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Investment sales

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Grocery-anchoredInvestment salesMinnesotaNews

Hanley Brokers $11.9 Million Sale of Retail Center in Metro Minneapolis

by Hayden Spiess

Brooklyn Park, Minn. — Hanley Investment Group Real Estate Advisors has brokered the $11.9 million sale of Edinburgh Festival Centre, a retail center located in Brooklyn Park, roughly 11 miles outside Minneapolis. A 54,476-square-foot Festival Foods anchors the 91,563-square-foot property. Other tenants at the center, which was built in 1996, include Dollar Tree, Caribou Coffee, Dairy Queen, Jackson Hewitt Tax Service, Kumon Reading and Math Center and State Farm Insurance. Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, LS Capital, in the transaction. The …

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IndianaInvestment salesNews

Big V Acquires 232,284-Square-Foot Retail Center in Indianapolis Suburb

by Hayden Spiess

Carmel, Ind. — Big V Property Group, with partner Equity Street Capital, has acquired Merchants’ Square, a 232,284-square-foot retail center located in the Indianapolis suburb of Carmel. Tenants at the property include Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco and Dollar Tree. This marks Big V’s first acquisition in the Indianapolis market. 

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AlabamaInvestment salesNews

IPA Brokers $17.6 Million Sale of Eastwood Village Retail Center in Birmingham, Alabama

by Hayden Spiess

Birmingham, Ala. —Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.6 million sale of Eastwood Village, a 130,056-square-foot shopping center in Birmingham. A Walmart, not included the transaction, anchors the center. Tenants at the property include Ross Dress for Less, Office Depot, Michaels and Party City. Zach Taylor of IPA represented the seller, a partnership based in Louisiana, in the transaction and sourced the buyer, a private syndicator based in California that paid all-cash.

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FloridaGrocery-anchoredInvestment salesNews

Graphite Real Estate Purchases Publix-Anchored Shopping Center in Metro Tampa for $9.9 Million

by Hayden Spiess

Holiday, Fla. — Graphite Real Estate has purchased Holiday Centre, a 67,035-square-foot shopping center located in Holiday, a northern suburb of Tampa. Graphite acquired the property for $9.9 million. Publix anchors the center, which was 98 percent leased at the time of sale. Other tenants include Planet Fitness, Publix Liquors and Bright Now Dental. Ari Ravi of RIPCO Investment Sales represented the undisclosed seller in the transaction, and RGA Reinsurance Co. originated acquisition financing on behalf of Graphite.

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Grocery-anchoredIllinoisInvestment salesNews

Mid-America Arranges Sale of 104,240-Square-Foot Lawndale Plaza Shopping Center in Chicago

by Hayden Spiess

Chicago — Mid-America Real Estate Corp. has arranged the sale of Lawndale Plaza, a 104,240-square-foot shopping center in Chicago’s Lawndale neighborhood. Anchored by Freshway Market, the property is leased to tenants including Citi Trends, Taco Bell, PNC, Rainbow, Cosmo Superstore and O’Reilly Auto Parts. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, Mercer Street Holdings Three. Acre Investment Co. LLC was the buyer.

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Investment salesNewsTennessee

Marcus & Millichap Brokers $5.6 Million Sale of Shopping Center Near Chattanooga, Tennessee

by Hayden Spiess

Ooltewah, Tenn. — Marcus & Millichap has brokered the $5.6 million sale of Wolftever Crossing Shopping Strip, a 12,040-square-foot shopping center located in Ooltewah, roughly 20 miles outside Chattanooga. Tenants at the property, which was built in 2017, include AT&T, Supercuts, Salsarita’s, Firehouse Subs and a standalone AFC Urgent Care. Harrison Creason and Andrew Margulies of Marcus & Millichap arranged the sale on behalf of the seller, a South Carolina-based partnership, and procured the buyer, a California-based private investor. Jody McKibben assisted in closing the transaction as the firm’s broker of …

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Grocery-anchoredInvestment salesNewsSouth Carolina

JLL Brokers $29 Million Sale of 138,137-Square-Foot Retail Center in Summerville, South Carolina

by Hayden Spiess

Summerville, S.C. — JLL Capital Markets has brokered the $29 million sale of Oakbrook Station, a 138,137-square-foot retail center located in Summerville. Lowes Foods anchors the property, which was built in 1997 and renovated in 2017. Other tenants include the U.S. Postal Service, Community Thrift and Dollar Tree. The center was 99 percent leased at the time of sale. Kempner Properties, in partnership with Peter Braus and James Wacht of Lee & Associates, acquired the property. Brad Buchanan, Tom Kolarczyk, Jim Hamilton and Andrew Michols of JLL represented the seller, LBX …

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Investment salesMichiganNews

Marcus & Millichap Arranges $5.4 Million Sale of Retail Center in Detroit Suburb

by Hayden Spiess

Belleville, Mich. — Marcus & Millichap has arranged the $5.4 million sale of Van Buren Plaza in Belleville, a southwest suburb of Detroit. The 43,765-square-foot retail center was 94 percent occupied at the time of sale by a mix of local, regional and national tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the buyer, a limited liability company. 

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Grocery-anchoredInvestment salesNewsNorth Carolina

Mack, Soundwater Acquire 122,091-Square-Foot Shopping Center in Raleigh Suburb

by Hayden Spiess

Cary, N.C. — A partnership between an affiliate of Mack Real Estate Group (MREG) and Soundwater Properties has purchased Maynard Crossing, a 122,091-square-foot shopping center located in Cary, a suburb of Raleigh. Built in 1996, the property was 88 percent leased at the time of sale to tenants including anchor Harris Teeter, Workout Anytime, Doctors Express, Riccobene Family Dentistry, Brigs Restaurant, Kathmandu Kitchen and All American Swim Supply, as well as a newly built outparcel gas station. Tom Kolarczyk, Danny Finkle, Jim Hamilton and Steele Burkett of JLL represented the undisclosed …

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