Investment sales

CaliforniaGrocery-anchoredInvestment salesNews

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California for $100 Million

by Alex Tostado

Pasadena, Calif. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The property is located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

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Investment salesNewsRetailersVirginia

Bogese Sells Shopping Center in Richmond, Virginia for $5.7 Million

by Alex Tostado

Richmond, Va. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

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IllinoisInvestment salesNewsRetailers

Marcus & Millichap Arranges $4.1 Million Sale of Retail Center in Buffalo Grove, Illinois

by Alex Tostado

Buffalo Grove, Ill. — Marcus & Millichap has arranged the sale of Creekside Commons in Buffalo Grove for $4.1 million. The 23,058-square-foot retail center is located at 1101 Weiland Road. Tenants include 7-Eleven, Re/Max, Creekside Dental, Tokyo Nails, Pizanoz Pizza and State Farm Insurance. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a Libertyville, Illinois-based partnership of real estate investors. Kiven also sourced the buyer, Shiner Buffalo Creek LLC, a retail developer and investor.

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GeorgiaGrocery-anchoredInvestment salesNews

Investment Property Group Arranges Sale of Publix Super Market in Savannah, Georgia

by Alex Tostado

Savannah, Ga. — SRS Real Estate Partners’ Investment Property Group (IPG) has arranged the sale of a 43,783-square-foot retail center leased by Publix Super Market in Savannah. Publix has occupied the space since 1993. Publix Super Markets Inc. acquired the property, which is situated on the corner of Johnny Mercer Boulevard and Wilmington Island Road nine miles east of downtown Savannah and 11 miles west of Tybee Island. Kyle Stonis, Pierce Mayson and Giles Stevens of the IPG in the SRS Atlanta office represented the seller in the transaction. The …

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ColoradoInvestment salesMixed-useNews

Monfort Cos., Magnetic Capital Purchase Historic Building in Denver for $2.9 Million, Plan Redevelopment

by Alex Tostado

Denver — Monfort Cos. and Denver-based Magnetic Capital have acquired a historic building located at 2100 Larimer St. in Denver’s Ballpark neighborhood. An undisclosed seller sold the property for $2.9 million. The buyers plan to redevelop the two-story, 11,600-square-foot property into a mix of retail and office space. Formerly the site of the bar El Charrito, the renovation will preserve the building’s historic character while repositioning the property for new tenants. The developers are targeting a restaurant tenant for the 5,830-square-foot first-floor space, while seeking office tenants for the upper …

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FloridaInvestment salesNewsRetailers

Sleiman Enterprises Acquires 200,000-Square-Foot Shopping Center in North Florida

by Alex Tostado

Jacksonville, Fla. — Sleiman Enterprises has acquired Lakewood Promenade, a 200,000-square-foot shopping center in Jacksonville’s Lakewood neighborhood. The property was 82 percent leased at the time of the sale to 47 retailers and food providers, including anchors Stein Mart, Tijuana Flats, Winn-Dixie and Starbucks Coffee. The seller and sales price were not disclosed, but the Jacksonville Daily Record reports the seller was Kite Realty Group Trust.

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CaliforniaInvestment salesNewsRetailers

Progressive Real Estate Partners Negotiates $2.6 Million Sale of Retail Building in Inland Empire

by Alex Tostado

Apple Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley, California. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented …

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Investment salesNewsRetailersTexas

Global Fund Investments Sells 89,769-Square-Foot Shopping Center in Houston

by Alex Tostado

Houston — Global Fund Investments LLC has sold Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property was fully leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller in the transaction. Wu Investments acquired the center for an undisclosed price.

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Investment salesNewsOhioRetailers

Brixmor Property Group Sells 89,436-Square-Foot Retail Center Near Cleveland

by Alex Tostado

Streetsboro, Ohio — Brixmor Property Group has sold Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro, Ohio. The property was built in 1996 and renovated in 2001. Giant Eagle anchors the center, which is situated 31 miles southeast of downtown Cleveland, and is the only traditional grocer in the trade area. The center is shadow-anchored by Target and Lowe’s, and was 94 percent leased at the time of the sale to tenants including Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. Amy Sands and Clinton Mitchell …

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Investment salesNewsRestaurantsUtah

Four Corners Property Trust Acquires Three Restaurants in Utah for $4.9 Million

by Alex Tostado

Logan, Utah — Four Corners Property Trust (FCPT) has purchased three restaurant outparcel properties located adjacent to a mall in Logan, Utah. The aggregate acquisition price was $4.9 million. The name of the seller was not disclosed. The properties are occupied by Texas Roadhouse, Olive Garden and Arby’s, and each property is leased to corporate operators under triple-net leases with approximately seven years of weighted average term remaining.

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