Investment sales

Grocery-anchoredInvestment salesOhioRetailers

IPA Brokers $46 Million Sale of Giant Eagle-Anchored Shopping Center in Ohio

by Alex Tostado

Cuyahoga Falls, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $46 million sale of The Plaza at Chapel Hill in Cuyahoga Falls, about 35 miles south of Cleveland. The 458,935-square-foot shopping center is home to Giant Eagle, Burlington and Dick’s Sporting Goods. Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson of IPA represented the seller, a New York City-based private real estate investment trust. A partnership between Baltimore-based America’s Realty LLC, New York-based Borough Equities and Miami-based Dragonfly Investments …

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Investment salesNewsRetailersTexas

Marcus & Millichap Arranges Sale of 14,240-Square-Foot Retail Strip Center in Prosper, Texas

by Alex Tostado

Prosper, Texas — Marcus & Millichap has arranged the sale of North Preston Village, a 14,240-square-foot retail strip center in Prosper, about 35 miles north of Dallas. The property was built on two acres in 2018 and houses tenants such as Orangetheory Fitness and restaurant The Brass Tap. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a partnership, in the transaction. The buyer was a locally based 1031 exchange investor.

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FloridaInvestment salesNet leaseNewsRetailers

SRS Brokers $4.7 Million Sale of New Retail Property Leased to 7-Eleven in Southwest Florida

by Alex Tostado

Fort Myers, Fla. — SRS National Net Lease Group has arranged the $4.7 million sale of a retail property leased to 7-Eleven in Fort Myers. The property comprises a 2,961-square-foot convenience store and a gas station. A 15-year lease is in place with 7-Eleven Inc. for the property, which was completed in late 2019. The asset is situated at 6715 Winkler Road, seven miles south of downtown Fort Myers. Parker Walter of SRS represented the buyer, a California-based private investor that was in a 1031 exchange, in the transaction. The …

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CaliforniaEntertainmentInvestment salesNewsRetailers

NKF, Highland Partners Negotiate $14 Million Sale of Single-Tenant Retail Property in Hawthorne, California

by Alex Tostado

Hawthorne, Calif. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.

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FloridaInvestment salesNewsRetailers

Current Capital Acquires Retail Property in South Florida for $12.6 Million

by Alex Tostado

Lauderhill, Fla. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

PMAT Acquires Publix-Anchored Shopping Center Near Tampa for $7.6 Million

by Alex Tostado

Port Richey, Fla. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.

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AlabamaGrocery-anchoredInvestment salesNet leaseNewsRetailers

Marcus & Millichap Negotiates $3.4 Million Sale of New Store Leased to Aldi in Phenix City, Alabama

by Alex Tostado

Phenix City, Ala. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.

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Grocery-anchoredInvestment salesNewsRetailersWisconsin

Boulder Group Negotiates $28 Million Sale of Property Net Leased to Pick ‘n Save in Metro Milwaukee

by Alex Tostado

Menomonee Falls, Wis. — The Boulder Group has arranged the $28 million sale of a 103,611-square-foot property net leased to Pick ‘n Save in Menomonee Falls within metro Milwaukee. Constructed in 2011, the single-tenant building is located on Appleton Avenue. There are approximately 11 years remaining on the lease, which is guaranteed by Kroger. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset. Roundy’s, now a subsidiary of Kroger, owns Pick ‘n Save.

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CaliforniaInvestment salesNewsRetailers

SRS Brokers $9.5 Million Sale of Shops at El Camino Real in Belmont, California

by Alex Tostado

Belmont, Calif. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of …

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Investment salesNet leaseNewsRetailersUtah

DWG Capital Group Arranges $6.6 Million Acquisition of Walgreens-Occupied Building in Utah

by Alex Tostado

South Ogden, Utah — Los Angeles-based DWG Capital Group has negotiated the purchase of a single-tenant, net-leased retail property located in South Ogden, approximately 35 minutes from Salt Lake City. A Sacramento, California-based private family trust acquired the property for $6.6 million. Built in 2010, the 14,490-square-foot property is situated on 1.6 acres at 6016 S. 1550 East. A corporate-operated Walgreens occupies the property under a 17-year, triple-net lease. Judd Dunning of DWG Capital Group, along with Mitchell Asset Group, represented the buyer, while Deerfield Partners represented the undisclosed seller …

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