Stone Mountain, Ga. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built …
Investment sales
Marcus & Millichap Arranges $2.4 Million Sale of Retail Strip Center in Upstate South Carolina
Greer, S.C. — Marcus & Millichap has arranged the $2.4 million sale of Orangetheory Fitness Strip Center, an outparcel to Riverside Crossing Shopping Center, in Greer. The 6,500-square-foot outparcel is leased to Orangetheory Fitness, Greenfield’s Bagels & Deli and Stevenson Tax & Accounting. The sale is the final piece of the Riverside Crossing Shopping Center portfolio, which comprises a Lowe’s Foods grocery-anchored shopping center and two outparcels totaling 58,358 square feet. The asset is located at 870 E. Suber Road, 10 miles east of downtown Greenville. Zach Taylor and Don …
Waterford Property Buys Marketplace at the Lakes in West Covina, California for $18.6 Million
West Covina, Calif. — Waterford Property Co. has acquired Marketplace at the Lakes, a value-add retail property located at 904-907 Lakes Drive in West Covina. CIM Group sold the asset for $18.6 million. Built in 1994 on seven acres, Marketplace at the Lakes features 95,628 square feet of retail space. At the time of sale, the property was 80 percent occupied by Michaels and Jerome’s Furniture. In November 2015, Waterford acquired The Lakes, an office campus adjacent to the recently purchased retail center, and repositioned the property into a Class …
Shawnee, Kan. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.
Carson, Calif. — NewMark Merrill Cos. has acquired The Shops at SouthBay Pavilion in Carson. The asset spans 182,193 square feet and is situated within SouthBay Pavilion. The Shops at SouthBay were leased to tenants including Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s, Buffalo Wild Wings and Olive Garden at the time of the sale. IKEA, Target, Cinemark Theaters and JC Penny anchor the balance of the more than 1 million-square-foot mall. SouthBay Pavilion is located at 20700 S. Avalon Blvd., 18 miles south …
Limestone, Orion Purchase Two Retail Properties in Sarasota, Florida for $15.5 Million
Sarasota, Fla. — A joint venture between Miami-based Limestone Asset Management and Orion Real Estate Group has purchased two retail properties in Sarasota for $15.5 million. The properties are located at 362 and 371 St. Armands Circle on Lido Key, four miles west of downtown Sarasota. French pastry shop Le Macaron, fashion retailer Breezin’ Up and women’s clothing store Sahara occupy the property at 362 St. Armands. Tommy Bahama occupies the space at 371 St. Armands. Florida-based Ocean Bank provided acquisition financing to the buyers. The seller(s) was not disclosed.
Marcus & Millichap Negotiates $3.5 Million Sale of Strip Retail Center in Camden, South Carolina
Camden, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the …
Alsip, Ill. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.
Orlando, Fla. — TSCG has arranged the sale of The Shoppes at South Semoran, a 101,611-square-foot shopping center in Orlando. The property was originally built in 1986 and renovated in 2013, when anchor Walmart Neighborhood Market opened. At the time of sale, the property was 97 percent leased to tenants including Walmart, Chase Bank, Dollar Tree and Wendy’s. The asset is situated at 4520 S. Semoran Blvd., seven miles southeast of downtown Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Gavin Walsh of TSCG represented the seller, an affiliate of …
Chicago — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.