Jefferson City, Mo. — Newmark has arranged the sale of a 92,613-square-foot retail building net leased to Orscheln Farm & Home in Jefferson City. The sales price was undisclosed, but the asking price of $6.7 million represented a cap rate of 5.5 percent. Matt Berres, Samer Khalil, Karick Brown, Michael VanBuskirk and Chris Robertson of Newmark represented the seller, a private developer, and procured the undisclosed buyer. Orscheln Farm & Home took occupancy of the property in 2017 and signed a new 15-year lease in 2021. The retailer operates 175 …
Livermore, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 4,821-square-foot single-tenant property net leased to Chick-fil-A in Livermore, about 45 miles east of San Francisco. Bill Asher and Jeff Lefko represented the seller, Meridian, in the $10.4 million transaction. An undisclosed 1031-exchange buyer acquired the property, which is located in Arroyo Plaza, adjacent to Home Depot and Walmart.
Palmdale, Calif. — Bridge Group Investments and Steerpoint Capital have purchased Antelope Valley Mall in the North Los Angeles community of Palmdale for $60 million. The property, which comprises 1 million square feet, is anchored by Dillard’s, Macy’s and JCPenney. Other tenants include Dick’s Sporting Goods, Old Navy, Oishi Japanese Sushi Bar and Grill and Blaze Pizza. The center also features a 16-screen Cinemark theater. The firms — which previously acquired The Shops at Montebello in Montebello, California — plan to add new amenities, as well as dining and entertainment …
Carlsbad, Calif. — Progressive Real Estate Partners has brokered the sale of a 4,584-square-foot retail center located in Carlsbad Village in Carlsbad, roughly 35 miles north of San Diego. Mike Lin of Progressive represented the private New York-based seller in the $4.5 million transaction. A private San Diego-based investor, represented by Josh Simms and Ryan King of Voit Real Estate Services, acquired the property. Built in 2019, the center comprises three units currently occupied Harumana Noodles + Buns, Village Optical and The Shop Salon, all occupied on triple net leases.
New York City — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.
Folsom, Calif. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom, roughly 20 miles northeast of Sacramento. VR Folsom, an Orange County-based private family office, sold the property to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, with Infinity Investment Properties representing the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, …
Miami Beach, Fla. — Northmarq has arranged the sale of a 22,857-square-foot property located at 509 Collins Ave. in Miami Beach. Jason Maier of Northmarq represented the buyer, a New York-based private investor, in the $35.3 million transaction. The single-tenant property, which was sold by an undisclosed New York-based individual, is leased to Walgreens on a triple-net basis.
Phoenix and Virginia Beach, Va. — Red Mountain Group has sold two single tenant net lease properties for a combined $3.2 million. Rolberto’s Tacos — a drive-thru restaurant located at Cave Creek Road in Phoenix — was sold to entities doing business as KDD63 LLC and Cave Creek DT LLC for $1.1 million. The other property, a Kentucky Fried Chicken in Virginia Beach, Virginia, was sold for $2.1 million to Hilda and Terrence McPherson. Red Mountain Group was represented by Kenneth James Realty in the first transaction and by The …
Atlanta — Marcus & Millichap’s Taylor McMinn Retail Group has arranged the sale of a Dollar General portfolio comprising 14 stores located in six states. Don McMinn of Marcus & Millichap based in Atlanta brokered the $25.5 million transaction. All of the stores were constructed this year, and all are subject to 15-year triple net leases. An undisclosed developer sold the properties to an undisclosed, institutional retail owner. Of the sale, McMinn comments that there is an “increased institutional interest for net lease portfolios due to their attractive returns caused …
Newport Beach, Calif. — SRS Real Estate Partners has arranged the sale of 14 single-tenant retail properties occupied KinderCare Learning Centers. The buildings sold in separate transactions totaling $60 million. The KinderCare Centers are located in Wisconsin, Florida, North Carolina, Iowa, Nebraska and Michigan. Chad Lieber of Newport Beach, California-based SRS represented the undisclosed sellers. Private investors acquired the properties, which range in size from 10,000 to 13,000 square feet. A majority of the transactions were 1031 exchanges and approximately half were all-cash.