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Investment sales

Investment salesMassachusettsNews

JLL Arranges $33.5 Million Refinancing for Metro Boston Shopping Center

by Katie Sloan

Saugus, Mass. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

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Investment salesNewsWisconsin

Colliers Arranges $23.5 Million Sale of Whole Foods-Occupied Property in Milwaukee

by Katie Sloan

Milwaukee — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange.

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GeorgiaInvestment salesNews

Franklin Street Brokers $19.3 Million Sale of Kroger-Anchored Center in Suburban Atlanta

by Katie Sloan

Lawrenceville, Ga. — Franklin Street has brokered the $19.3 million sale of River Exchange, a 263,651-square-foot shopping center located in the Atlanta suburb of Lawrenceville. River Exchange is anchored by Kroger and home to tenants including Goodwill, Farmers Home Furniture, Metro by T-Mobile, Citi Trends, Habitat for Humanity ReStore, Hertz, Cato and One Main Financial. John Tennant and Bryan Belk of Franklin Street represented the seller, Monarch Investments, in the disposition of the property to America’s Realty, LLC.

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FloridaInvestment salesNews

Marcus & Millichap Arranges Sale of Publix-Anchored Center in Delray Beach

by Katie Sloan

Delray Beach, Fla. — Marcus & Millichap has arranged the sale of North Delray Commons, a 34,087-square-foot shopping center located in Delray Beach. The property is anchored by Publix and home to tenants including Lina Nails, UPS, AT&T and Jersey Mike’s Subs. Kirk Olson and Drew Kristol of the Institutional Property Advisors division of Marcus & Millichap brokered the transaction on behalf of the seller, an undisclosed institutional investor with several offices throughout the country. Benderson Development acquired the center for an undisclosed price. 

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Investment salesNew JerseyNews

Aspen, Devli Buy 138,000-Square-Foot MainTree Shopping Center in Vineland, New Jersey

by Katie Sloan

Vineland, N.J. — A joint venture between Aspen Real Estate and Devli Real Estate has purchased MainTree Shopping Center, a 138,000-square-foot retail property in the Southern New Jersey city of Vineland. The sales price was $13.7 million. The new ownership will implement a value-add program at the center, which houses tenants such as GNC and Hair Cuttery. Joe French led a Marcus & Millichap team that represented the undisclosed seller in the transaction.

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CaliforniaInvestment salesNews

SRS Real Estate Partners Arranges $9 Million Sale of Multi-Tenant Retail Center in Palmdale, California

by Katie Sloan

Palmdale, Calif. — SRS Real Estate Partners’ Investment Properties Group West has brokered the sale of a 56,309-square-foot portion of Towne Square West, a retail property located at 2220 E. Palmdale Blvd. in Palmdale. A Los Angeles-based private investor acquired the property from another Los Angeles-based private investor for $9 million. Chris Tramontano and John Redfield of SRS Real Estate Partners represented the seller, while Joelle Kim of Westside Luxury Real Estate represented the buyer in the deal. Built in 1989 on eight acres, the value-add property was 83 percent occupied at the …

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Investment salesNewsTexas

JLL Arranges Texas Retail Property Swap Between Weingarten, Fidelis

by Katie Sloan

Houston and Fort Worth, Texas — JLL has arranged a property swap between Weingarten Realty Investors and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine …

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Investment salesIowaNews

Boulder Group Negotiates $5.1 Million Sale of Property Net Leased to Walgreens in Ames, Iowa

by Katie Sloan

Ames, Iowa — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.

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IndianaInvestment salesNews

Marcus & Millichap Arranges $1.8 Million Sale of Burger King-Occupied Property in Carmel, Indiana

by Katie Sloan

Carmel, Ind. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.

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CaliforniaInvestment salesNews

Colliers Arranges $26.3 Million Sale of Meadows Village Shopping Center in Temecula, California

by Katie Sloan

Temecula, Calif. — Colliers International has brokered the sale of Meadows Village, a grocery- and drugstore-anchored shopping center in Temecula. The retail property changed hands for $26.3 million. The names of the seller and buyer were not released. Located at 31771-31962 Rancho California Road, the property features 80,553 square feet of retail space. Current tenants include Baron’s Market, CVS/pharmacy, EOS Fitness, Starbucks Coffee, The UPS Store, Wells Fargo and Subway. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Peter Orth of Colliers handled the transaction.

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