Investment sales

sell of Perris Marketplace shopping center
Industry ContentInvestment salesRetail Insight

Break-Up Strategy Nets Big Rewards in Today’s Market

by SCB Staff

By Bill Asher and Jeff Lefko There is an axiom that “the whole is greater than the sum of its parts,” but that may not be the case when selling a shopping center. As demand and pricing for non-core, grocery-anchored shopping centers continues to wane and cap rates inch upwards, implementing a break-up sales plan can help provide an owner with better overall net proceeds. By selling a shopping center in pieces, a seller might realize an improved value of anywhere from 75 to 100 basis points with an effective …

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Investment salesNewsRetailersTexas

Four Retail Centers in Texas Trade for $90.8 Million

by Alex Tostado

Kyle, Temple, San Antonio and Garland, Texas — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In …

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CaliforniaInvestment salesNewsRetailers

Brixton Capital Sells 290,000-Square-Foot Towngate Center in Moreno Valley for $50.9 Million

by Alex Tostado

Moreno Valley, Calif. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley, California. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by tenants including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, Ulta Beauty, Regency Theaters, Planet Fitness, Chipotle Mexican Grill and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

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Investment salesNevadaNewsRetailers

PEBB Enterprises Acquires 228,279-Square-Foot Rainbow Promenade Retail Center in Las Vegas

by Alex Tostado

Las Vegas — PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s Grill & Bar and AMC Theatres. …

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AlabamaInvestment salesNewsRetailers

Marcus & Millichap Negotiates $7.8 Million Sale of Retail Center in Eastern Alabama

by Alex Tostado

Gadsden, Ala. — Marcus & Millichap has arranged the $7.8 million sale of Riverview Plaza, a 148,860-square-foot shopping center in Gadsden, Alabama. Bargain Hunt, Harbor Freight Tools, Tuesday Morning and Dollar Tree anchor the center. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, EIG Riverview Plaza LLC, in the transaction. Louise Jennings of Real Estate Southeast represented the buyer, MR Stealth LLC, which is a private investor.

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Investment salesNewsRetailersTexas

BCTS Partners Sells 23,080-Square-Foot Retail, Office Property in West Houston

by Alex Tostado

Houston — BCTS Partners LLC has sold Copper Lakes Shopping Center, a commercial property in west Houston that consists of 16,080 square feet of retail space and 7,000 square feet of office space. Copper Lakes was 91 percent leased at the time of sale to tenants such as Fitness 19, Snowflake Donuts, Homebase Pizza and Hollywood Fashion Nails. Austen Baldridge and Brad Elmore of Houston-based NewQuest Properties represented BCTS Partners, which developed the property in 2007, in the sale. The buyer was Parkway Brothers Investment Inc.

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Investment salesNewsRetailersTexas

Marcus & Millichap Negotiates Sale of 5,992-Square-Foot Strip Center in Royse City, Texas

by Alex Tostado

Royse City, Texas — Marcus & Millichap has negotiated the sale of a 5,992-square-foot strip retail center in Royse City, located 45 miles northeast of Dallas. The property was built in 2017 and is leased to Papa John’s, Royse City Urgent Care and Donut Land. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. Bill Jordan, also with Marcus & Millichap, represented the buyer, a private investor.

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IllinoisInvestment salesNewsRetailers

Quantum Arranges $2.7 Million Sale of Retail Building in Metro Chicago

by Alex Tostado

Joliet, Ill. — Quantum Real Estate Advisors Inc. has arranged the sale of a two-tenant retail building located in the Chicago suburb of Joliet for $2.7 million. Located at 2900 Colorado Ave., the property is fully leased to Dollar Tree and Osaka Hibachi Grill & Sushi. Chad Firsel of Quantum arranged the transaction. A New York City-based private real estate investor purchased the asset from a Chicago-based acquisition and development company.

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Investment salesNew JerseyNewsRetailers

Goldstein Group Arranges Sale of 17,661-Square-Foot Retail Property in Paramus, New Jersey

by Alex Tostado

Paramus, N.J. — The Goldstein Group has negotiated the sale of a 17,661-square-foot retail property in Paramus, located directly across the Hudson River from The Bronx borough of New York City. Outdoor furniture store Harrow’s most recently occupied the space. Lew Finkelstein and C.J. Huter of The Goldstein Group represented the seller, 685 LLC, in the transaction. The buyer was a subsidiary of J&M Furniture.

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Investment salesNewsRetailersUtah

Evergreen Devco Sells 5,500-Square-Foot Retail Center in Utah for $3.1 Million

by Alex Tostado

Pleasant Grove, Utah — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove, Utah. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was fully occupied at the time of the sale by tenants including Mo’ Bettahs Hawaiian Style restaurant Beans & Brews Coffee House and Dough Co., which is set to open this spring. Evergreen purchased the one-acre site in June 2018 and completed the retail center in November of that …

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