Investment sales

Townridge-Shopping-Center
FinanceInvestment salesNewsNorth Carolina

ACD Acquires Townridge Shopping Center in Raleigh, North Carolina, for $36 Million

by Abby Cox

Raleigh, N.C. — Armstrong Capital Development (ACD) has acquired Townridge Shopping Center, a 273,105-square-foot retail property located in Raleigh. Walmart and Planet Fitness anchor the center, which was 96 percent leased at the time of sale. Other tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements and Papa Johns Pizza, according to LoopNet Inc. The property features five buildings at Townridge Shopping Center, along with a single building at the adjacent Village at Townridge, that function together as a unified commercial site. Tom Kolarczyk, Michael Nieder …

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D&W Fresh Market
Investment salesMichiganNews

SRS Real Estate Negotiates $6.9 Million Sale of Single-Tenant Grocery Property in Kalamazoo, Michigan

by Abby Cox

Kalamazoo, Mich. — SRS Real Estate Partners has negotiated the $6.9 million sale of a single-tenant grocery property located in Kalamazoo. D&W Fresh Market occupies the 29,000-square-foot building on a corporate-guaranteed absolute triple-net lease. The current lease extends through 2031 and includes three five-year renewal options. The building was originally built in 1955.   Jeff Gates of SRS represented the seller, a Toronto-based investor group, in the transaction.  The buyer was an institutional investor. 

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peets-coffee
CaliforniaInvestment salesNews

Marcus & Millichap Arranges $5 Million Sale of Single-Tenant Retail Property in Alameda, California

by Abby Cox

Alameda, Calif. — Marcus & Millichap has arranged the $5 million sale of a single-tenant retail property located in the Bay Area city of Alameda. Peet’s Coffee & Tea occupies the 3,000-square-foot building on a 10-year lease with annual rent increases. Mark Mason of Marcus & Millichap procured the buyer, a California-based private corporate trust. Brandon Norton and David Lucas of Monarch Commercial Advisors represented the seller, a California-based add-value private client.

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Newmans-Crossing
Grocery-anchoredInvestment salesNewsTennessee

Blackwater Real Estate Sells 63,987-Square-Foot, Grocery-Anchored Center in Metro Nashville, Tennessee

by Abby Cox

Gallatin, Tenn. — Blackwater Real Estate has sold Newmans Crossing, a 63,987-square-foot retail center located in Gallatin, approximately 30 miles northeast of Nashville. Built in 2022 and 2023, the fully leased property is anchored by a 48,387-square-foot Publix. Additional tenants include Agaves Mexican Restaurant, Kung Fu Tea, Ichiban Steak Express, Fowler Family Dentist, Galaxy Nail Bar and Crown & Iris. Jim Hamilton, Brad Buchanan and Charlie Merrigan of JLL represented Blackwater Real Estate in the transaction. Publix purchased the property for an undisclosed price.

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Park-Plaza
Investment salesNew JerseyNews

Marcus & Millichap Brokers $14.7 Million Sale of Retail Center in Central New Jersey

by Abby Cox

Matawan, N.J. — Marcus & Millichap has brokered the $14.7 million sale of Park Plaza, a 61,750-square-foot retail center located in Matawan, approximately 40 miles south of Manhattan. Built in 1986, the property features 20 retail suites and a mix of dining, lifestyle and service-oriented tenants, including a Dunkin’ with a drive-thru. Seth Goldberg, Brent Hyldahl and Alan Cafiero of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both private investors from New Jersey. 

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7-11-Walterboro-SC
Investment salesNewsSouth Carolina

Marcus & Millichap Brokers $9.5 Million Sale of Single-Tenant Retail Property in Walterboro, South Carolina

by Abby Cox

Walterboro, S.C. — Marcus & Millichap has brokered the $9.5 million sale of a newly constructed gas station and convenience store located in Walterboro. 7-Eleven and a CAT Scale weigh station occupy the 4,824-square-foot property. Haris Hanifi and Robert Filley of Marcus & Millichap represented the buyer in the transaction. Benjamin Yelm was the firm’s broker of record in South Carolina.

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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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