Investment sales

Armada Hoffler Agrees to Sell Seven Southeastern Retail Properties for $106.5 Million

by Alex Tostado March 16, 2020

Virginia Beach, Va. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot …

March 16, 2020

Florida Investment sales News Retailers

Colliers Brokers Sale of 63,346-Square-Foot Shopping Center in Jacksonville

by Alex Tostado March 12, 2020

Jacksonville, Fla. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the …

March 12, 2020

Alabama Investment sales News Retailers

SRS Arranges $3.5 Million Sale of Retail Property in Huntsville, Alabama

by Alex Tostado March 12, 2020

Huntsville, Ala. — SRS Investment Properties Group has arranged the $3.5 million sale of The Fountain, a 38,338-square-foot retail property in Huntsville. Costco and The Home Depot shadow anchor the multi-tenant retail strip, which spans 3.9 acres. The Fountain was fully leased at the time of sale to tenants including Staples, Citi Trends and Shoe Show. The property is situated at 1201 N. Memorial Parkway, just north of downtown Huntsville. Boris Shilkrot and Pierce Mayson of SRS represented the seller, Somera — 1201 North Memorial Parkway LLC, in the transaction. …

March 12, 2020

Development Investment sales News Pennsylvania Retailers

Colliers Brokers Sale of 211,000-Square-Foot Former Macy’s Store in Bensalem, Pennsylvania

by Alex Tostado March 11, 2020

Bensalem, Pa. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.

March 11, 2020

Indiana Investment sales News Retailers

SVN Chicago Commercial Brokers $8 Million Sale of Shopping Center in Elkhart, Indiana

by Alex Tostado March 11, 2020

Elkhart, Ind. — SVN Chicago Commercial has brokered the sale of Concord Shopping Center in Elkhart for $8 million. The 601,205-square-foot property is located at 3701 S. Main St. and is 54 percent occupied. Some of the tenants include Chase, Claire’s, GNC, Hobby Lobby, JC Penney, Jo-Ann Fabrics and Spencer’s Gifts. Tim Franz and Matt McParland of SVN represented the undisclosed seller.

March 11, 2020

Arizona Investment sales News Retailers

Retail Value Sells Shopping Center in Tucson for $84 Million

by Alex Tostado March 9, 2020

Tucson, Ariz. — Retail Value Inc. has sold Tucson Spectrum, a 716,704-square-foot, Food City-anchored shopping center in Tucson, for $84 million. The property was 88 percent leased at the time of sale to tenants including Food City, Harkins Theatres, Bed Bath & Beyond, Ross Dress for Less, Marshalls, Best Buy, Michaels and Old Navy. Target and The Home Depot shadow anchor the property, which was completed in 2001. Tucson Spectrum is situated at on West Irvington Road near Interstate 19, five miles south of downtown Tucson. Bryan Ley, Patrick Dempsey, …

March 9, 2020

California Investment sales News Retailers

Avison Young Negotiates $20 Million Sale of The Village at Moorpark Shopping Center in California

by Alex Tostado March 9, 2020

Moorpark, Calif. — Avison Young has arranged the sale of The Village at Moorpark, a community shopping center located at 706 W. Los Angeles Ave. in Moorpark. London Reo Retail-CA, a Delaware limited liability company, sold the asset to California-based Chesser Group for $20 million. Built in 2007 on 11.5 acres, the 129,374-square-foot property was 76.3 percent occupied at the time of sale to tenants including Petco, Dick’s Sporting Goods, Verizon, Bank of America and Leslie’s Pool Supply. Chris Maling and David Maling of Avison Young represented the seller and …

March 9, 2020

California Investment sales News Retailers

Hanley Investment Group Arranges $7.4 Million Sale of Retail Building in Southern California

by Alex Tostado March 9, 2020

Ventura, Calif. — Hanley Investment Group has arranged the $7.4 million sale of Campus Corner, a 9,000-square-foot, multi-tenant retail building in Ventura. A Starbucks with a drive-thru anchors the fully leased building, alongside Jersey Mike’s Subs, Eddie’s Grill, Ventura’s Children’s Dental Group and Jessica’s Nails. Campus Corner is situated at 5101 Telegraph Road, less than a mile from Ventura College and six miles east of downtown Ventura. Ed Hanley, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, an affiliate of Beverly Hills, California-based MJL Capital Partners LLC, in …

March 9, 2020

Investment sales Michigan News Retailers

SRS Arranges $2.5 Million Sale of Two-Building Retail Property in Kalamazoo, Michigan

by Alex Tostado March 9, 2020

Kalamazoo, Mich. — SRS Real Estate Partners has arranged the sale of a two-building retail property in Kalamazoo for $2.5 million. The freestanding buildings are home to Starbucks and Subway. Located on 9th Street, the Starbucks spans 2,085 square feet and the Subway totals 2,000 square feet. The two buildings were built in 2017. Michael Carter and Frank Rogers of SRS represented the seller, a Detroit-based private investor. The team also represented the buyer, a Kalamazoo-based private investor. The sales price represents a cap rate of 5.58 percent, one of …

March 9, 2020

Investment sales News Pennsylvania Retailers

GBT Realty Sells Dollar General Retail Portfolio in Pennsylvania for $36 Million

by Alex Tostado March 6, 2020

Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …

March 6, 2020

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