Fresno, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of the Shops at Broadway Faire, a multi-tenant retail pad located in Fresno. Tenants at the property, which is situated on an outparcel to a grocery-anchored shopping center, include Red Robin, FedEx, Conroy’s Flowers, Liquor 4U and OneMain Financial. Eric Wohl and CJ Kiehler of Hanley represented the seller, a New York-based investment trust, in the transaction. A local private investor acquired the pad.
Highland, Calif. — Progressive Real Estate Partners has brokered the $9.5 million sale of a single-tenant retail property located in Highland. Situated on an outparcel to Highlands Crossing, a regional shopping center, the property is occupied by a Chevron Station with a 3,000-square-foot ExtraMile Convenience Store and Express Car Wash. G & M Oil Co. acquired both the real estate and the business in the transaction. Victor Buendia of Progressive represented the seller, a San Diego-based private investor, in the sale. Scott Olson of C-Store Realty represented the buyer. The property …
Homestead, Fla. — Linkvest Capital and MMG Equity Partners have acquired Homestead Station, a 4.8-acre mixed-use development located in Homestead, approximately 30 miles southwest of Miami. LV Lending was the seller, and the transaction was completed through a deed in lieu of foreclosure. Delivered in 2019, Homestead Station features tenants including Evo Entertainment + IMAX and retail and dining space, as well as a 1,100-space parking garage. Roughly 18,000 square feet of vacant space is currently available for lease at the property.
Roswell, Ga. — Sterling Organization has sold Roswell Village Shopping Center, a retail center located in Roswell, roughly 25 miles north of Atlanta. Revesco Properties purchased the center for an undisclosed price. Tenants at the property, which was 94 percent leased at the time of sale, include Ross Dress for Less, Marshalls and Crunch Fitness. Sterling originally acquired the center in 2014 for $10.6 million. Jim Hamilton of JLL brokered the sale on behalf of Sterling.
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 …
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.”
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.
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.
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.
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.
