Investment sales

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CaliforniaInvestment salesNews

Coastal Commercial, Marcus & Millichap Arranges $13.7 Million Sale of Multi-Tenant Retail Property in Corona del Mar, California

by Abby Cox

Corona del Mar, Calif. — Coastal Commercial and Marcus & Millichap have arranged the $13.7 million sale of 2515 E. Coast Highway, a 13,883-square-foot, multi-tenant retail property located in the Southern California community of Corona del Mar. Nathan Holthouser of Coastal Commercial and Ron Duong of Marcus & Millichap facilitated the transaction. The buyer, which was a company doing business as Shops at CDM LLC led by local broker and investor Phil Berry, paid $700,000 above the initial asking price. Poole Properties, formerly John Pool Radio Properties, owned the center …

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Investment salesNewsPennsylvaniaPower centers

CBL Properties Closes $50.6 Million Sale of York Town Center in York, Pennsylvania

by Matthew Auchincloss

York, Pa. — CBL Properties, along with its 50 percent joint venture partner, has sold York Town Center, an open-air regional retail center located in the southern Pennsylvania town of York for $50.6 million. The transaction was completed at an 8.5 percent capitalization rate. York Town Center features 14 stores, including DICK’S Sporting Goods, Boot Barn, Best Buy and ULTA, and spans more than 297,000 square feet. The buyer was not disclosed.

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FloridaInvestment salesNews

Benderson Acquires Three Properties Totaling 400,000 Square Feet in Florida 

by Matthew Auchincloss

University Park, Fla. — Benderson Development has acquired three properties totaling 400,000 square feet along the west coast of Florida. The first, Granada Plaza, is a Publix-anchored retail center located in the Tampa suburb of Dunedin at the intersection of Main Street and Keene Road. The second acquisition is Venice Market Place, a shopping center located where Tamiami Trail meets Center Road in Venice. Finally, Benderson purchased a building tenanted by Lowe’s Home Improvement Center at 10070 Estero Town Commons Place in Estero. 

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Investment salesNevadaNews

SRS Real Estate Partners Brokers Sale of 31,086-Square-Foot Retail Property in Las Vegas for $6.2 Million 

by Matthew Auchincloss

Las Vegas — SRS Real Estate Partners has brokered the sale of a 31,086-square-foot retail property located at 2420 E. Desert Inn Road in Las Vegas for $6.2 million. The building, which is situated on 2.5 acres, has been occupied by Ross Dress for Less for more than 40 years. Patrick Luther of SRS represented the West Coast private seller. The buyer was a private investor from California who paid all cash. The closing cap rate was 6.5 percent.  

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Grocery-anchoredInvestment salesNewsVirginia

East Coast Acquisitions Purchases Grocery-Anchored Shopping Center in Norfolk, Virginia, for $31.2 Million

by Abby Cox

Norfolk, Va. — East Coast Acquisitions has purchased Southern Shopping Center, a 235,070-square-foot retail property located in Norfolk, for $31.2 million. Tenants at the center, which was 90 percent leased at the time of sale, include Food Lion, Ross Dress for Less, Planet Fitness, Dollar Tree, Advance Auto Parts and Bojangles. Alex Quarrier and Thompson Brown of Berkeley Capital Advisors represented the seller, Hackney Real Estate Partners, in the transaction.

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Investment salesMixed-useNew JerseyNews

Marcus & Millichap Brokers $5.3 Million Sale of Retail, Office Property in Westfield, New Jersey

by Abby Cox

Westfield, N.J. — Marcus & Millichap has brokered the $5.3 million sale of 251 North Avenue West, a 17,831-square-foot retail and office building located in the Northern New Jersey community of Westfield. The three-story building features nine suites and was renovated in 2014. Tenants at the property include Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin. Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap marketed the property on behalf of the seller and procured the private buyer.

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Legacy Drive Village
Grocery-anchoredInvestment salesNewsTexas

JLL Arranges Sale of 138,266-Square-Foot, Grocery-Anchored Retail Center in Plano, Texas

by Abby Cox

Plano, Texas — JLL Capital Markets has arranged the sale of Legacy Drive Village, a 138,266-square-foot retail center located in Plano. Kroger anchors the fully leased property, which was built in 1994. Additional tenants include Dunkin’, Einstein Bros. Bagels, Palm Beach Tan, Subway and Wingstop. Chris Gerard, Kristi Leonard, Ben Pollack and Alex Fronterhouse of JLL represented the owner, a joint venture managed by Weitzman, in bringing in an institutional investor as an equity partner in the property.

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Investment salesMixed-useNew JerseyNews

Marcus & Millichap Brokers $7 Million Sale of Retail, Office Property in Northern New Jersey

by Abby Cox

Livingston, N.J. — Marcus & Millichap has brokered the $7 million sale of 107 E. Mount Pleasant Avenue, a 26,240-square-foot retail and office property located in the Northern New Jersey community of Livingston. The two-story property was built in 1970 and comprises 19 units, 75 parking spaces and a newly constructed car wash. The property was 92 percent leased at the time of sale to 17 tenants including the Kumon Institute, a deli, café and pharmacy. Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap marketed the property on …

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Grocery-anchoredInvestment salesNewsTennessee

Sembler Co., Forge Capital Acquire Kroger-Anchored Center in Jackson, Tennessee

by Abby Cox

Jackson, Tenn. — The Sembler Co. and Forge Capital have acquired Lynnwood Place, a 96,613-square-foot, grocery-anchored center located in Jackson. The property was acquired through the Forge Real Estate Partners investment fund. Lynnwood Place, which was 82 percent occupied at the time of sale, features a mix of tenants such as Kroger, Domino’s Pizza, Cato and Spectrum. Approximately 17,515 square feet of small-shop space is available for lease. The Sembler Co. will serve as the property manager and leasing agent at the center. Cushman & Wakefield represented the seller, Phillips Edison …

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Festival-Manassas
Grocery-anchoredInvestment salesNewsVirginia

Finmarc Sells Shopping Center in Manassas, Virginia, for $24.5 Million

by Abby Cox

Manassas, Va. — Bethesda, Maryland-based Finmarc Management Inc. has sold Festival at Manassas, a 117,675-square-foot shopping center in Northern Virginia, for $24.5 million. JCR Cos. purchased the grocery-anchored property, which is located at 10288-10388 Festival Lane in Manassas. Ryan Sciullo, Chris Munley, Colin Behr and Casey Smith of CBRE represented Finmarc in the transaction. Situated near the intersection of Sudley and Portsmouth roads, Festival at Manassas was 88 percent leased at the time of sale to tenants including Global Foods, Golden Royal Buffet, SudsMore, My Salon Suites and Potbelly Sandwich …

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