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Investment sales

Manchester-Parkade
ConnecticutInvestment salesNews

Marcus & Millichap Brokers $19.2 Million Sale of Shopping Center in Manchester, Connecticut

by Hayden Spiess

Manchester, Conn. — Marcus & Millichap has brokered the $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center located in Manchester, on the eastern outskirts of Hartford. Tenants at the center, which originally opened in 1962, include Dollar Tree, Planet Fitness, Kidzone and the State of Connecticut Department of Children’s Services. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, the estate of Leon Charney, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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UCLA-Research-Park
CaliforniaDevelopmentInvestment salesNews

UCLA Acquires Former Westside Pavilion Mall in Los Angeles for $700 Million, Unveils Plans for Research Park

by Hayden Spiess

Los Angeles — The University of California, Los Angeles (UCLA) has acquired One Westside and Westside Two, located two miles from its Westwood campus in Los Angeles. A joint venture between Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) sold the assets for $700 million.  The 700,000-square-foot property — located at 10800, 10830 and 10850 W. Pico Blvd.— was formerly occupied by Westside Pavilion mall, a city landmark that served as the backdrop for a number of movies and television shows since its opening in 1985. Hudson Pacific and Macerich …

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Spoerlein-Commons
IllinoisInvestment salesNews

Mid-America Arranges Sale of 41,455-Square-Foot Retail Center in Metro Chicago

by Hayden Spiess

Buffalo Grove, Ill. — Mid-America Real Estate Corp. has arranged the sale of Spoerlein Commons, a 41,455-square-foot retail center located in the Chicago suburb of Buffalo Grove. In addition to medical, wellness, restaurant, retail and service tenants, the property features second-floor office space. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.

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Millstone-Towne-Center_Hope-Mills-N.C
Investment salesNewsNorth Carolina

Marcus & Millichap Brokers Sale of 40,000-Square-Foot Retail Center in Hope Mills, North Carolina

by Hayden Spiess

Hope Mills, N.C. — Marcus & Millichap has brokered the sale of Millstone Towne Center, a 40,000-square-foot retail center located in Hope Mills. Built in 2008, the property was 92 percent leased at the time of sale. Donald Gilchrist and Nathan McElroy of Marcus & Millichap represented the seller in the transaction. Greg Marks of Triland Properties represented the buyer. 

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Alcoa-Commons
Investment salesNewsTennessee

SRS Arranges $7.2 Million Sale of Alcoa Commons Retail Center in Alcoa, Tennessee

by Hayden Spiess

Alcoa, Tenn. — SRS Real Estate Partners has arranged the $7.2 million sale of Alcoa Commons, a newly built retail center located in Alcoa, a city roughly 14.5 miles south of Knoxville. The property, which comprises 13,890 square feet, was fully leased at the time of sale. Tenants at the center include Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased …

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Mary-Brickell-Village_Miami_web
Company newsFinanceInvestment salesNew YorkNews

Kimco Closes Acquisition of RPT Realty

by Hayden Spiess

Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024. 

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Palm-Valley -Pavilions-West_Goodyear-Ariz
ArizonaInvestment salesNews

Raymond Arjmand Acquires 232,573-Square-Foot Retail Center in Metro Phoenix

by Hayden Spiess

Goodyear, Ariz. — Raymond Arjmand has acquired Palm Valley Pavilions West, a 232,573-square-foot retail center located in Goodyear, roughly 20 miles outside Phoenix. Tenants at the property, which was 99 percent leased at the time of sale, include Best Buy, Total Wine, Barnes & Noble, ULTA Beauty and Ross Dress for Less. Vestar will manage the center on behalf of the buyer. This marks the 19th property in the state under Vestar’s management.

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Glenbrook-Marketplace
IllinoisInvestment salesNews

Mid-America Brokers Sale of 47,873-Square-Foot Shopping Center in Suburban Chicago

by Hayden Spiess

Glenview, Ill. — Mid-America Real Estate Corp. has brokered the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. Tenants at the property include Starbucks Coffee, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.

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Tred-Avon-Square_Easton-Md
Grocery-anchoredInvestment salesMarylandNews

Synergy Investment Fund Acquires 147,668-Square-Foot Retail Center in Easton, Maryland

by Hayden Spiess

Easton, Md. — Synergy Investment Fund has acquired Tred Avon Square, a 147,668-square-foot retail center located in Easton. ACME, Big Lots, Easton Cinemas, Rent-A-Center, Sherwin Williams, My Eye Dr., Dunkin’ Donuts, Osteria Alfredo, Ship and Print, Subway, Hong Kong Kitchen, Nails & Spa, Lendmark, Chincheck Sports Locker, T-Mobile, Admiral Cleaners, Rusty Hook Bait and Tackle and Spin Groove Records are tenants at the property. SVN | Miller Commercial Real Estate represented the buyer in the transaction. Ross Benincasa and Ryan Finnegan of SVN | Miller will oversee leasing at the center.

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Hilltop-Village_Oxford-N.C
Grocery-anchoredInvestment salesNewsNorth Carolina

Legacy Arranges $5.1 Million Sale of Shopping Center in Oxford, North Carolina

by Hayden Spiess

Oxford, N.C. — Legacy Realty Group Advisors has arranged the $5.1 million sale of Hilltop Village, an 80,000-square-foot shopping center located in Oxford. Food Lion anchors the property. Jacob Baruch and Jonah Warshaw of Legacy represented the buyer in the transaction. Adam Palmer of LQ Commercial Real Estate Services represented the seller. 

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