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.
Indio, Calif. — Progressive Real Estate Partners has brokered the $4.5 million sale of a single-tenant property located in Indio. DaVita Dialysis occupies the building. Greg Bedell of Progressive represented the seller, a Los Angeles-based private investor, in the transaction. Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer.
San Diego — CBRE has negotiated the sale of an 8,915-square-foot freestanding, single-tenant property located in San Diego. Built in 1987, the building is situated within Rancho Bernardo Town Center. A private buyer acquired the property from Kim Family Trust for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the building. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the transaction. AGAS Real Estate represented the buyer.
Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower.
Schaumburg, Ill. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center located in the Chicago suburb of Schaumburg, in an all-cash transaction. Tenants at the property include Starbucks Coffee, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market will also open at the center this fall. This marks the seventh retail property in the Chicago metro for the buyer.
