Fitchburg, Mass. — Atlantic Capital Partners, a division of Boston-based Atlantic Retail, has arranged the sale of John Fitch Plaza, a 186,809-square-foot retail center in Fitchburg, located in the northern-central part of the state, roughly 50 miles northwest of Boston. Anchored by Cinema World and The Paper Store, the property was 79 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder represented both the buyer and seller.
Omaha, Neb. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company.
Las Vegas — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway.
Gahanna, Ohio — Marcus & Millichap has brokered the $3.7 million sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.
There will always be a tug-of-war between retail buyers and sellers — or, really, buyers and sellers of any kind. Both parties want to achieve the best price, but that number looks quite different depending on their side of the table. Though every asset is different, in many ways pricing is made easier based on whether it’s a buyer’s or seller’s market. But what about those transition times? The ones where a market has crested or dipped and is going the other direction? “Pricing today is a little bit of …
Greenfield, Ind. — Dylan Mallory of Hanley Investment Group Real Estate Advisors, in collaboration with Jacque Haynes of Midland Atlantic Properties, has orchestrated the sales of three retail properties located in Greenfield, approximately 25 miles east of downtown Indianapolis. All located on North State Street as part of the Greenfield Market development, the properties were acquired by separate 1031-exchange buyers in transactions totaling more than $9 million. Indianapolis-based Midland Atlantic Properties was the seller. The properties included a 2,616-square-foot Chipotle Mexican Grill, a 3,500-square-foot Panera Bread and a 4,500-square-foot Chick-fil-A. …
Salina, Kan. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas located roughly 100 miles north of Wichita. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019, and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. …
Westminster, Colo. — Plaza Northwest, a 27,405-square-foot retail center located in Westminster, roughly 11 miles northwest of Denver. Jason Schmidt of JLL Capital Markets represented the seller, Centre Point Properties, in the transaction. Park Meadows Real Estate LLC acquired the property, which was 94 percent leased at the time of sale. Tenants include Rocky Mountain Urgent Care, 303 Training Center, Hot Pho, T Love Nails, Empire Fitness, One Main Financial, State Farm, Partners in Health and Connie’s Antiques.
Cary, N.C. — ShopOne Centers REIT Inc., in a joint venture with Pantheon and an undisclosed institutional investor, has acquired Shoppes on the Parkway in Cary, about ten miles west of downtown Raleigh. The Fresh Market anchors the 40,000-square-foot center, which was 96 percent leased at the time of sale. The transaction marks the first acquisition by the joint venture.
Sioux City, Iowa — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons, a 202, 880-square-foot shopping center located in Sioux City. Amy Sands, Clinton Mitchell, Michael Nieder, and Marcus Pitts of JLL represented the seller, The RH Johnson Co. The center was 95 percent occupied at the time of sale by tenants including Aldi, Ross Dress for Less, Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival and Staples. The property is also home to a separately owned Kohl’s, which was not included in the …