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CaliforniaInvestment salesNews

ZDI Purchases 29,387-Square-Foot Retail Center in Bakersfield, California

by Katie Sloan

Bakersfield, Calif. — ZDI Inc. has acquired a retail center, located at 2625-2635 Mall View Road in Bakersfield, for $8.1 million through a 1031 exchange. The seller was a local partnership of real estate professionals, which has owned the property for more than 15 years after purchasing it from the original developer. Built in 2005, the 29,387-square-foot retail property is fully occupied by a variety of tenants, including a major office supply retailer. Cushman & Wakefield’s Duane Keathley and Vincent Roche represented the seller in transaction.

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FinanceInvestment salesNewsPennsylvania

MMCC Arranges $4.8 Million Acquisition Loan for Retail Property in Suburban Pittsburgh

by Katie Sloan

Monroeville, Pa. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031 exchange.

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Conference CoverageContent PartnersFeaturesFinanceIndustry ContentInvestment salesLearn from Industry LeadersRetail InsightVideos

Taylor Street: Net Lease Opportunities: STNL Deals, Multi-Tenant Outlook, 1031 Exchange Landscape

by Sarah Daniels

Where does net lease stand at the moment? As cap rates compress for single tenant net lease (STNL) deals, investors are expanding their outlooks to find retail opportunities. Multi-tenant centers, particularly three-to-five-tenant strip centers, are the property types currently appealing to Jake Baratz, sales manager & vice president of retail at Taylor Street. These traditionally second-tier net lease options are now garnering a second glance from STNL buyers and 1031 exchange buyers, especially for assets with strong tenants, long-term leases and good cashflow. Baratz sees increasing numbers of 1031 buyers …

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Erindale-Square-Colorado-Springs-CO
ColoradoInvestment salesNews

CBRE Negotiates Sale of 103,552-Square-Foot Erindale Square Retail Center in Colorado Springs

by Katie Sloan

Colorado Springs, Colo. — CBRE has facilitated the sale of Erindale Square, an open-air retail property in Colorado Springs. A New York City-based investor acquired the property from a Los Angeles-based investor for $12.1 million. Situated on 6.9 acres at 5881-5975 N. Academy Blvd., the 29-unit Erindale Square features 103,552 square feet of retail space. Current tenants include Fodor Billiards, Bill’s Bed and Appliances, Cutting Edge Realtors, HomeFix and The Door Christian Center. At the time of sale, Erindale Square was 90 percent leased with 10,657 square feet still available. The …

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Village-Plaza-Augusta-GA
GeorgiaInvestment salesNews

Matthews Real Estate Negotiates $20.5 Million Sale of Village Plaza in Augusta, Georgia

by Katie Sloan

Augusta, Ga. — Matthews Real Estate Investment Services has negotiated the $20.5 million sale of Village Plaza, a shopping center in Augusta. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.

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Crawfordsville-Square
IndianaInvestment salesNews

JLL Brokers $18.5 Million Sale of Shopping Center in Suburban Indianapolis

by Katie Sloan

Crawfordsville, Ind. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.

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Investment salesNew YorkNewsRestaurants

Hanley Investment Group Arranges $2.4 Million Sale of Restaurant Building in Ithaca, New York

by Katie Sloan

Ithaca, N.Y. — Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.

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Lincoln-Center
FloridaInvestment salesNews

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6 Million

by Katie Sloan

Miami Beach, Fla. — BH Properties has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, …

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The-Shoppes-at-Grayhawk
Investment salesNebraskaNews

First National Realty Partners Buys 221,000-Square-Foot Shopping Center in Omaha

by Katie Sloan

Omaha, Neb. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle Mexican Grill, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.

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Chick-fil-A_Suwanee
GeorgiaInvestment salesNews

Marcus & Millichap Brokers $3.5 Million Sale of Metro Atlanta Restaurant Site Leased to Chick-fil-A

by Katie Sloan

Suwanee, Ga. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite …

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