Investment sales

Investment salesNew YorkNewsRetailers

SL Green Sells Office, Retail Condominium in Manhattan for $168 Million

by Alex Tostado

New York City — SL Green Realty Corp. has sold 609 Fifth Avenue, an office and retail condominium in Manhattan, to an affiliate of the Reuben Brothers for $168 million. Beginning in 2018, SL Green undertook an extensive repositioning of the entire building, including vacating the previous tenants in the office condominium portion of the property and relocating the office lobby to increase the retail frontage on Fifth Avenue. Sports apparel brand PUMA has leased a 24,000-square-foot retail space at the building for its three-level flagship store. Luxury apparel retailer Vince …

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CaliforniaInvestment salesNewsRetailers

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1 Million

by Alex Tostado

Pasadena, Calif. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the …

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FloridaInvestment salesNewsRetailers

SRS Brokers $5.6 Million Sale of New Tampa Bay Retail Property Leased to 7-Eleven

by Alex Tostado

Pinellas Park, Fla. — SRS Real Estate Partners has brokered the $5.6 million sale of a new, 3,109-square-foot convenience store in Pinellas Park. The property was delivered in late 2019 and has 15 years remaining on a corporate-guaranteed triple-net lease with 7-Eleven. The property sold for $1,798 per square foot to an undisclosed investor based in New York City completing a 1031 tax exchange. An undisclosed developer sold the property. The asset is situated at 9401 49th St. N., 20 miles west of downtown Tampa. Frank Rogers and Michael Carter …

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CaliforniaGrocery-anchoredInvestment salesNewsRetailers

Hanley Investment Brokers $2.6 Million Ground Lease Sale of Aldi-Occupied Asset in Southern California

by Alex Tostado

Calexico, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Florida-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, …

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Investment salesNewsRetailersTexas

NewQuest Arranges Sale of 23,217-Square-Foot Shopping Center in Houston

by Alex Tostado

Houston — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.

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AlabamaGrocery-anchoredInvestment salesNewsRetailers

SRS Negotiates $18.3 Million Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado

Hoover, Ala. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Directs $2.9 Million Sale of Starbucks-Occupied Retail Asset in El Centro

by Alex Tostado

El Centro, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley …

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CaliforniaInvestment salesMallsNewsRetailers

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado

Los Angeles — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over …

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Investment salesNewsNorth CarolinaRetailers

SRS Arranges $23.9 Million Sale of Hobby Lobby-Anchored Shopping Center Near Charlotte

by Alex Tostado

Matthews, N.C. — SRS investment Properties Group has arranged the $23.9 million sale of Matthews Corner Shopping Center, a 191,664-square-foot property in Matthews. The asset was fully leased at the time of sale to eight tenants, including Hobby Lobby, Marshalls, Academy Sports + Outdoors and Ollie’s Bargain Outlet. Matthews Corner is situated on 19 acres at 2332 Matthews Township Parkway, 12 miles southeast of downtown Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Viking Partners, in the transaction. The buyer, Big V Property Group, was self-represented in …

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Investment salesNew JerseyNewsRetailers

Cushman & Wakefield Brokers $31.5 Million Sale of Shopping Center in Lawnside, New Jersey

by Alex Tostado

Lawnside, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.

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