Pennsauken, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in southern New Jersey. Anchored by convenience store Wawa, the property was fully leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.
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Retail Investment Strengths Expected to Continue in 2022
A new influx of money taking aim at the retail sector made 2021 a strong year for investment sales in the category. Factors like continued inflow of capital, attractive yields, reduced fears about the disappearance of the 1031 exchange and the opportunities for deals indicate that 2022 will likely follow in 2021’s footsteps as a high-performing year. Don MacLellan, managing principal at Faris Lee, explains that since the beginning of the third quarter of last year, the company has seen a significant inflow of capital interested in retail investment properties, …
Glendale, Ariz. — Hanley Investment Real Estate Advisors has arranged the $7.1 million sale of a 7,800-square-foot, single-tenant restaurant property occupied by Portillo’s in Glendale. Bill Asher, Jeff Lefko, Ed Hanley and Lee Csenar of Hanley Investment Real Estate Advisors Inc. represented the seller, a private investor based in Orange County, California. Chuck Wilson and Kenny Patricia of Colliers International represented the buyer, a private investor based in Los Angeles County. The property is located at 17125 N. 79th Ave. within Arrowhead Towne Center, and features an outdoor patio and …
Attleboro, Mass. and Baltimore — Inland Private Capital Corp. (IPC) has sold two BJ’s Wholesale Club locations in Massachusetts and Maryland. IPC facilitated the sale on behalf of its 1031 investment program East Coast Wholesale Portfolio DST. The portfolio includes a 115,660-square-foot BJ’s Wholesale Club located at 287 Washington St. in Attleboro, Massachusetts; and an 89,348-square-foot BJ’s Wholesale Club located at 4701 O’Donnell St. in Baltimore. The buyer and terms of the transaction were undisclosed.
Prosper, Texas — Younger Partners has purchased The Shops at Prosper Trail, a 96,948-square-foot shopping center located northeast of Dallas in Prosper. Shadow-anchored by Kroger, the property was 98 percent leased at the time of sale. Adam Howells of JLL represented the seller, MQ Development Co., in the transaction. Micah Ashford, Moody Younger and Kathy Permenter represented Younger Partners on an internal basis.
Los Angeles — Weiss Development has completed the disposition of Brentwood Shopping Center, a retail property located at 11674-11690 San Vicente Blvd. in Los Angeles. Fields Holdings acquired the asset for $30 million in an off-market transaction. Tenants at the 14,789-square-foot center include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italio. Bill Bauman and Kyle Miller represented the seller in the deal.
Robbinsdale, Minn. — KW Commercial has arranged the sale of Robin Center, a shopping center located roughly six miles outside Minneapolis in Robbinsdale. Dollar Tree, CVS/pharmacy and Car-X anchor the center, which is located at 4044-4152 Lakeland Ave. N. Matthew Klein of KW Commercial represented the buyer, Robin Center Partners LLC, in the transaction. Steven Nelson and Kyle Thompson of Hoyt Properties, along with Chet Masserano of Corporate Real Estate Brokers, represented the seller, an entity known as Robin Center LLP. The sales price was not disclosed.
Valley, Ala. — SRS’ Investment Properties Group has brokered the $4.5 million sale of Shops at Valley, a 28,000-square-foot shopping center in Valley. Boris Shilkrot of SRS represented the seller, OSCI Properties, in the transaction. The buyer, Prudent Growth Partners LLC, was self-represented in the transaction. The shopping center is shadow-anchored by Walmart Supercenter and fully occupied by tenants including Ace Hardware, Workout Anytime, H&R Block, T-Mobile and Advance America.
Hemet, Calif. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific development plans have been released. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.
Las Vegas — 3D Investments has purchased Tivoli Village, an open-air, mixed-use property located at 400 S. Rampart Blvd. in Las Vegas. Property and Building Corp. and IDB Group USA sold the center for $216 million. Built in 2009 and 2016, Tivoli Village features 669,406 square feet of Class A office, retail and restaurant space across 28 acres. Additionally, the property includes an 8.3-acre development parcel entitled for more than 300 residential units. Marlene Fujita Winkel of Cushman & Wakefield’s Las Vegas office represented the seller in the deal. Dave …