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FloridaInvestment salesNews

GBT Realty Sells Power Retail Center in Tallahassee for $34 Million

by Hayden Spiess

Tallahassee, Fla. — GBT Realty has sold Governor’s Marketplace, a 243,000-square-foot power retail center located on a 34.7-acre site in Tallahassee. The buyer, an undisclosed private investor, purchased the property for $34 million. Brad Peterson of JLL represented GBT in the transaction. The shopping center was 96 percent leased at the time of sale to tenants including Marshalls, Michaels, Urban Air, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center had 10,000 square feet of space available at the time of sale. Also included in the sale was a …

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AlabamaArkansasGeorgiaInvestment salesKentuckyNewsOklahomaTennessee

Matthews Arranges $16.1 Million Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by Hayden Spiess

Nashville, Tenn. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Alabama; Pauls Valley, Warner and Maud, Oklahoma; Edison, Georgia; Lincoln, Arkansas; and Coldiron, Kentucky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the properties at a cap rate of 6.4 percent.

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Grocery-anchoredInvestment salesNew JerseyNews

Marcus & Millichap Arranges Sale of 93,029-Square-Foot Shopping Center in Northern New Jersey

by Hayden Spiess

Vernon Township, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. ACME anchors the property, which was built from 2001 to 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, an undisclosed developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carries a five-year …

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DevelopmentGeorgiaGrocery-anchoredInvestment salesNews

Branch Properties Acquires Land to Construct 76,764-Square-Foot Shopping Center Near Atlanta

by Hayden Spiess

Gainesville, Ga. — Branch Properties has acquired 14 acres for the construction of Limestone Marketplace in Gainesville, roughly 55 miles northeast of Atlanta. Upon completion, the shopping center will comprise 76,764 square feet and feature a 54,964-square-foot Publix. The property will also include three outparcels ranging in size from one to three acres. Branch will break ground on the development in spring of this year, with completion of construction scheduled for the second quarter of 2024.

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Investment salesNewsTexas

NewQuest Brokers Sale of 15,750-Square-Foot Retail Property in Metro Houston

by Hayden Spiess

Richmond, Texas — NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were undisclosed limited liability companies.

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ArizonaDevelopmentInvestment salesNews

Joint Venture Completes Acquisition of Metrocenter Mall in Phoenix, Begins $850 Million Redevelopment

by Hayden Spiess

Phoenix — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $46 Million Sale of New Jersey Commercial Portfolio

by Hayden Spiess

Toms River and Brick, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in the Southern New Jersey cities of Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private …

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Red-Mountain-Plaza-Mesa-AZ
ArizonaInvestment salesNews

HJ Red Mountain Sells 69,270-Square-Foot Shopping Center in Mesa, Arizona

by Hayden Spiess

Mesa, Ariz. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center located in Mesa. An entity doing business as Red Mountain Plaza LLC acquired the property for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to tenants including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

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Grocery-anchoredInvestment salesNewsNorth Carolina

SRS Brokers $2.2 Million Sale of Grocery-Anchored Shopping Center in North Carolina

by Hayden Spiess

Albemarle, N.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.2 million sale of First Street Station, a 52,230-square-foot, grocery-anchored shopping center located in Albemarle, about 40 miles east of Charlotte. Ed Laycox of SRS represented the seller, a North Carolina-based private investor, in the all-cash transaction. The buyer was a Charlotte-based private investor operating in a 1031 exchange. Built in 1989 on a six-acre site, First Street Station was 91 percent leased at the time of sale to tenants including Harris Teeter, Roma Pizza and …

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IdahoInvestment salesNet leaseNews

Hanley Arranges Sale of 4,200-Square-Foot Single Tenant Retail Property in Metro Boise

by Hayden Spiess

Meridian, Idaho — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed 4,200-square-foot retail building located in Meridian, roughly 11 miles west of Boise. The single-tenant property is occupied by Heartland Dental, operating as Dental Care at Verona, on a triple-net-lease basis. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the buyer, a private investor, in the 1031 exchange transaction. Andrea Nilson of Cushman & Wakefield represented the seller and developer, Northwest Development Group.

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