Investment sales

Homestead-Station_Homestead-Fla

Homestead, Fla. — Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a 4.8-acre mixed-use development located in Homestead, approximately 30 miles southwest of Miami. LV Lending was the seller, and the transaction was completed through a deed in lieu of foreclosure. Delivered in 2019, Homestead Station features tenants including Evo Entertainment + IMAX and retail and dining space, as well as a 1,100-space parking garage. Roughly 18,000 square feet of vacant space is currently available for lease at the property. 

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Roswell-Village-Shopping-Center_Roswell-Ga

Roswell, Ga. — Sterling Organization has sold Roswell Village Shopping Center, a retail center located in Roswell, roughly 25 miles north of Atlanta. Revesco Properties purchased the center for an undisclosed price. Tenants at the property, which was 94 percent leased at the time of sale, include Ross Dress for Less, Marshalls and Crunch Fitness. Sterling originally acquired the center in 2014 for $10.6 million. Jim Hamilton of JLL brokered the sale on behalf of Sterling. 

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Shoppes-Southern-Grove_Port-St-Lucie-Fla

Port St. Lucie, Fla. — PEBB Enterprises and Banyan Development have acquired a land parcel in Port St. Lucie, with plans to develop a 14.2-acre retail project at the site. Dubbed the Shoppes at Southern Grove, the retail center will be situated within the Tradition master-planned community. This marks the second retail development within Tradition for the joint venture, which acquired the 23-acre site from Mattamy Palm Beach LLC for $7.5 million. Upon completion, the project will feature additional outparcels available for ground lease ranging in size from 1 to 2.4 …

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Springfield, Va. — Cohen & Steers and DLC have acquired Springfield Commons, a 119,085-square-foot shopping center located in Springfield, approximately 15 miles outside Washington, D.C. Tenants at the property, which was 78 percent leased at the time of sale, include Pure Gym, Old Navy, Pure Hockey and Staples. The center is situated across from Springfield Town Center. “Valuations in the open-air shopping center sector are attractive,” says James Corl, head of the private real estate group at Cohen & Steers. “The market is revealing compelling investment opportunities.”

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Retail-Building_Aliso-Viejo-Calif

Aliso Viejo, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 7,914-square-foot building located in Aliso Viejo. Situated within Aliso Viejo Town Center, the currently vacant property previously housed Macaroni Grill. ValueRock Realty Partners acquired the building for $5.3 million. Sean Cox, Bill Asher and Kevin Fryman of Hanley represented the seller, a Florida-based private investor, in the transaction. Tenants at Aliso Viejo Town Center, which totals 380,000 square feet, include Ralphs, CVS/pharmacy, Staples, T.J. Maxx, HomeGoods, PetSmart and Regal Cinemas. 

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Kings'-Shops_Waikoloa-Hawaii

Waikoloa, Hawaii — Pacific Retail Capital Partners (PRCP), with joint venture partners Starwood Property Trust and Taconic Capital Advisors, has acquired Kings’ Shops, a 70,000-square-foot retail property in Waikoloa on the Big Island. Tenants at the property include Tiffany & Co., Tommy Bahama, Tori Richard, Roy’s Waikoloa Bar & Grill, Foster’s Kitchen and A-Bay’s Island Grill. The buyers plan to make capital improvements at the center. This marks the second Hawaii property for PRCP, which also manages Queen Ka’ahumanu Center in Maui. 

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River-Ridge_Birmingham-Ala

Birmingham, Ala. — Gulf Coast Commercial has acquired River Ridge, a shopping center located in Birmingham, for $27 million. Nuveen Real Estate, which purchased the property in 2007, was the seller. Tenants at the center, which was 75 percent leased at the time of sale, include Academy Sports + Outdoors, Marshalls, World Market and Dollar Tree. Jim Hamilton and Brad Buchanan of JLL Capital Markets represented the seller in the transaction.

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Promenade-North_Montgomery

Montgomery, Ala. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located in Montgomery. Tenants at the property, which was 97.3 percent leased at the time of sale, include Harbor Freight Tools, AutoZone and ArchWell Health. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. 

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Taco-Bell_San-Bernardino-Calif

San Bernardino, Calif. — Progressive Real Estate Partners has arranged the $7 million sale of a portfolio comprising four single-tenant retail properties located in San Bernardino. Situated adjacent to each other, the properties are net leased to tenants including IHOP, Wienerschnitzel, Taco Bell and 76 Gas Station. The sale also included an additional 1.5 acres of land available for future development. Lance Mordachini and Trinnie Lee of Progressive represented the seller in the transaction.  Kevin Kwan of Realiv represented the buyer. 

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Fearless-Plaza_Lubbock-Texas

Lubbock, Texas — Marcus & Millichap has arranged the sale of Fearless Plaza, a 20,657-square-foot retail center located in Lubbock. Tenants at the property include Torchy’s Tacos, Amazon, Barefoot Athletics, Tikka Shack and Hawaii Poke & Ramen. Built in 2012, the center is situated directly across from Texas Tech University. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller in the transaction. 

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