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Investment sales

Shaun Riley Faris Lee Retail Investment
Content PartnersDevelopmentFeaturesIndustry ContentInvestment salesNet leaseRetailers

Sound Retail Fundamentals Continue to Drive Investor Interest

by Sarah Daniels

The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …

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Grocery-anchoredInvestment salesNew JerseyNews

IPA Arranges Sale of 102,660-Square-Foot Shopping Center in Metro Philadelphia 

by Hayden Spiess

Sicklerville, N.J. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located in Sicklerville, roughly 23 miles outside Philadelphia. A 57,560-square-foot ACME Markets store anchors the property. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction. 

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CaliforniaFinanceInvestment salesNews

3650 REIT Provides $71.5 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.

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DaVita Dialysis
CaliforniaInvestment salesNews

Progressive Brokers $4.5 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

Indio, Calif. — Progressive Real Estate Partners has brokered the $4.5 million sale of a single-tenant property located in Indio. DaVita Dialysis occupies the building. Greg Bedell of Progressive represented the seller, a Los Angeles-based private investor, in the transaction. Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer.  

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Retail Building San Diego
CaliforniaInvestment salesNews

CBRE Arranges Sale of 8,915-Square-Foot Single-Tenant Building in San Diego

by Hayden Spiess

San Diego — CBRE has negotiated the sale of an 8,915-square-foot freestanding, single-tenant property located in San Diego. Built in 1987, the building is situated within Rancho Bernardo Town Center. A private buyer acquired the property from Kim Family Trust for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the building. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the transaction. AGAS Real Estate represented the buyer.

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FinanceIllinoisInvestment salesNews

IPA Arranges $11.5 Million Acquisition Financing for Retail Center in Illinois

by Hayden Spiess

Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower. 

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Schaumburg Plaza
IllinoisInvestment salesNews

Bianco Acquires 61,000-Square-Foot Shopping Center in Chicago Suburb

by Hayden Spiess

Schaumburg, Ill. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center located in the Chicago suburb of Schaumburg, in an all-cash transaction. Tenants at the property include Starbucks Coffee, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market will also open at the center this fall. This marks the seventh retail property in the Chicago metro for the buyer. 

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Investment salesNewsTexas

CBRE Arranges Sale of 28,119-Square-Foot Shopping Center in Metro Dallas

by Hayden Spiess

Rowlett, Texas — CBRE has arranged the sale of Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles outside Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale. Tenants at the center include Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented the seller, Standridge Cos., in the transaction. 

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Waterstone Center
Investment salesNewsOhio

Midland Atlantic Properties, Next Realty Acquire 160,000 Square-Foot Shopping Center in Cincinnati

by Hayden Spiess

Cincinnati — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The property was fully leased at the time of sale. Tenants at the center include Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

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Grocery-anchoredInvestment salesNewsTexas

STRIVE Arranges Sale of 239,610-Square-Foot Shopping Center in Dallas-Fort Worth Metro

by Hayden Spiess

Euless, Texas — STRIVE has arranged the sale of Euless Town Center, a 239,610-square-foot shopping center located in the Dallas-Fort Worth suburb of Euless. Ross Dress for Less and Aldi anchor the property. Other tenants include iT’Z Family Food and Fun, Dirt Cheap, SKECHERS, Sally Beauty, Mid-Cities Animal Urgent Care and Ichiban Buffet. Hudson Lambert and Jennifer Pierson of STRIVE represented the seller, a California-based investor, in the transaction. 

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