Investment sales

CVS_Virginia-Beach
Investment salesLeasingNewsVirginia

Matthews Arranges $10.6 Million Sale of Retail Property Leased to CVS/pharmacy in Virginia Beach

by Hayden Spiess

Virginia Beach, Va. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale. Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.

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Snellville-Pavilion-Snellville-Ga
GeorgiaInvestment salesNews

Atlantic Capital Partners Brokers $38.3 Million Sale of Shopping Center in Metro Atlanta

by Hayden Spiess

Snellville, Ga. — Atlantic Capital Partners has arranged the sale of Snellville Pavilion, a 311,093-square-foot retail center located in Snellville, a suburb roughly 25 miles outside of Atlanta. Fred Victor, Justin Smith and Chris Peterson of Atlantic represented the seller, Kimco Realty, and procured the buyer, United Properties, in the $38.3 million transaction. Kohl’s and Belk — both of which have been tenants since 2000 — anchor the shopping center.

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Harmony-Plaza_Port-Richey
FloridaInvestment salesNews

Marcus & Millichap Brokers $7.7 Million Sale of Harmony Plaza Shopping Center in Port Richey, Florida

by Hayden Spiess

Port Richey, Fla. — Marcus & Millichap has brokered the $7.7 million sale of Harmony Plaza, an 82,820-square-foot shopping center located in Port Richey. James Medefind, Jim Shiebler, James Garner and Jonathan Gerszberg of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. A private investor purchased the property. Built in 1973 and located on a six-acre site, Harmony Plaza was 87 percent leased at the time of sale to tenants including Big Lots.

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Shops-at-Somerset-Square-Hartford-Conn
ConnecticutInvestment salesNews

Poag Acquires 113,422-Square-Foot Retail Center in Metro Hartford

by Hayden Spiess

Glastonbury, Conn. — Poag Shopping Centers has purchased The Shops at Somerset Square, a 113,422-square-foot open-air shopping center located in Glastonbury, roughly 10 miles southeast of Hartford. This acquisition is the continuation of a strategic partnership with JLL, in which Poag provides development and redevelopment services and JLL provides management and leasing services. JLL currently manages Poag’s existing portfolio of 10 open-air retail centers.

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Fifth-Third-Bank_Bradenton
FloridaInvestment salesNews

SRS Negotiates $3.2 Million Ground-Lease Sale of Tampa Bay Retail Property Occupied by Fifth Third Bank

by Hayden Spiess

Bradenton, Fla. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $3.2 million ground-lease sale of a single-tenant retail property in Bradenton occupied by Fifth Third Bank. Built in 2007 and situated on approximately 1.1 acres, the 3,500-square-foot property is located at 6550 Cortez Road W. Patrick Nutt and William Wamble of SRS represented the seller, a California-based private investor, in the transaction. The buyer was Massachusetts-based Dorchester Avenue Holding LLC. Fifth Third Bank has more than 13 years remaining on its corporate-guaranteed lease, according to SRS.

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Towne-Crest-Village-McDonough-Ga
GeorgiaInvestment salesNews

Northmarq Completes Sale of 20,053-Square-Foot Retail Center in Metro Atlanta

by Hayden Spiess

McDonough, Ga. — Northmarq has arranged the sale of Towne Crest Village, a 20,053-square-foot retail center located in McDonough, approximately 30 miles outside of Atlanta. Jeff Enck of Northmarq represented the private Florida-based buyer in the transaction. An individual Los Angeles-based investor sold the property for $5.7 million. Built in 2005, Towne Crest was 100 percent leased at the time of sale.

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KS-Lawrence-4801-W-Bauer-Farm-Dr
Investment salesKansasNews

Quantum Arranges $3.5 Million Sale of Retail Strip Center in Lawrence, Kansas

by Hayden Spiess

Lawrence, Kan. — Quantum Real Estate Advisors Inc. has arranged the $3.5 million sale of a multi-tenant retail strip center located in Lawrence. Jersey Mike’s, which recently signed a new 10-year lease, anchors the property. Zack Hilgendorf of Quantum represented the undisclosed buyer. The property sold to a family office based in Wichita.

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ArizonaInvestment salesNews

Cushman & Wakefield|PICOR Brokers Sale of 24,000-Square-Foot Retail Building in Sierra Vista, Arizona

by Hayden Spiess

Sierra Vista, Ariz. — Cushman & Wakefield|PICOR has brokered the sale of a retail property in Sierra Vista. Orion Sierra Vista AZ LLC sold the asset to 2030 East LLC for $2.3 million. Located at 354 S. Highway 92, the property features 24,000 square feet of retail space. Jose Dabdoub and Ryan McGregor of Cushman & Wakefield|PICOR represented the seller, while Robert Fischrup and Eric Lamb of Vast Commercial Real Estate Solutions LLC represented the buyer in the deal.

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Kendig-Square-Willow-Street-Pa
Grocery-anchoredInvestment salesNewsPennsylvania

JLL Brokers Sale of 186,749-Square-Foot Retail Center in Southern Pennsylvania

by Hayden Spiess

Willow Street, Pa. — Northpath Investments has sold Kendig Square, a 186,749-square-foot retail center located in Willow Street, roughly 70 miles west of Philadelphia. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL Capital Markets represented Northpath in the transaction. Kendig Square, which was 95 percent occupied at the time of sale, is anchored by Weis Markets, a grocer with over 30 years of tenancy at the property. Additional tenants include Rite Aid, Planet Fitness, Dollar Tree, PNC Financial Services, UPS and Dollar General. Triple Bar Properties Inc. …

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Liberty-Square-Wauconda-Ill
Grocery-anchoredIllinoisInvestment salesNews

AmCap, Encore Acquire 107,431-Square-Foot Shopping Center in Chicago Suburb

by Hayden Spiess

Wauconda, Ill. — AmCap Inc., in a joint venture with Encore Enterprises, has acquired Liberty Square, a 107,431-square-foot retail center located in the Chicago suburb of Wauconda. Anchored by a 54,522-square-foot Jewel-Osco, the shopping center was 97 percent leased at the time of sale to tenants including UPS, Charter Fitness, KFC, Subway, Pet Supplies Plus and PNC Bank. This acquisition marks AmCap’s fifth grocery-anchored retail center in the Chicago area. Ben Wineman of Mid-America Real Estate Corp. brokered the transaction.

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