Investment sales

FloridaInvestment salesLeasingNet leaseNewsRetailers

SRS Arranges $4.2 Million Ground Lease Sale of Wawa-Occupied Gas Station in Orlando

by Alex Tostado

Orlando, Fla. — SRS Real Estate Partners has arranged the $4.2 million ground lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL represented the …

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GeorgiaInvestment salesNewsRetailers

SRS Brokers $10.2 Million Sale of Shopping Center Near Atlanta

by Alex Tostado

Newnan, Ga. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Hackney Real Estate Partners acquired the asset.

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GeorgiaInvestment salesMallsNews

Gwinnett County Acquires Gwinnett Place Mall for $23 Million, Not Including Three Anchors

by Alex Tostado

Duluth, Ga. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, …

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GeorgiaInvestment salesNewsRetailers

Marcus & Millichap Negotiates $3.7 Million Sale of Strip Retail Center in Central Georgia

by Alex Tostado

Warner Robins, Ga. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5 Million

by Alex Tostado

Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …

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Investment salesNet leaseNewsRetailersWashington

Newmark Arranges $16.2 Million Sale of Net-Leased Retail Property in Walla Walla, Washington

by Alex Tostado

Walla Walla, Wash. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

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CaliforniaInvestment salesNewsRetailers

JLL Brokers $10.6 Million Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California

by Alex Tostado

Vista, Calif. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor …

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Grocery-anchoredIndianaInvestment salesMichiganNewsRetailers

IPA Brokers $22 Million Sale of Two Kroger-Anchored Shopping Centers in Indiana, Michigan

by Alex Tostado

Fort Wayne, Ind. and Farmington Hills, Mich. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in …

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Grocery-anchoredInvestment salesMassachusettsNewsRetailers

RK Centers Acquires Grocery-Anchored Shopping Center in Metro Boston for $23 Million

by Alex Tostado

Framingham, Mass. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.

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IllinoisInvestment salesNewsRetailers

Marcus & Millichap Negotiates $11 Million Sale of Shopping Center in Schaumburg, Illinois

by Alex Tostado

Schaumburg, Ill. — Marcus & Millichap has negotiated the sale of a 130,105-square-foot shopping center in Schaumburg for $11 million. The property is home to PGA Tour Superstore and XSport Fitness. It is located at 1317-1321 E. Golf Road. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a trust. The team also secured and represented the buyer, a Chicago-based limited liability company completing a 1031 exchange.

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