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 …
Florence, Ala. — Newmark has arranged the sale of Cox Creek Shopping Center in Florence. Mark Joines and Drew Fleming of Newmark represented the seller, U.S. Properties Group. The 142,044-square-foot property was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. United Properties Corp. acquired the center, which is situated directly across from the 675,000-square-foot Florence Mall, for $24 million.
Naperville, Ill. — The Boulder Group has brokered the $2 million sale of a restaurant property net leased to KFC and Taco Bell in the Chicago suburb of Naperville. The 2,982-square-foot building is located along Reflection Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based real estate investor completing a 1031 exchange. A Southeast-based real estate company was the seller.
Hartford, Wis. — Blue West Capital has negotiated the $2.9 million sale of Hartford Shops in Hartford, about 37 miles northwest of downtown Milwaukee. The 12,530-square-foot retail center is fully leased and is shadow anchored by Aldi. Tenants at the time of sale included Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Kelly and Shawn Dickmann of Blue West Capital represented the seller, a Dallas-based private real estate company. The duo also procured the buyer, a Colorado-based private investor.