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CaliforniaGrocery-anchoredInvestment salesNews

Newmark Arranges $137 Million Sale of Three Shopping Centers in Metro Los Angeles

by Hayden Spiess

La Verne and Montebello, Calif. — Newmark has brokered the sale of a portfolio featuring three grocery-anchored retail centers totaling 400,000 square feet, all located near Los Angeles. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller, Combined Properties Inc., in the $137 million transaction. Institutional investor EDENS acquired the properties. The first property, The Commons at La Verne, spans 120,720 square feet in La Verne, California. The center is anchored by Vons and Ross Dress for Less. The second property, Foothill Plaza, …

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Don MacLellan Seller Buyer Retail Motivation
Content PartnersDevelopmentEconomic DevelopmentFaris Lee InvestmentsFinanceIndustry ContentInvestment sales

Key Variable Moving Forward in Today’s Market? Motivation from Both Sides

by Sarah Daniels

Motivation is one of the prime drivers in any market cycle. Some markets are affected by interest rates and others by inflation. One way or another, however, a retail investment and its returns need to provide an investor a reason to stay active regardless of the state of the market. Scott DeYoung, senior managing director at Irvine, Calif.-based Faris Lee Investments, notes that for sellers in today’s market, it can all come down to timing. “There will always be transactions because every investment has a horizon,” he explains. “There is …

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Investment salesNewsPennsylvania

IPA Brokers $24.6 Million Sale of Philadelphia Retail Center

by Hayden Spiess

Philadelphia — City Avenue Center, a 20,220-square-foot shopping center located in Philadelphia, has sold for $24.6 million. Brad Nathanson, David Crotts and Dean Zang of Marcus & Millichap’s Institutional Property Advisors (IPA) arranged the sale on behalf of an undisclosed seller and secured the buyer, a Maryland-based family office. The center, which is shadow-anchored by Target, was fully leased at the time of sale. Tenants include Chipotle Mexican Grill, Verizon and Sleep Number. A PNC Bank outparcel also occupies the property.

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ColoradoGrocery-anchoredInvestment salesNews

JLL Arranges $8.3 Million Sale of Shopping Center in Metro Denver

by Hayden Spiess

Aurora, Colo. — JLL Capital Markets has brokered the sale of Shoppes at Parker Commons, a 32,297-square-foot retail center located in Aurora, approximately 10 miles outside of Denver. Peakview Realty acquired the property for $8.3 million. Jason Schmidt of JLL represented the seller, an entity doing business as Special Servicer LNR Partners LLC. Built in 1987, the property was 92 percent leased at the time of sale. Tenants at the center include anchor H-Mart, H&M Dental, Farmers Insurance Group, O’Hair Salon, Volcano Tea House, Neo Lashes and Nails and QQ …

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CaliforniaInvestment salesNews

Private Family Sells Sit ‘n Sleep-Occupied Retail Building in Los Angeles’ Studio City for $6.9 Million

by Hayden Spiess

Los Angeles — A private family has completed the disposition of a retail property in the Studio City neighborhood of Los Angeles. A private investor acquired the property for $6.9 million. Sit ‘n Sleep, a mattress retailer, has occupied the two-story, 15,000-square-foot building at 12318 Ventura Blvd. for 11 years. The tenant’s current lease terminates in 2023, with a six-year option to renew. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal.

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Investment salesNew JerseyNews

IPA Arranges $63 Million Sale of New Jersey Retail Center

by Hayden Spiess

West Long Branch, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has facilitated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the Home Depot-anchored property, which was 96 percent occupied at the time of sale. Brad Nathanson of IPA represented the seller, Site Centers Inc. Tenants at the center, which was built in 1993, include Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.

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ConnecticutInvestment salesNews

FNRP Purchases 259,104-Square-Foot Shopping Center in Metro Hartford

by Hayden Spiess

West Hartford, Conn. — First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of Hartford. Tenants at the center, which is anchored by a 59,000-square-foot Target, include HomeGoods, The Paper Store, Mattress Firm, Orange Theory, AT&T, Bank of America, TD Bank, Noodles & Company, GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.

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ColoradoInvestment salesNews

Capstone Brokers Sale of Former Sears Site in Lakewood, Colorado

by Hayden Spiess

Lakewood, Colo. — Capstone Colorado Land Team has brokered the sale of a 7.65-acre lot at 10785 Colfax Ave. in Lakewood. Artesia Real Estate Investors acquired the land parcel for an undisclosed price. The site includes a former Sears department store and a separate outparcel building that previously operated as a Sears Automotive Center. The two unoccupied buildings comprise a total 163,957 square feet of commercial space. Travis Hodge and Anthony Bobay of Capstone represented the undisclosed seller, while Artesia Real Estate Investors was self-represented in the transaction.

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Investment salesNewsTexas

JLL Brokers Sale of 213,416-Sqaure-Foot Shopping Center in Fort Worth

by Hayden Spiess

Fort Worth, Texas — JLL Capital Markets has arranged the sale of The Shops at Chisholm Trail Ranch, a 213,416-square-foot retail center located in Fort Worth. Tenants at the property, which was 97.5 percent leased at the time of sale, include Studio Movie Grill, Ulta Beauty, Old Navy, Ross Dress for Less, Marshalls, Tuesday Morning, Five Below, Famous Footwear, Pet Supplies Plus, James Avery and Crumbl Cookies. Chris Gerard, Barry Brown and Matthew Barge of JLL represented the seller — Street Level Investments — in the transaction. Mazaheri Properties acquired …

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Investment salesMinnesotaNebraskaNewsOhio

Timber Development Corp. Sells Three Shopping Centers Totaling $11.2 Million

by Hayden Spiess

Longwood, Fla. — Timber Development Corp. has completed the sale of three retail centers for a total of $11.2 million. The properties are located in Nebraska, Ohio and Minnesota. Eric Abbott and Zach Taylor of Marcus and Millichap represented Timber in the $4.6 million sale of the Norfolk, Nebraska, shopping center, which comprises 36,500 square feet and is shadow-anchored by Walmart. Bentley Coe Plaza — a 36,600-square-foot center located in Olmsted, Ohio — was purchased for $4.4 million. Kyle Hartung of Goodman Realty brokered the transaction. AJ Prins of CBRE …

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