Investment sales

retail center
CaliforniaInvestment salesNews

CBM1 Negotiates $13.1 Million Sale of Retail Center in West Los Angeles

by Julia Sanders

Los Angeles — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Blvd. in West Los Angeles. Los Robles Office Partners sold the property to a private party for $13.1 million. The 10,883-square-foot center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.

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IllinoisInvestment salesNews

Mid-America Brokers Sale of 193,657-Square-Foot Shopping Center in Northern Illinois

by Julia Sanders

Rockford, Ill. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property was 69 percent leased at the time of sale to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.

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Investment salesMichiganNews

Marcus & Millichap Arranges $3.5 Million Sale of Net-Leased Restaurant Property in Metro Detroit

by Julia Sanders

Westland, Mich. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.

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Starbucks
IllinoisInvestment salesNews

Boulder Group Negotiates $2.1 Million Sale of Starbucks Coffee-Occupied Property in Central Illinois

by Julia Sanders

Lincoln, Ill. — The Boulder Group has negotiated the $2.1 million sale of a single-tenant property net leased to Starbucks Coffee in the Central Illinois city of Lincoln. The building is located at 3103 Woodlawn Road near I-55. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based investment group. The Illinois-based buyer completed a 1031 exchange.

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Investment salesNewsTexas

Friedman Real Estate Arranges Sale of 530,000-Square-Foot Midway Mall in Northern Texas

by Julia Sanders

Sherman, Texas — Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping mall located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.

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Turlock Town Center
CaliforniaFaris Lee InvestmentsInvestment salesNews

Faris Lee Investments Negotiates $37.4 Million Sale of Turlock Town Center in California

by Julia Sanders

Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …

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North Mayfair Commons
IllinoisInvestment salesNews

Sterling Organization Acquires Grocery-Anchored Shopping Center in Chicago for $18.2 Million

by Julia Sanders

Chicago — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.

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Publix at Bristol Park
AlabamaInvestment salesNews

Cushman & Wakefield Arranges $14.9 Million Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders

Northport, Ala. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. The center was 96 percent leased at the time of sale to tenants including Publix, Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. The property was built in 2019 and …

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Shoppes at East Stone
Investment salesNewsTennessee

Marcus & Millichap Brokers Sale of 24,502-Square-Foot Retail Property in Northern Tennessee

by Julia Sanders

Kingsport, Tenn. — Marcus & Millichap has brokered the $4.5 million sale of Shoppes at East Stone, a 24,502-square-foot retail property located at 2637 E. Stone Drive in Kingsport. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben, also of Marcus & Millichap, assisted in closing the transaction. Shoppes at East Stone was occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental at the time …

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University Mall
Investment salesNewsVermont

Taconic Capital Advisors, Eastern Real Estate Acquire 617,000-Square-Foot University Mall in Vermont

by Julia Sanders

South Burlington, Vt. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. Local news outlet WCAX reported that the sales price was $60 million. The seller was not provided. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International …

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