Investment sales

Simi-Valley-Promeande-Simi-Valley-Calif
CaliforniaGrocery-anchoredInvestment salesNews

Hanley Arranges $19.6 Million Sale of Shopping Center in Southern California

by Hayden Spiess

Simi Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of Simi Valley Promenade, an 82,366-square-foot shopping center located in Simi Valley. A private investor represented by Avi Narang of BRC Advisors acquired the property for $19.6 million. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, Toibb Enterprises. Built in 1981, the property was 92 percent leased at the time of sale to tenants including Smart & Final, Goodwill, Del Taco, Denny’s, Chi Chi’s Pizza and H&R Block.

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Lawndale-Plaza-Lawndale-Calif
CaliforniaGrocery-anchoredInvestment salesNews

Beta Brokers $14 Million Sale of Shopping Center in Metro Los Angeles

by Hayden Spiess

Lawndale, Calif. — Beta Agency has brokered the sale of Lawndale Plaza, a retail center located approximately 20 miles outside of Los Angeles in Lawndale.  A private entity operating in a 1031 exchange acquired the property for $14 million. The center was fully leased at the time of sale to tenants including Smart & Final, Subway, Wingstop, Panda Express, Daily Nails & Spa and Wells Fargo. Richard Rizika and Vanessa Zhang of Beta represent the undisclosed seller, a private shopping center owner, in the transaction.

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Tanger-Shops-Pooler-Ga
GeorgiaInvestment salesNews

Northmarq Arranges $7.3 Million Sale of Retail Center in Metro Savannah

by Hayden Spiess

Pooler, Ga. — Northmarq has arranged the $7.3 million sale of Shops at Tanger Parkway, a 15,600-square-foot retail center located in the Savannah-area community of Pooler. The property was fully leased at the time of sale to tenants including Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses and Pita Mediterranean Street Food. David Annett and Anne Perrault of Northmarq represented the seller, a Utah-based developer, in the transaction. Mark Lovering of Northmarq represented the buyer, a private equity firm …

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205-233-E-Anaheim-St-Long-Beach-Calif
CaliforniaInvestment salesNews

Tova Capital Acquires 34,500-Square-Foot Retail Center in Metro Los Angeles

by Hayden Spiess

Long Beach, Calif. — Tova Capital has purchased a 34,500-square-foot retail center located in Long Beach, approximately 25 miles south of Los Angeles. Jared Swedelson of NAI Capital represented Tova in the $6.2 million transaction. The property, which was fully occupied at the time of sale by Trademark Brewing and climbing gym Long Beach Rising, features two buildings comprising approximately 17,000 square feet each. Sheva Hosseinzadeh of Coldwell Banker Commercial BLAIR represented the undisclosed seller.

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South-Bank-San-Antonio
Investment salesNewsTexas

Fifth Corner Purchases 46,704-Square-Foot San Antonio Shopping Center

by Hayden Spiess

San Antonio — Fifth Corner has purchased South Bank, a 46,704-square-foot shopping center located in San Antonio on the San Antonio River Walk. Tenants at the property, which was fully leased at the time of sale, include Hard Rock Café, The County Line Bar-B-Q, Paesano’s, Cowboy’s Alamo City Harley-Davidson, Ben & Jerry’s, Howl at the Moon, Merkaba and Fat Tuesday. Chris Gerard, Ryan West, Barry Brown, Erin Lazarus and Megan Babovec of JLL Capital Markets arranged the sale on behalf of the undisclosed seller.

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Walgreens-Coral-Way-Miami
FloridaInvestment salesNet leaseNews

SRS Brokers $14.4 Million Sale-Leaseback of Walgreens-Occupied Property in Miami

by Hayden Spiess

Miami — SRS Real Estate Partners’ National Net Lease Group (NNLG) has facilitated the $14.4 million sale of a single-tenant retail property located in Miami. Comprising 16,285 square feet, the property is occupied by the seller, Walgreens, which has signed a new 15-year, corporate guaranteed, triple-net lease. Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.

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Parkdale-Commons-Waco-Texas
Investment salesNewsTexas

Palomar Group Brokers $15.4 Million Sale of Retail Center in Waco, Texas

by Hayden Spiess

Waco, Texas — Palomar Group has brokered the sale of Parkdale Commons, a 191,559-square-foot retail center located in Waco. An undisclosed buyer purchased the property for $15.4 million. Built in 1973, the center is anchored by Hobby Lobby. Other tenants include True Value, dd’s Discounts and Drug Emporium. Hobby Lobby and dd’s Discounts are on leases that extend through 2026, and True Value recently committed to a 10-year term. Drug Emporium also recently renewed for five years.

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Featherstone-Plaza-McLean-Va
Investment salesNewsVirginia

SRS Facilitates Sale of 46,793-Square-Foot Shopping Center in Northern Virginia

by Hayden Spiess

McLean, Va. — SRS National Net Lease Group has arranged the sale of Featherstone Plaza, a 46,793-square-foot shopping center located in McLean, a suburb of Washington, D.C. Andrew Fallon, Rick Fernandez and Philip Wellde of SRS arranged the $5.2 million sale on behalf of the undisclosed owners. Originally built in 1966 and comprising two buildings, the property was fully leased at the time of sale. 7-Eleven anchors the shopping center.

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Shops-Riverfront-Park-Denver-CO
ColoradoInvestment salesNews

Riverfront Shops Sells 31,898-Square-Foot Shops at Riverfront Park in Downtown Denver

by Hayden Spiess

Denver — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts.

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Freddy's-Owensboro-Ky
Investment salesKentuckyNet leaseNewsRestaurants

Marcus & Millichap Arranges $2.5 Million Sale of Single-Tenant Property in Western Kentucky

by Hayden Spiess

Owensboro, Ky. — Marcus & Millichap has arranged the sale of a single-tenant 2,584-square-foot property located in Owensboro. Dan Yozwiak and Darpan Patel represented the undisclosed buyer in the $2.5 million transaction. Freddy’s Frozen Custard & Steakburgers occupies the property, which was renovated in 2018, on a net-lease basis and recently committed to a 15-year lease with renewal options. Colby Haugness, Kentucky broker of record, assisted in closing the sale.

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