Alex Tostado

Framingham, Mass. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.

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