St. Petersburg, Fla. — SRS Real Estate Partners has brokered the $7.3 million sale of a two-parcel, multi-tenant retail strip center located at 730 4th St. N. in St. Petersburg. Built in 2009, the property totals 10,802 square feet and was fully leased to a mix of tenants including Foxtail Coffee, The UPS Store, Jimmy John’s, Chipotle Mexican Grill and Verizon Wireless at the time of sale. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, a Tampa-based investment group, in the transaction. The buyer was a national …
Meridian, Idaho — Faris Lee Investments has negotiated the $6.2 million sale of a newly constructed, single-tenant retail property located in Meridian, roughly 11 miles west of Boise. The Learning Experience, an early childhood education and childcare center, occupies the 10,000-square-foot building on a 15-year absolute triple-net lease with 8 percent rent increases every five years. Jeff Conover, Scott DeYoung, and Greg Lukosky of Faris Lee represented the seller, a Seattle-based developer. Tidemark Real Estate Services represented the buyer.
Manvel, Texas — Meto Real Estate LLC, a first-time buyer based in Dallas, has acquired Sedona Lakes Plaza, a 14,803-square-foot shopping center located in Manvel, roughly 20 miles south of downtown Houston. The center was fully leased to five tenants at the time of sale, including HOTWORX, Smart Core Labs and Behavioral Innovations. Riley Sharman of Northmarq represented the seller, an entity doing business as 10309 Bailey LLC, in the transaction.
Brooklyn, Ohio — JLL Capital Markets has arranged the sale of Ridge Park Square, a 386,754-square-foot dual grocery-anchored shopping center located in Brooklyn, approximately six miles southwest of downtown Cleveland. Michael Nieder, Brian Page and Mohsin Mirza of JLL’s Investment Sales and Advisory team represented the seller, an affiliate of Zeisler Morgan Properties. The buyer was Atlanta-based RCG Ventures. Completed in 1989, Ridge Park Square was 95 percent leased at the time of sale. Marc’s and Grocery Outlet anchor the retail center, which features a mix of additional tenants such …
New Hartford, N.Y. — CBRE has brokered the sale of Avenue Plaza, a 183,397-square-foot neighborhood shopping center located in New Hartford. Home décor superstore At Home anchors the property. Nearby retailers include Home Depot, Walmart, Lowe’s, Michaels, T.J. Maxx, Burlington and Best Buy. CBRE represented the seller, Englewood Cliffs, New Jersey-based Goodrich Management, and procured the buyer.
St. Johns, Fla. — SRS Real Estate Partners has negotiated the $5.6 million sale of Beachwalk Shoppes, an 8,200-square-foot retail strip center located in St. Johns, a suburb of Jacksonville. The newly constructed retail center is part of the larger 1,200-acre mixed-use Beachwalk project currently under development. The property was fully leased at the time of sale to five tenants including Bagels R Us, Goin’ Postal, Fancy Sushi, Deca Dental and Playa Bowls. Patrick Nutt and William Wamble of SRS Capital Markets represented the seller, a national development and investment firm, …
Dunwoody, Ga. — Marcus & Millichap Capital Corp. (MMCC) has arranged $4 million in financing for the acquisition of Dunwoody Village, a 15,382-square-foot retail center located in Dunwoody, a suburb of Atlanta. David Johnson of MMCC’s Atlanta office secured the loan with a national bank on behalf of a private client. The five-year loan includes a 6.41 percent interest rate with a 30-year amortization schedule. Shadow anchored by The Fresh Market and Walgreens, Dunwoody Village features a mix of tenants including CVS Pharmacy, Chipotle Mexican Grill and a pet store.
Atlanta — Simon has introduced 18 new and expanded retailers debuting at Lenox Square, a 1.5 million-square-foot super-regional center located in Atlanta’s Buckhead district. Nine of the tenants are now open and operating at Lenox Square, including three expanded stores: Rolex, Burberry and Ferragamo. The other six open stores are Good American, AllSaints, Ray-Ban, Rowan, Starbucks Coffee and Claire’s. Nine more concepts are set to open later this year, including IWC, Panerai, Mejuri, Cole Haan, Garage, Lovisa, Levi’s, Kelly’s Cajun Grill and Great American Cookie Company/Marble Slab. David Vinehout serves …
Lakewood, Calif. — A joint venture between Pacific Retail Capital Partners, Lyon Living and Silverpeak has acquired Lakewood Center, a 2 million-square-foot super-regional shopping center located about 23 miles southeast of Los Angeles. The joint venture plans to redevelop the property to feature elevated retail and dining options, integrated residential living opportunities, wellness amenities, green spaces and entertainment offerings. The timeline and additional design elements will be disclosed as the project progresses. Lakewood Center originally opened in 1952 and spans nearly 150 acres. According to Wikipedia, the center is ranked among …
Hanley Investment, Oaks Commercial Arrange $4.8 Million Sale of Retail Property in Metro Los Angeles
Diamond Bar, Calif. — Hanley Investment Group Real Estate Advisors and Oaks Commercial Real Estate has arranged the $4.8 million sale of a multi-tenant retail pad property in Diamond Bar, roughly 27 miles east of downtown Los Angeles. Built in 2016, the 4,767-square-foot building is fully leased to three tenants: Jimmy John’s, Crumbl Cookies and Starbucks Coffee. Bill Asher and Jeff Lefko of Hanley, along with Fred Encinas of Oaks Commercial Real Estate, represented the seller, a Las Vegas-based private partnership, in the transaction. Arman Mahmoodi of BeachRock Group represented …