Investment sales

CVS_Lakeland-Fla

Lakeland, Fla. — Marcus & Millichap has brokered the $4.5 million sale of a single-tenant retail property located in Lakeland. CVS/pharmacy occupies the building, which comprises 12,738 square feet. Ronnie Issenberg and Ricardo Esteves of Marcus & Millichap represented the buyer, a Florida-based private investor, in the transaction.

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Fifth-and-Penn_San-Diego

San Diego — Marcus & Millichap has brokered the sale of Fifth and Penn, a 2,867-square-foot mixed-use property located in San Diego. Built in 1931, the property comprises retail, office and residential space. Ross Sanchez and Nick Totah of Marcus & Millichap represented the seller, Tom Fine, in the transaction. Daniel Heimler of DAH Penn LLC acquired the property for an undisclosed price. 

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Townes Crossing

Oswego, Ill. — First National Realty Partners has acquired Townes Crossing, a 105,731-square-foot retail center located in Oswego, roughly 50 miles outside Chicago. A 65,000-square-foot Jewel-Osco store anchors the property. Other tenants at the center include Phenix Salon Suites, Oswego Dental, The UPS Store and Subway. Evan Halkias of Cushman & Wakefield represented the undisclosed seller in the transaction. 

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Pacific-Place

Seattle — BH Properties has acquired Pacific Place, a 335,000-square-foot shopping mall located in downtown Seattle. Developed in 1998 and renovated in 2019, the property features five floors of retail space and a 1,164-space parking garage. Tenants at the mall include AMC Theaters, Tiffany & Co., Din Tai Fung and Haidilao. Avison Young will manage and lease the property, which was 45 percent occupied at the time of sale, on behalf of BH Properties. 

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Lenox-Square-Shopping-Center_Richmond-Mich

Richmond, Mich. — Legacy Realty Group Advisors has arranged the $4.6 million sale of Lenox Square Shopping Center, a 95,722-square-foot property located in Richmond. Family Farm and Home anchors the center. Jacob Baruch and Jonah Warshaw of Legacy represented both the buyer and seller in the transaction. 

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Delaware-West-Shopping-Center_McComb-Miss

McComb, Miss. — Marcus & Millichap has brokered the $2.6 million sale of Delaware West Shopping Center, a retail center located in McComb. Harps Foods anchors the property, which totals 54,450 square feet and was leased to eight tenants at the time of sale. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Mickey Davis, the firm’s broker of record, assisted in closing the sale. 

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New York City — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center located in Queens in New York City, from Acadia Realty Trust. Stop & Shop anchors the property, which was fully leased at the time of the acquisition. The purchase price was $48 million. 

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Geneva Commons

Geneva, Ill. — Lamar Cos., in partnership with Real Capital Solutions, has acquired Geneva Commons, a 440,370-square-foot shopping center in the Chicago suburb of Geneva. Dick’s Sporting Goods and Barnes & Noble anchor the property. Other tenants at the center include Sephora, Athleta, Lovesac, Williams Sonoma, Pottery Barn, Bath & Body Works, J. Crew Factory and First Watch. Lamar plans to implement capital improvements to the property.

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Sayreville, N.J. — Marcus & Millichap has brokered the $7.2 million sale of a 25,898-square-foot retail center located in Sayreville, about 40 miles south of Manhattan. QuickChek anchors the property, which was 97 percent leased at the time of sale to 14 tenants. Ala Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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Casa-Grande-Mall_Casa-Grande-Ariz

Casa Grande, Ariz. — SRS Real Estate Partners has arranged the $7.7 million sale of the former Casa Grande Mall in Casa Grande, roughly 50 miles outside Phoenix. Totaling 221,328 square feet, the property was formerly anchored by Kmart, Big Lots and a movie theater. Brian Polachek of SRS represented the buyer, Hinkson Co. LLC, in the transaction. Hinkson Co. plans to redevelop the property. 

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