Monroe and Newington, Conn. — Marcus & Millichap has brokered the sale of two Connecticut retail properties that are net leased to Walgreens for a combined price of $11.7 million. Both properties, which are located in Monroe and Newington, total approximately 15,000 square feet. Nick Geaneotes, Steve Garthwaite and Derrick Dougherty of Marcus & Millichap represented the sellers, both of which were limited liability companies, in the transactions. The trio also procured the undisclosed buyers. Susan Bands of Marcus & Millichap assisted in closing both deals as the broker of …
Fayetteville, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 …
Lee’s Summit, Mo. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta Beauty. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year …
Bonita Springs, Fla. — TSCG has brokered the sale of Bay Landing, a grocery-anchored shopping center totaling nearly 63,000 square feet in the southwest Florida city of Bonita Springs. InvenTrust Properties purchased the property for approximately $10.4 million. Anthony Blanco led the TSCG team that included Mallory Silva and Nick Ureta in representing the seller, an affiliate of Barron Collier Cos. Built in 1998 along U.S. Highway 41, Bay Landing was fully leased at the time of sale to The Fresh Market and HomeGoods. The site is entitled for an additional …
Corinth, Miss. — The Palomar Group has arranged the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.
The single-tenant net lease (STNL) market has enjoyed quite the ride. Rents are rising and cap rates are at or near all-time lows. 2021 was a record year for STNL transaction volume, with $103 billion in investment sales, according to Stan Johnson Company’s research, and the first quarter of 2022 has already exceeded quarter-one 2021 by more than 30 percent. At the same time, national STNL inventory has remained very constrained. This makes it a good time to be a net lease seller. Selling, Buying the Dream “There is still …
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Physical Retail Focuses on Quality, Customers
Josh Williams, senior vice president and director of investments out of Cullinan Properties’ Houston office, has been closely monitoring the leasing, development and sales activity for brick and mortar since our national emergence from the pandemic began. Below are the trends he sees, and where he believes this market is headed. Retail Insight: What would you say is the overarching trend in retail real estate right now? Williams: As we emerge from the pandemic, we are seeing a wide variety of retail assets returning to pre-2020 activity levels, all with one overarching …
Plano, Texas — A partnership between Centennial, Cawley Partners and Waterfall Asset Management has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage tenants. According to Chain Store Age, the seller was Spinoso Real Estate Group.
Chino, Calif. — Newmark has arranged the $42.2 million sale of Country Fair Shopping Center, a 168,264-square-foot neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. At the time of sale, the center was 92 percent occupied by tenants including PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.
Garden City, N.Y. — JLL has arranged the $65.3 million sale of Whole Foods at Westbury, a 55,109-square-foot shopping center located in the Long Island community of Garden City. Whole Foods Market anchors the property, which is also home to a 4,818-square-foot, freestanding pad site occupied by HSBC Bank and Bond Vet. James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr and J.B. Bruno of JLL represented the seller, Midwood Investment & Development, in the disposition of the property to an undisclosed private family investment firm.