Toronto — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in …
Signal Mountain, Tenn. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net …
Moreno Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez …
Pueblo, Colo. — Greenwood Village, Colorado-based Dunton Commercial has purchased Belmont Square, a grocery-anchored shopping center located in Pueblo, approximately 44 miles south of Colorado Springs, Colorado. Belmont Square LLC sold the asset for $6 million. Situated on 11 acres at the corner of Bonforte Boulevard and Constitution Road, Belmont Square features 89,619 square feet of retail space. Built in the 1950s, the property underwent renovations in 2011. At the time of sale, the asset was 76 percent leased to tenants including Sav-A-Lot, AutoZone and Pizza Hut. Jon Hendrickson, Mitch …
Lake Forest, Calif. — KA Enterprises has purchased Dana Plaza, a retail center located at 21701 and 21721 Lake Forest Drive in Lake Forest. Dana Lake Forest LP sold the asset for $12.1 million. Situated on 3.5 acres, Dana Plaza features 31,503 square feet of retail space. Current tenants include Exxon Mobile, 7-Eleven, Lake Forest Montessori School and Subway. Fouy Ly of Kidder Mathews represented the buyer, while John Moss of Parker Commercial represented the seller in the deal.
Brookfield, Wis. — Marcus & Millichap has arranged the $6.5 million sale of a Pick ’n Save-anchored retail center in Brookfield, a suburb of Milwaukee. The 70,235-square-foot property, located at 17295 W. Capitol Drive, was fully leased at the time of sale. Other tenants include Club Pilates, Domino’s, CBD Store, Choice Dry Cleaning and Sola Salons. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a developer. The Rowlett Group procured the buyer, a California-based limited liability company.
Massapequa, N.Y. — Urban Edge Properties has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent leased, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson of JLL represented the seller in the transaction. The new ownership is planning a redevelopment plan, …
Naperville, Ill. — Dolan Associates Ltd. has sold Naperville Plaza, a 115,380-square-foot retail center in Naperville. Northpond Acquisitions LLC acquired the property for an undisclosed price. At the time of sale, the asset was leased to Casey’s Foods, Trader Joe’s, Oswald’s Pharmacy and Bridgestone/Firestone. Naperville Plaza is situated at 8-192 W. Gartner Road, 30 miles west of downtown Chicago. Bob Mahoney, Christian Williams, George Good, Richard Frolik, Michael Kaider, Derrick Almassy and Adam Foret of CBRE represented the seller in the transaction.
Schererville, Ind. and Sparks, Nev. — Walton Street Capital has sold Town Square, a 138,571-square-foot retail center in Schererville; and Silver State Plaza Shopping Center, a 155,471-square-foot property in Sparks. Albanese Cormier acquired both centers in separate transactions. The sales prices were not disclosed. Town Square was delivered in 2001 and was leased to tenants including Bed Bath & Beyond, Old Navy, Shoe Carnival and T.J. Maxx at the time of sale. The property is situated at 40-124 Indianapolis Blvd., 29 miles south of downtown Chicago. Clinton Mitchell and Amy …
Whittier, Calif. — Hanley Investment Group has negotiated the $14.8 million sale of a new Cardenas Market in Whittier. The store opened in July 2020 and is situated at 11750 Whittier Blvd., 13 miles southeast of downtown Los Angeles. The Ontario, California-based grocer now operates 53 stores under the Cardenas Market banner and an additional seven stores under the Cardenas Ranch Market banner. An undisclosed private investor based in Los Angeles County acquired the 34,642-square-foot property at a 5.03 percent cap rate. Carlos Lopez and Lee Csenar of Hanley Investment …