Investment sales

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A&G to Sell 79 Rite Aid Leases in 11 States

by Hayden Spiess

Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …

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Grocery-anchoredInvestment salesNewsPennsylvania

IPA Brokers $17.8 Million Sale of Retail Center in Allentown, Pennsylvania

by Hayden Spiess

Allentown, Pa. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center located in Allentown. Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and JP Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center. 

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Investment salesNewsPennsylvania

Matthews Arranges $5.2 Million Sale of Retail Strip Center in Philadelphia

by Hayden Spiess

Philadelphia —Matthews Real Estate Investment Services has arranged the $5.2 million sale of located in Philadelphia. Built in 2015 and situated on two acres, the property comprises 10,640 square feet. The center was fully occupied by Rise Dispensary and Fine Wine & Good Spirits at the time of sale. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the transaction. 

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CaliforniaInvestment salesNews

NewMark Merrill Acquires 172,008-Square-Foot Retail Center in Thousand Oaks, California

by Hayden Spiess

Thousand Oaks, Calif. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center located in Thousand Oaks. Renamed the Collection at Janss Marketplace, the property was 60 percent leased at the time of sale. NewMark acquired the center from Seritage Retail Group for an undisclosed price. Tenants at the property, which was originally built as a multi-story Sears department store, include Dave & Buster’s, DSW and Nordstrom Rack. The center shares parking and access points with the adjacent Janss Marketplace, a 458,000-square-foot shopping center. Sandy Sigal, Jim Patton, Brad Pearl, Sandra …

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FloridaInvestment salesMixed-useNet leaseNews

SRS Arranges $13.6 Million Sale of 42,311-Square-Foot Single-Tenant Property in Lutz, Florida

by Hayden Spiess

Lutz, Fla. — SRS Real Estate Partners has arranged the $13.6 million sale of a 42,311-square-foot single-tenant retail property in Lutz. EoS Fitness occupies the building on a 15-year triple-net lease. Situated on 3.9 acres, the property is located within Cypress Ranch, a 164-acre mixed-use development. Upon completion, Cypress Ranch will feature 11 freestanding retail parcels. Tenants at the parcels will include Chick-fil-A, ALDI and Panda Express. Patrick Nutt and William Wamble of SRS represented the seller, Barclay Group. A California-based buyer acquired the property in a 1031-exchange transaction. 

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AlabamaInvestment salesNews

Tanger Acquires Bridge Street Town Centre in Alabama for $193.5 Million

by Hayden Spiess

Huntsville, Ala. — Tanger has acquired Bridge Street Town Centre, an open-air retail center located in Huntsville, for $193.5 million. Tenants at the property, which totals 825,000 square feet, include lululemon, Sephora, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M and Belk. The center was 93 percent occupied at the time of sale. This marks Tanger’s 39th property and first open-air center. 

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CaliforniaInvestment salesNews

PCRP Purchases 1 Million-Square-Foot Mall in Southern California

by Hayden Spiess

Palm Desert, Calif. — Pacific Real Estate Partners (PCRP) has acquired The Shops at Palm Desert, a nearly 1 million-square-foot enclosed mall located in Palm Desert. Built in 1982, the property was renovated in 2013. Tenants at the mall include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble. PCRP plans to reposition the 72-acre property as a mixed-use development. Plans include the addition of a green space, as well as residential and entertainment space. 

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Investment salesKentuckyNews

CBRE Investment Management, Fairbourne Acquire 353,665-Square-Foot Shopping Center in Louisville

by Hayden Spiess

Louisville, Ky. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. Tenants at the center include The Fresh Market, Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks Coffee, Total Wine & More and West Elm, according to the property website. 

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CaliforniaInvestment salesNet leaseNews

Progressive Brokers $4.9 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

Rancho Cucamonga, Calif. — Progressive Real Estate Partners has brokered the $4.9 million sale of a 16,560-square-foot single-tenant property located in Rancho Cucamonga. Dollar Tree occupies the building on a triple-net-lease basis. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive arranged the sale on behalf of the seller, Red Mountain Group. Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer, a private investor. 

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ArizonaInvestment salesNews

Crow Holdings Acquires 34,151-Square-Foot Retail Center in Mesa, Arizona

by Hayden Spiess

Mesa, Ariz. — A joint venture managed by Crow Holdings Capital has purchased The Shops at Sossaman, a 34,151-square-foot retail center located in Mesa. Abington Emerson Investments sold the property for $8.1 million. Tenants at the center, which was built in 2002, include Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza. The property was fully leased at the time of sale. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the buyer and seller in the transaction.

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