Flagstaff, Ariz. — Faris Lee Investments has arranged the $23.5 million sale of The Marketplace, a 268,000-square-foot shopping center located in Flagstaff. Tenants at the property include Petco, Best Buy, World Market, Marshall’s, Old Navy and Bealls Outlet. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the seller, Macerich, in the all-cash transaction. A California-based 1031 investor purchased the property.
Memphis, Tenn. — JLL Capital Markets has brokered the $18.4 million sale of Summer Center, a retail center in Memphis. Built in 1957, the property comprises 136,673 square feet and was renovated in 1992 and 2008. Kroger, Ross Dress for Less, Five Below and Aaron’s anchor the center, which was 97 percent leased at the time of sale. Jim Hamilton, Brad Buchanan and Andrew Kahn represented the seller, a joint venture between Forge Capital Partners and The Sembler Co. United Properties Corp. acquired the property.
Spencerport, N.Y. — Legacy Realty Group Advisors has arranged the sale of Spencerport Village Plaza, a 99,306-square-foot shopping center located in Spencerport, roughly 11 miles outside Rochester. Tops anchors the property. Daniel Baruch and Max Yardeni of Legacy represented both the buyer and seller in the transaction.
Canton, Ohio — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants including Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor.
Chattanooga, Tenn. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located in Chattanooga. The property is leased to tenants including East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. A gas station and Food City grocery store, not included in the sale, are also located within the center.
Teaneck, N.J. — Astoria Realty Corp. has sold a 20,413-square-foot retail strip center located in the Northern New Jersey community of Teaneck for $6.2 million. The property was originally built in 1930 and renovated earlier this year. Glatt’s Express Supermarket serves as the anchor of the center, which was 93 percent leased at the time of sale. Karly Iacono of CBRE represented Astoria Realty Corp. in the transaction.
Debary, Fla. — Legacy Realty Group Advisors has brokered the $5.3 million sale of Debary Commons, a shopping center located in Debary, roughly 26 miles outside Orlando. Winn Dixie anchors the 64,000-square-foot property. Jacob Baruch, Daniel Baruch and Max Yardeni of Legacy represented both the buyer and seller in the transaction.
Sarasota, Fla. — Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot shopping center located in Sarasota. Burlington anchors the center, which is leased to 15 tenants including Stage Door Studios, OfKors Bakery and EGGSTraordinary Café. Justin Smith, Chris Peterson, Fred Victor and Sam Koonce of Atlantic Capital Partners represented the seller and procured the buyer in the transaction.
Beaumont, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.
New York City — New York City-based Legacy Realty Group Advisors has brokered the $60 million sale of a portfolio comprising 40 Dollar General-leased stores in the Southeast. Jacob Baruch and Daniel Baruch of Legacy represented the buyer, a net lease REIT, and seller, a private developer, in the transaction.
