Sevierville, Tenn. — CBRE has arranged the sale of Smoky Mountain Gateway, a 137,286-square-foot shopping center located at 750 Winfield Dunn Parkway in Sevierville. Anchored by Publix, the center features other tenants such as HomeGoods, Hamrick’s and Five Below. Casey Rosen, Paul Gaither, Steele McDonald and Dennis Carson of CBRE represented the seller, Horne Properties Inc. JRW Realty represented the buyer, an affiliate of ExchangeRight, which purchased the property for an undisclosed price.
Rochester, Pa. — Marcus & Millichap has brokered the $12 million sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction.
Houston — RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.
New Orleans — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The property spans 9,180 square feet at 7437 Westbank Expressway, roughly 10 miles from downtown New Orleans.
Orange County, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $8.2 million sale of a multi-tenant retail pad located at Foothill Ranch Towne Centre in Orange County. The 6,873-square-foot building was fully leased at the time of sale to Chipotle Mexican Grill, Firehouse Subs and Guidepost Montessori. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Thomas English Real Estate, in the transaction. Jack Nersesian of DAUM Commercial Real Estate Services represented the buyer, a private investor from Glendale, California.
Arlington, Va. — McCaffery Interests Inc. has sold a 3,100-square-foot retail property located roughly five miles outside Washington, D.C., in Arlington for $4 million. Built in 1979, the 3,100-square-foot, two-story property was occupied by Wireless Rxx and Starbucks Coffee at the time of sale. Andrew Fallon and Rick Fernandez of SRS represented the seller in the disposition of the property to an undisclosed, Virginia-based private buyer operating in a 1031 exchange.
Royal Oak, Mich. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle Mexican Grill in Royal Oak, a northern suburb of Detroit. The 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.
Hialeah, Fla. — Centennial has acquired Westland Mall, an 835,000-square-foot regional shopping center located roughly 11 miles outside Miami in Hialeah. The seller and sales price were not disclosed. Westland Mall has been open for over 50 years. The shopping center is home to nearly 100 tenants, including Macy’s, J.C. Penney, Bath & Body Works, Finish Line, Pandora, G by Guess, Victoria’s Secret, H&M, T-Mobile, Outback Steakhouse, Chili’s Grill & Bar, Subway and IHOP.
Long Beach, Calif. — DJM, in partnership with PGIM Real Estate, has purchased Long Beach Exchange, an open-air lifestyle center located in Long Beach. The property was sold by Burnham-Ward Properties for an undisclosed price. Eastdil brokered the transaction. Built in 2018, the 26-acre Long Beach Exchange features 246,500 square feet of retail space. Current tenants include Whole Foods Market, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta Beauty and Nordstrom Rack.
Fallbrook, Calif. — Gerrity Group has completed the disposition of Fallbrook Mercantile Center, a 70,411-square-foot retail center in Fallbrook. A private investor acquired the asset for $27.2 million. Major Market anchors the property, which is situated on 6.5 acres at 713, 825, 833 and 835-855 S. Main Ave. At the time of sale, the property was 97 percent occupied by tenants including Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Group and Pho House and Grill. Gleb Lvovich, Bryan Ley …
