Investment sales

Long Beach Towne Center
Architecture and DesignCaliforniaEntertainmentInvestment salesNewsRestaurantsRetailers

CenterCal Properties, DRA Advisors Buy Long Beach Towne Center, Plan Redevelopment

by Abby Cox

Long Beach, Calif. — CenterCal Properties and DRA Advisors has acquired Long Beach Towne Center, with plans to redevelop the 870,000-square-foot property into a prominent retail and entertainment destination. Redevelopments will include new dining options such as chef-driven restaurants, fast-casual concepts and cafés; new retail brands; outdoor gathering areas with shaded seating, enhanced landscaping, public art and year-round programming; updated entertainment offerings with the addition of boutique fitness, wellness and family-oriented experiences; and renovated signage, lighting, pedestrian pathways and parking areas.

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Tractor Supply
Investment salesLeasingNewsNorth Carolina

SRS Real Estate Brokers $7 Million Sale of Single-Tenant Retail Property in Castle Hayne, North Carolina

by Abby Cox

Castle Hayne, N.C. — SRS Real Estate Partners has brokered the $7 million sale of a newly constructed, single-tenant retail property in Castle Hayne, roughly 11 miles north of Wilmington. The 21,930-square-foot building is occupied by Tractor Supply, which had 14 years remaining on its corporate-guaranteed lease at the time of sale. Calvin Short of SRS represented the seller, a Pinehurst, North Carolina-based developer, in the transaction. Pierce Mayson of Matthews Real Estate Investment Services represented the buyer, an unnamed investor based in Conyers, Georgia, that was completing the second leg …

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317-339 Thacker Ave.
Investment salesNewsVirginia

Marcus & Millichap Negotiates $4.4 Million Sale of 32,023-Square-Foot Retail Center in Covington, Virginia

by Abby Cox

Covington, Va. — Marcus & Millichap has negotiated the $4.4 million sale of a 32,023-square-foot retail center located at 317–339 Thacker Ave. in the Western Virginia city of Covington. The center is shadow anchored by Walmart Supercenter, which has operated at the adjacent site since 2007. Built in 1998 on roughly 4.4 acres, the retail property was 92 percent leased at the time of sale to tenants including Dollar Tree, Cato, Shoe Show and T-Mobile, as well as several restaurants and service-oriented businesses. Zach Taylor and Eric Abbott of Marcus & …

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Bradley Place
Investment salesNewsPower centersTennessee

Atlantic Capital Partners Arranges Sale of Bradley Place in Suburban Chattanooga for $24.5 Million

by Abby Cox

Cleveland, Tenn. — Atlantic Capital Partners, the Capital Markets division of Atlantic Retail, has sold Bradley Place, a 118,082-square-foot power center located in the northeast Chattanooga suburb of Cleveland, for $24.5 million. HomeGoods, T.J. Maxx, PetSmart and Ulta Beauty anchor the property, which was fully leased at the time of sale. A portion of Bradley Square Mall was redeveloped in 2019 to create space to accommodate Bradley Place. Fred Victor, Sam Koonce, Teddy Driscoll and Matt Ericson of Atlantic Capital Partners represented the seller. The buyer was not disclosed.

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Southgate
Grocery-anchoredInvestment salesLouisianaNews

Disney Investment Group Sells 157,818-Square-Foot Shopping Center in Louisiana

by Abby Cox

Lake Charles, La. — Disney Investment Group (DIG) has sold Southgate, a 157,818-square-foot shopping center located in Lake Charles. The center has been anchored by a 37,442-square-foot Market Basket grocery store for nearly 40 years. Additional tenants at the property, which was 90.8 percent leased at the time of sale, include Dollar Tree, Office Depot, Books-A-Million and Oak Street Health. David Disney and Adam Crockett of DIG represented the seller and procured the buyer in the transaction.

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Park Place Village
Investment salesKansasMixed-useNews

KBS Sells 10-Building Park Place Village Office, Retail Property in Metro Kansas City

by Abby Cox

Leawood, Kan. — KBS has sold Park Place Village, a 10-building, 484,980-square-foot office and retail property in the Kansas City suburb of Leawood. DFW Land was the buyer. Park Place Village was owned by KBS Real Estate Investment Trust III and purchased in 2015. Developed in phases between 2007 and 2013, the property features retail including boutique shops and upscale restaurants. The property was also fully leased at the time of sale. Derek Fohl and Gary Carr of Newmark represented KBS in the sale. Additional team members involved in the transaction …

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Whole Foods
IllinoisInvestment salesLeasingNews

Swanson Development Group, Fort Union Sell Retail Property Leased to Whole Foods in Suburban Chicago for $17.3 Million

by Abby Cox

St. Charles, Ill. — Locally based Swanson Development Group and Fort Union have sold a freestanding, 30,505-square-foot retail property leased to Whole Foods Market in St. Charles, a western suburb of Chicago, for $17.3 million. The newly renovated Whole Foods Market, which formerly housed Blue Goose Market, currently occupies the space on a 20-year double-net lease. JLL represented the sellers in the transaction. The buyer was an affiliate of Benenson Capital Partners.

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North Bear Crossing
ColoradoInvestment salesNews

CenterSquare Acquires 31,871-Square-Foot North Bear Crossing in Suburban Denver

by Abby Cox

Lakewood, Colo. — Conshohocken, Pennsylvania-based CenterSquare has acquired North Bear Crossing, a 31,871-square-foot service retail property located in the Denver suburb of Lakewood. The center was 86 percent leased at the time of sale to tenants including Sports Clips, Domino’s Pizza, Kentucky Fried Chicken/A&W, Moe’s Original BBQ and F45 Training. North Bear Crossing marks CenterSquare’s 61st acquisition nationally.

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Starbucks Coffee
CaliforniaInvestment salesNews

Hanley Investment Group Arranges $2.7 Million Sale of Single-Tenant Retail Property in Moreno Valley, California

by Abby Cox

Moreno Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.7 million sale of a newly constructed, single-tenant retail property located in Moreno Valley. Starbucks Coffee occupies the 1,500-square-foot building, which is situated within the Cactus Commerce Center. The center features additional tenants such as an ARCO ampm gas station/convenience store and a Wendy’s. Bill Asher and Jeff Lefko of Hanley represented the seller, Glendale, California-based Chase Partners Ltd., in the transaction. David Kluver of Lee & Associates represented the buyer, an Orange County, California-based private investor.

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Algonquin Commons
IllinoisInvestment salesNews

Red Mountain Group Sells 548,000-Square-Foot Power Center in Suburban Chicago

by Abby Cox

Algonquin, Ill. — Red Mountain Group has sold Algonquin Commons, a 548,000-square-foot power center located in the Chicago suburb of Algonquin. Nuveen Real Estate purchased the center for roughly $100 million, as reported by Shaw Local. Algonquin Commons is home to tenants such as Trader Joe’s, The Fresh Market, Nordstrom Rack, Bob’s Furniture, Ulta Beauty, Old Navy, Dick’s Sporting Goods and Barnes & Noble. During its ownership, Red Mountain Group has focused on repositioning and restabilizing the center since its acquisition, including increasing occupancy from 60 percent to more than …

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