Fairmont, Minn. — Cleeman Realty Group has brokered the $5.1 million sale of a single-tenant property located in Fairmont. Hy-Vee occupies the 54,740-square-foot building on a triple-net-lease basis. Jeremy Scheer of Cleeman represented the undisclosed buyer in the transaction.
Vernon, Calif. — DP Vernon Retail has sold Vernon Shopping Center, a retail center located in Vernon, roughly 4 miles outside downtown Los Angeles. Built in 2017, the center totals 14,000 square feet and was 77 percent occupied at the time of sale. Current tenants include Jersey Mike’s Subs and Café Dulce. Wimatex Inc. acquired the property for an undisclosed price in a 1031 exchange. Chris Maling and David Maling of Avison Young represented DP in the transaction.
Stockton, Calif. — Brixton Capital has acquired Pacific Town Center, a 143,217-square-foot shopping center located in Stockton. Tenants at the property, which was 42 percent leased at the time of sale, include Smart & Final, Panda Express and Subway. The buyer plans to re-tenant spaces formerly occupied by Toys “R” Us and T.J. Maxx. Hanley Investment Group represented the undisclosed seller in the transaction.
Leesburg, Fla. — Island Associates Real Estate has brokered the $6.3 million sale of Lake Harris Square Plaza, a retail center located in Leesburg, roughly 45 miles outside Orlando. Winn-Dixie anchors the 9.8-acre property, which recently saw the addition of a 61,220-square-foot building. Other tenants at the center include Beef O’Brady, Brooklyn’s Pizzeria & Italian Restaurant, Subway and Seafood Shack. Roger Delisle of Island Associates represented the buyer, and Daniel Baruch of Legacy Realty Group represented the seller.
Dallas — Blue Owl Real Estate has sold Gallery on the Parkway, a 146,612-square-foot retail center located in Dallas. Tenants at the property, which was developed in 1995, include Nordstrom Rack and Cost Plus World Market. Four Rivers Capital purchased the center for an undisclosed price. Adam Gottschalk of STRIVE arranged the transaction.
Fort Worth, Texas — Disney Investment Group (DIG) has brokered the $14.8 million sale of Westcliff Shopping Center, a 134,750-square-foot retail center located in Fort Worth. Albertsons anchors the property, which was 86 percent leased at the time of sale. DIG represented the seller, CTO Realty Growth, in the transaction and procured the buyer. Partners Capital, the investment platform of Partners Real Estate, acquired the center. Jess Dickie represented Partners on an internal basis, and Independent Financial provided acquisition financing.
Atlanta — JLL has arranged the sale of Marketplace at Buckhead, a 102,864-square-foot shopping center located in Atlanta’s Buckhead district. Sterling Organization purchased the property for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction. Built in 1958 and renovated in 1997 and 2013, the property was fully leased at the time of sale. Tenants include Willy’s Mexicana Grill, Jersey Mike’s Subs and Salon Lofts.
The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …
Sicklerville, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located in Sicklerville, roughly 23 miles outside Philadelphia. A 57,560-square-foot ACME Markets store anchors the property. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction.
Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.
