New Lenox, Ill. — Marcus & Millichap has arranged the $4.9 million sale of a retail strip center in New Lenox, a southwest suburb of Chicago. Chipotle Mexican Grill anchors the 9,907-square-foot property. Other tenants include MOD Pizza, Smoothie King, Classy Nails and Vino Gaming Wine Bar. Brian Parmacek of Marcus & Millichap represented the seller, a Chicago-based developer. The buyer was undisclosed.
Las Vegas — Brixton Capital has completed the sale of Rainbow Plaza, a 259,980-square-foot shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. At the time of sale, the dual grocery-anchored center was 94 percent occupied by tenants including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank.
Charleston, S.C. — Stiles has sold Point Hope Commons, a 75,000-square foot neighborhood shopping center in Charleston, for $29 million. Publix anchors the center, which was developed by Stiles in 2019. The property was 92 percent leased at the time of sale to tenants including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital.
Chesnee, S.C. — Marcus & Millichap has arranged the $3.1 million sale of a 62,799-square-foot Food Lion-anchored shopping center located in Chesnee. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the seller, an undisclosed private investor. The team also secured and represented the undisclosed buyer. Located at 712 S Alabama Ave. on 5.6 acres, the shopping center is occupied by tenants including O’Reilly Auto Parts.
San Gabriel, Calif. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel, roughly 10 miles outside Los Angeles. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in …
Lemont, Ill. — Cooper Commercial Investment Group has brokered the $8.1 million sale of Centennial Plaza, a 38,500-square-foot retail center located in the Chicago suburb of Lemont. Jewel-Osco shadow-anchors the center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.
Phoenix — An entity formed by Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot center was fully leased at the time of sale. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.
Atlanta — JLL Capital Markets has arranged the sale of Crossroads South, a 201,404-square-foot, Kroger-anchored retail center in Atlanta. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the undisclosed seller. First National Realty Partners acquired the property for $16.2 million. Located at 7965 Tara Blvd., the property was 92 percent leased at the time of sale to tenants including Badcock Furniture & More, Roses, Subway, H&R Block, Shoe Show and Top Nails. Kroger has plans to construct and operate a Kroger Fuel Center at the property.
Atlanta — CBRE National Retail Partners has brokered the sale of Park Place, an 82,097-square-foot retail property in Atlanta’s Central Perimeter. Edens purchased the center from Coro Realty Advisors for an undisclosed amount. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE represented the seller in the transaction. Built in 1978, the property was 92 percent occupied at the time of sale by tenants including Alon’s Bakery and Market, Fidelity Investments, Jared Galleria of Jewelry, Allen Edmonds, Expedia Travel, Balance Salon and The Brass Tap.
Woodland Park, Colo. — Institutional Property Advisors (IPA) has brokered the $10.3 million sale of Gold Hill Shopping Center, a 47,978-square-foot multi-tenant retail center in Woodland Park, about 19 miles from Colorado Springs. The center was fully occupied at the time of sale by tenants including City Market and Wendy’s. Ryan Bowlby and Drew Isaac of IPA represented the undisclosed buyer and secured the undisclosed seller in the transaction.