Waynesboro, Va. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy represented both the buyer and seller in the transaction.
Highlands Ranch, Colo. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the $26.7 million sale of Promenade at Highlands Ranch, a 136,521-square-foot shopping center located in Highlands Ranch, roughly 20 miles outside Denver. Ryan Bowlby and Drew Isaac of IPA represented the California-based seller in the transaction. JCR Cos. acquired the center.
San Francisco — JLL Capital Markets has arranged the $9.4 million sale of 2145 Market Street, a 29,762-square-foot retail center located in San Francisco. Pacific Capital acquired the property from an undisclosed seller. The center, which comprises a two-story building, was fully leased at the time of sale to tenants Walgreens and Live Fit Gym. Eric Kathrein, Warren McClean, Andrew Spangenberg and Jen Mistretta of JLL represented the seller in the transaction.
Los Angeles — Progressive Real Estate Partners has negotiated the sale of a 6,300-square-foot retail center located at 728 W. Vernon Ave. in Los Angeles. A Los Angeles County-based investor acquired the three-tenant property from the seller, also based in Los Angeles County, for $3.5 million. Tenants at the center include 7-Eleven, Boost Mobile and a laundromat. Brad Umansky and Lance Mordachini of Progressive represented both parties in the transaction.
Don MacLellan, managing principal at Faris Lee Investments in Irvine, Calif., knows it’s a challenging market. “Deal volume is off 40-60 percent from two years ago,” he says. “Back then, there was so much deal momentum because demand was so much higher than supply. Now, it’s the opposite, and due to lower transaction volume, 1031 demand is off significantly. So, the question becomes, how do you create strong demand with fewer 1031 exchange requirements?” It’s a question MacLellan and his fellow Faris Lee managing principals Jeff Conover and Shaun Riley …
Richmond, Va. — Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, GOLD’S Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP (CRORF), a closed-end fund. …
Albany, N.Y. — An affiliate of Heidenberg Properties has acquired Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants at the center include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured the buyer.
Dallas — JLL has brokered the sale of Muse Shops at Midtown, a 112,162-square-foot shopping center located in Dallas. Built in 1999 and renovated in 2022, the four-building property was 58 percent leased at the time of sale. Tenants at the center include Starbucks Coffee, Land Design, United Real Estate and Natuzzi Editions. Adam Howells, Erin Lazarus, Megan Babovec and Keenan Ryan of JLL represented the undisclosed seller in the transaction.
Sumter, S.C. — First National Realty Partners has acquired Sumter Square, a 66,765-square-foot shopping center in Sumter, roughly 45 miles east of Columbia. A 39,365-square-foot Piggly Wiggly grocery store anchors the center. The acquisition of Sumter Square marks First National Realty’s entry into South Carolina. David Robinov of Ackman-Ziff represented the undisclosed seller in the transaction.
West Hollywood, Calif. — Marcus & Millichap has arranged the $27 million sale of The Abbey Food & Bar and The Chapel at The Abbey, two retail properties located in West Hollywood. Tristan Schukraft acquired the properties, which are situated on neighboring parcels, from David Cooley. Brandon Michaels and Matthew Luchs of Marcus & Millichap represented the seller and procured the buyer in the deal. The previous ownership transformed a small coffee shop into The Abbey Food & Bar — now a well-known bar, restaurant and event venue — and opened …
