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Investment sales

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CaliforniaInvestment salesNet leaseNewsRestaurants

Hanley Arranges $2.9 Million Sale of Single-Tenant Property in Corona, California

by Hayden Spiess

Corona, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property located in Corona. A Taco Bell Drive-Thru — operated by the tenant, Alvarado Restaurant Nation — occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.

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Investment salesNewsOregon

Norris & Stevens Brokers $2.3 Million Sale of Retail Building in Portland

by Hayden Spiess

Portland, Ore. — Norris & Stevens Inc. has brokered the $2.3 million sale of a standalone retail building in Portland. Built in 1987, the property comprises 12,371 square feet at 16544 S.E. Division Street. Luis Martin del Campo and Michael Simmons of Norris & Stevens represented both the buyer, Yusuf Iqbal, and the seller, Harold Ward, in the transaction.

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AlabamaGrocery-anchoredInvestment salesNews

SRS Arranges Sale of 57,850-Square-Foot Five Points Shopping Center in Tuscaloosa, Alabama

by Hayden Spiess

Tuscaloosa, Ala. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Five Points Shopping Center, a 57,850-square-foot retail center located in Tuscaloosa. Winn-Dixie anchors the property. Other tenants include Dollar Tree, AT&T, State Farm Insurance and H&R Block. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, an entity doing business as H&R Tuscaloosa LLC, in the transaction. The buyer, an entity doing business as Five Points SC LLC, purchased the property for an undisclosed price.

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Investment salesNew YorkNews

Cushman & Wakefield Brokers $22 Million Sale of Retail Property in East Hampton, New York

by Hayden Spiess

East Hampton, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the sellers, two private investors, in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.

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Investment salesNewsTexas

Colliers Negotiates Sale of 10-Acre Commercial Development Site in Metro Houston

by Hayden Spiess

Tomball, Texas — Colliers has negotiated the sale of a 10-acre commercial development site located at 15530 Treichel Road in the northern Houston suburb of Tomball. Tom Condon Jr. and John Grimsley of Colliers represented the seller, an undisclosed private investor, in the transaction. Chris Weisinger and Ryan Knape of One Rock represented the buyers, Max & Beverly Welch, who plan to expand their existing garden center and nursery at the site.

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IllinoisInvestment salesNet leaseNews

Hanley Brokers $3.7 Million Sale of Single-Tenant Retail Property in Metro Chicago

by Hayden Spiess

Grayslake, Ill. — Hanley Investment Group Real Estate Advisors has brokered the $3.7 million sale of a single-tenant retail property located in Grayslake, roughly 50 miles northwest of Chicago. Kiddie Academy occupies the newly constructed, 9,492-square-foot building on a net-lease basis. Jeff Lefko and Bill Asher of Hanley represented the developer and seller, The Woodmont Co., in association with ParaSell Inc. Gordon Nielsen of Summit Commercial Real Estate represented the buyer, a Virginia-based private investor.

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IllinoisInvestment salesNews

Colliers Arranges $9.2 Million Sale of Shopping Center in Suburban Milwaukee

by Hayden Spiess

Brookfield, Wis. — Colliers has arranged the $9.2 million sale of the Shoppes at Brookfield Commons in the Milwaukee suburb of Brookfield. The 42,356-square-foot shopping center was 60 percent occupied at the time of sale by tenants including Chipotle Mexican Grill, H&R Block and LasikPlus. Adam Connor led a Colliers team that represented the seller and procured the buyer, a private Illinois-based real estate company.

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CaliforniaInvestment salesLeasingNews

TTM Purchases 248,841-Square-Foot Retail Center in Los Angeles

by Hayden Spiess

Los Angeles — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner — Laurus Corp. with Torchlight Investors LLC as a preferred equity partner — in 2015 for $111 million.  Newmark brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open …

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FloridaGrocery-anchoredInvestment salesNews

PGIM Sells Two Publix-Anchored Centers in Florida for $32 Million

by Hayden Spiess

Miramar and Jensen Beach, Fla. — PGIM Real Estate has sold two Publix Super Markets-anchored shopping centers in Florida to Phillips Edison & Co. for a combined $32 million. The properties include the 70,288-square-foot Shops at Sunset Lakes in Miramar and the 109,811-square-foot Town Center at Jensen Beach. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in both transactions. Built in 1999, Shops at Sunset Lakes was 98.4 percent leased at the time of sale to Goodwill, State Farm Insurance, Sedation Dental Spa, Small World …

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DevelopmentFloridaInvestment salesLeasingNews

Benderson Acquires Two Retail Properties, Opens Publix in Sarasota, Florida

by Hayden Spiess

Sarasota, Fla. — Benderson Development has acquired two properties in Sarasota. One of the properties is a former Café Baci restaurant, and the second — which comprises 16,500 square feet — is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft …

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