Investment sales

NKF Negotiates $42.4 Million Sale of Retail, Office Building in Boston’s Back Bay Area

by Alex Tostado August 5, 2020

Boston — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also procured the buyer, a partnership between Chile-based family office Corso and GLL Real Estate …

August 5, 2020

Investment sales Minnesota News Retailers

Hanley Investment Group Arranges $3.4 Million Sale of Two-Tenant Retail Building in Metro Twin Cities

by Alex Tostado August 5, 2020

Forest Lake, Minn. — Hanley Investment Group Real Estate Advisors has arranged the sale of a new two-tenant retail building in Forest Lake within metro Twin Cities for $3.4 million. The 6,812-square-foot property is home to Chipotle and Southwest Dental Care, which is part of the Heartland Dental network. Jeff Lefko and Bill Asher of Hanley represented the seller, Glenborough LLC, a California-based private real estate investment management company. Deborah Vannelli of Upland Real Estate Group represented the buyer, a Duluth, Minnesota-based private investor.

August 5, 2020

Indiana Investment sales News Retailers

Timber Development Acquires 12,000-Square-Foot Retail Property in Winchester, Indiana

by Alex Tostado August 5, 2020

Winchester, Ind. — Timber Development has acquired a 12,000-square-foot, Walmart-shadow anchored retail property in Winchester. The asset was 40 percent leased at the time of sale to tenants including Kubachi Japanese and Hibachi Restaurant, Mimi Nails and Verizon Wireless. The seller and sales price were not disclosed.

August 5, 2020

Investment sales News Retailers Virginia

JLL Negotiates $35.2 Million Sale of Five-Property Retail Portfolio in Metro Richmond

by Alex Tostado August 4, 2020

Richmond, Va. — JLL has negotiated the $35.2 million sale of five retail buildings leased to Wawa in metro Richmond. The five properties are located at 6001 Iron Bridge Road in Richmond; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester. Each property was built between 2000 and 2001, and Wawa recently executed 20-year lease extensions at each property. Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of JLL represented the seller, a …

August 4, 2020

Investment sales News Ohio Retailers

Marathon Petroleum to Sell Speedway to 7-Eleven for $21 Billion

by Alex Tostado August 3, 2020

Findlay, Ohio — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc., whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the …

August 3, 2020

Investment sales Net lease News Restaurants Virginia

SRS Arranges $1.8 Million Sale of Property Triple-Net Leased to Chick-fil-A in Fredericksburg, Virginia

by Alex Tostado August 3, 2020

Fredericksburg, Va. — SRS Real Estate Partners has arranged the $1.8 million sale of a property triple-net leased to Chick-fil-A in Fredericksburg. Chick-fil-A has occupied the 3,781-square-foot property for 20 years and recently extended its corporate-guaranteed lease for another five years. The asset is situated at 4220 Plank Road, five miles west of downtown Fredericksburg. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also not disclosed.

August 3, 2020

Grocery-anchored Illinois Investment sales News Retailers

NARE Investments Acquires 142,195-Square-Foot Shopping Center in Metro Chicago

by Alex Tostado July 31, 2020

Harwood Heights, Ill. — NARE Investments has acquired Harwood Commons, a 142,195-square-foot shopping center in metro Chicago’s Harwood Heights. The purchase price was undisclosed. Harwood Commons, located at 4701 N. Harlem Ave. and built in 1981, is home to Burlington, Marshalls and Aldi. CBRE’s National Retail Partners Midwest team represented the seller, Icahn Enterprises.

July 31, 2020

California Investment sales News Retailers

Hanley Investment Group Brokers Sale of Two Inland Empire Retail Buildings for $5.2 Million

by Alex Tostado July 31, 2020

Corona, Calif. — Hanley Investment Group has brokered the sale of two multi-tenant retail buildings located at 1240-1282 Border Ave. in Corona. A Denver-based private investment group sold the assets to a local private investor for $5.2 million. The Shops at Village Grove Plaza features a freestanding, 9,200-square-foot retail pad building occupied by six tenants and a two-tenant, 2,400-square-foot shop building adjacent to Stater Bros. Markets. Tenants at the properties offer a variety of services and products, including dental care, dry cleaning, laundry services, flowers, donuts, liquor, hair styling and …

July 31, 2020

Georgia Indiana Investment sales Missouri New York News Ohio Retailers Virginia Wisconsin

Gorjian Acquisitions Sells 500,000-Square-Foot Midwest Retail Portfolio for $25 Million

by Alex Tostado July 29, 2020

Great Neck, N.Y. — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led …

July 29, 2020

Investment sales News Pennsylvania Retailers

JLL Negotiates Sale of 140,418-Square-Foot Columbus Crossing Retail Center in Philadelphia

by Alex Tostado July 29, 2020

Philadelphia — JLL has negotiated the sale of Columbus Crossing, a 140,418-square-foot retail center located along Christopher Columbus Boulevard in southeastern Philadelphia. The open-air, riverfront property was fully leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Ulta Beauty, Planet Fitness, Chipotle Mexican Grill and AT&T. In addition, a Walmart and Home Depot shadow-anchor the center. Chris Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. The trio also procured the buyer, Paramount Realty Services.

July 29, 2020

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