Miami Gardens, Fla. — CORE PALMETTO, an affiliate of Core Investment Management, has sold Palmetto Plaza, a 186,095-square-foot retail center located in Miami Gardens, roughly 16 miles north of downtown Miami. The sales price was $46 million. ALDI and Dollar Tree anchor the property, which was more than 95 percent leased at the time of sale. Other tenants include The UPS Store, Dunkin’ Donuts, Regions Bank and Bright Star Academy. Built in 1987, the center sits on nearly 12 acres. Douglas Mandel and Zach Levine of Marcus & Millichap represented …
Investment sales
Plainfield, Ill. — Locally based Quantum Real Estate Advisors has brokered the $9 million sale of a 55,073-square-foot retail center in Plainfield, about 40 miles southwest of Chicago. Located at 12337 S. Route 59, the property was 97 percent leased at the time of sale to tenants such as Enterprise, One Main Financials, Chop’d and Khaos Brewcade & Kitchen. Brett Berlin of Quantum brokered the transaction. An Illinois-based private investor purchased the property from a local family development company based in Chicago’s western suburbs.
Dalton, Ga. — Matthews Real Estate Investment Services has facilitated the sale of Northside Plaza, a 73,931-square-foot retail center located in Dalton, roughly 30 miles south of Chattanooga, Tennessee. America’s Thrift Stores and Dollar Tree anchor the property, which was 92 percent leased at the time of sale. Other tenants include Subway, Jackson Hewitt Tax Service, PT Solutions, Little Caesars and an outparcel occupied by a freestanding Chick-fil-A. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction. A Texas-based family office purchased Northside Plaza for an undisclosed …
Conroe, Texas — Marcus & Millichap has arranged the sale of Conroe Shopping Center, a 51,030-square-foot retail center located in Conroe, roughly 40 miles north of Houston. The 18-suite property, which is shadow anchored by Kroger, features a mix of tenants including Workforce Solutions, GNC, Subway and Wingstop. Bill Dang and Justin Miller of Marcus & Millichap’s Houston office, procured the buyer, a Houston-based investor, in the transaction. CBRE represented the undisclosed seller. The sales price was also not disclosed.
LMC Signs Lease with First Indoor Pickleball Facility at Twin City Shopping Center in New Jersey
Jersey City, N.J. — North Plainfield, New Jersey-based Levin Management Corp. (LMC) has signed an 8,350-square-foot lease with PB Club to bring the first indoor pickleball facility to Twin City Shopping Center in Jersey City. Nicole Anderocci of LMC represented the landlord in the lease negotiations. PB Club will offer three pro-style indoor courts, a water station, vending and grab-and-go snack options, as well as a lounge area with a private, sound-proof coworking space. PB Club is owned and operated by Ari and Naomi Saposh, who plan to open three …
Phillips Edison & Co. Acquires The Shops at Butler Crossing in Metro Atlanta for $13.9 Million
Kennesaw, Ga. — Phillips Edison & Co. has acquired The Shops at Butler Crossing, a 56,934-square-foot shopping center located in the Atlanta suburb of Kennesaw, for $13.9 million. Tenants at the center, which was 94 percent leased at the time of sale, include Planet Fitness, Advance Auto Parts, Buffalo’s American Grille, Sola Salon Studios, Jersey Mike’s and Dunkin’ Donuts. The property was originally built in 1997 and sits on 6.7 acres, according to LoopNet. Brad Buchanan, Jim Hamilton, Andrew Kahn and Anton Serafini of JLL’s Investment Sales and Advisory team …
Miami — Marcus & Millichap has brokered the $4.6 million sale of a five-tenant retail strip center located at 6815 Biscayne Blvd. in Miami’s Modern District. Built in 2003, the 6,200-square-foot property has recently undergone improvements, such as a new roof and exterior renovations. Tenants include The UPS Store, OrthoNOW, ABB Waxing, Subway and Luna Pasta Dolci. Jonathan De La Rosa, Eddie Toledo, Drew A. Kristol and Kirk Olson of Marcus & Millichap’s Miami office, represented the seller, a company doing business as C&A Ltd. Liability Co., in the transaction. The buyer …
Hanley Investment Group Arranges $2.8 Million Sale of Single-Tenant Retail Property in Riverside, California
Riverside, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.8 million sale of a newly constructed single-tenant retail property situated at 4990 Van Blvd. in Riverside. A Dutch Bros Coffee drive-thru occupies the 1,025-square-foot building on a 15-year absolute triple-net ground lease with 10 percent rental increases every five years. Located on a .39-acre retail pad, the building sits adjacent to a Walmart Supercenter and McDonald’s. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Zach Bonsall and Braden Bernards of Portland, Oregon-based Cole Valley …
Block & Co. Facilitates Sale of Two Retail Properties in Metro Kansas for Redevelopment Project
Merriam, Kan. — Block & Co. Inc. Realtors has facilitated the sale of two retail properties located in Merriam, approximately eight miles south of downtown Kansas City, Missouri, as part of a larger redevelopment project. Situated on the northeast quadrant of I-35 and Shawnee Mission Parkway, Chipotle Mexican Grill and a Shell gas station occupy the buildings. The buyer was an affiliate of locally based Drake Development. David M. Block of Block & Company represented the seller in both transactions. The proposed redevelopment area is located near Ikea, Hobby Lobby, Baron BMW, …
Lawrenceville, Ga. — North Carolina-based Prudent Growth Partners has acquired Sugarloaf Village, a 32,000-square-foot shopping center located in Lawrenceville, for $7.3 million. Situated approximately 30 miles northeast of downtown Atlanta, the property was originally built in 2008 and features a mix of 17 tenants including lifestyle retailers and service providers. Other nearby retailers include AT&T, Starbucks Coffee, Publix, Target, Marshalls, ALDI, Home Depot, PetSmart, Hobby Lobby and Panera Bread.