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Investment sales

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DevelopmentFloridaInvestment salesNews

PEBB, Banyan to Develop 14.2-Acre Retail Project in Port St. Lucie, Florida

by Hayden Spiess

Port St. Lucie, Fla. — PEBB Enterprises and Banyan Development have acquired a land parcel in Port St. Lucie, with plans to develop a 14.2-acre retail project at the site. Dubbed the Shoppes at Southern Grove, the retail center will be situated within the Tradition master-planned community. This marks the second retail development within Tradition for the joint venture, which acquired the 23-acre site from Mattamy Palm Beach LLC for $7.5 million. Upon completion, the project will feature additional outparcels available for ground lease ranging in size from 1 to 2.4 …

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Investment salesNewsVirginia

Cohen & Steers, DLC Acquire 119,085-Square-Foot Shopping Center in Metro Washington, D.C. 

by Hayden Spiess

Springfield, Va. — Cohen & Steers and DLC have acquired Springfield Commons, a 119,085-square-foot shopping center located in Springfield, approximately 15 miles outside Washington, D.C. Tenants at the property, which was 78 percent leased at the time of sale, include Pure Gym, Old Navy, Pure Hockey and Staples. The center is situated across from Springfield Town Center. “Valuations in the open-air shopping center sector are attractive,” says James Corl, head of the private real estate group at Cohen & Steers. “The market is revealing compelling investment opportunities.”

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CaliforniaInvestment salesNews

Hanley Arranges Sale of 7,914-Square-Foot Retail Building in Southern California

by Hayden Spiess

Aliso Viejo, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 7,914-square-foot building located in Aliso Viejo. Situated within Aliso Viejo Town Center, the currently vacant property previously housed Macaroni Grill. ValueRock Realty Partners acquired the building for $5.3 million. Sean Cox, Bill Asher and Kevin Fryman of Hanley represented the seller, a Florida-based private investor, in the transaction. Tenants at Aliso Viejo Town Center, which totals 380,000 square feet, include Ralphs, CVS/pharmacy, Staples, T.J. Maxx, HomeGoods, PetSmart and Regal Cinemas. 

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HawaiiInvestment salesNews

PRCP Acquires 70,000-Square-Foot Retail Property in Waikoloa, Hawaii 

by Hayden Spiess

Waikoloa, Hawaii — Pacific Retail Capital Partners (PRCP), with joint venture partners Starwood Property Trust and Taconic Capital Advisors, has acquired Kings’ Shops, a 70,000-square-foot retail property in Waikoloa on the Big Island. Tenants at the property include Tiffany & Co., Tommy Bahama, Tori Richard, Roy’s Waikoloa Bar & Grill, Foster’s Kitchen and A-Bay’s Island Grill. The buyers plan to make capital improvements at the center. This marks the second Hawaii property for PRCP, which also manages Queen Ka’ahumanu Center in Maui. 

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AlabamaInvestment salesNews

Gulf Coast Commercial Acquires Shopping Center in Birmingham, Alabama for $27 Million

by Hayden Spiess

Birmingham, Ala. — Gulf Coast Commercial has acquired River Ridge, a shopping center located in Birmingham, for $27 million. Nuveen Real Estate, which purchased the property in 2007, was the seller. Tenants at the center, which was 75 percent leased at the time of sale, include Academy Sports + Outdoors, Marshalls, World Market and Dollar Tree. Jim Hamilton and Brad Buchanan of JLL Capital Markets represented the seller in the transaction.

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AlabamaInvestment salesNews

Matthews Brokers Sale of 57,441-Square-Foot Shopping Center in Montgomery, Alabama

by Hayden Spiess

Montgomery, Ala. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located in Montgomery. Tenants at the property, which was 97.3 percent leased at the time of sale, include Harbor Freight Tools, AutoZone and ArchWell Health. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. 

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CaliforniaInvestment salesNet leaseNews

Progressive Arranges $7 Million Sale of Single-Tenant Retail Portfolio in San Bernardino, California

by Hayden Spiess

San Bernardino, Calif. — Progressive Real Estate Partners has arranged the $7 million sale of a portfolio comprising four single-tenant retail properties located in San Bernardino. Situated adjacent to each other, the properties are net leased to tenants including IHOP, Wienerschnitzel, Taco Bell and 76 Gas Station. The sale also included an additional 1.5 acres of land available for future development. Lance Mordachini and Trinnie Lee of Progressive represented the seller in the transaction.  Kevin Kwan of Realiv represented the buyer. 

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Investment salesNewsTexas

Marcus & Millichap Arranges Sale of 20,657-Square-Foot Retail Center in Lubbock, Texas

by Hayden Spiess

Lubbock, Texas — Marcus & Millichap has arranged the sale of Fearless Plaza, a 20,657-square-foot retail center located in Lubbock. Tenants at the property include Torchy’s Tacos, Amazon, Barefoot Athletics, Tikka Shack and Hawaii Poke & Ramen. Built in 2012, the center is situated directly across from Texas Tech University. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller in the transaction. 

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Investment salesNewsNorth Carolina

CenterSquare Acquires 18,550-Square-Foot Retail Center in Charlotte, North Carolina

by Hayden Spiess

Charlotte, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s and Nothing Bundt Cake. 

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FloridaInvestment salesNews

Cohen & Steers, Acadia Acquire 141,000-Square-Foot Retail Center in Tampa, Florida

by Hayden Spiess

Tampa, Fla. — Funds managed by Cohen & Steers and Acadia Realty Trust have acquired The Walk at Highwoods, a 141,000-square-foot retail center located in Tampa. Tenants at the property, which was fully occupied at the time of sale, include HomeGoods, Michael’s, Dunkin’ Donuts, F45 Training and European Wax Center. “Open-air shopping centers are well positioned entering a new economic cycle, given robust demand and limited new retail construction,” says James Corl, head of the private real estate group at Cohen & Steers. 

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