News

IPA Brokers $10.7 Million Sale of Cherrydale Market Shopping Center in Greenville

by Katie Sloan July 18, 2022

Greenville, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Michigan. “We procured the equity for the developer to get the property out of the ground …

July 18, 2022

California Investment sales News

Hanley Investment Group Arranges $10.1 Million Sale of Colonial Square Retail Center in Bakersfield, California

by Katie Sloan July 18, 2022

Bakersfield, Calif. — Hanley Investment Group Real Estate Services has arranged the $10.1 million sale of Colonial Square, a 41,238-square-foot retail strip center located north of Los Angeles in Bakersfield. Bill Asher and Jeff Lefko of Hanley represented the seller, LS Capital Inc. Independent realtor and broker Paul Stansen represented the buyer, a Los Angeles-based private investor, in the 1031 exchange transaction. The property was developed in 1985 and was 97 percent occupied at the time of sale.

July 18, 2022

Investment sales News Virginia

Divaris Real Estate Arranges $5.5 Million Sale of Shopping Center in Suburban Richmond

by Katie Sloan July 18, 2022

Colonial Heights, Va. — Divaris Real Estate has arranged the $5.5 million sale of Southpark Shopping Center in the Richmond suburb of Colonial Heights. John Madures of Divaris represented the buyer, Q&L Realty, in the transaction. The 34,705-square-foot retail center is located at 1829-1865 Southpark Blvd. Tenants at the time of sale included For Eyes, Party City and Landmark Financial. The new ownership plans to begin capital expenditures at the property, to include landscaping improvements, the addition of new signage and parking lot updates.

July 18, 2022

Iowa Leasing News

New England Development Secures Nine New Retailers at Outlets of Des Moines

by Katie Sloan July 18, 2022

Altoona, Iowa — New England Development has secured nine new retail tenants at the Outlets of Des Moines, which is located in Altoona. Now open are J. Crew Factory Outlet and Bizzy’s Boutique, a local retailer specializing in women’s, children’s and baby apparel. Opening this summer are Puma, Nautica, Aeropostale, Windsor, Forever 21 and rue21. Victoria’s Secret is scheduled to open this fall. New England Development completed Outlets of Des Moines in fall 2017.

July 18, 2022

Investment sales News North Carolina

Armada Hoffler Sells Two Single-Tenant Retail Properties in Durham for $23.9 Million

by Katie Sloan July 15, 2022

Durham, N.C. — Armada Hoffler Properties has sold two single-tenant retail properties in Durham for a combined $23.9 million. The assets include a 120,000-square-foot store at 1700 N. Pointe Drive that is leased to The Home Depot and a 148,663-square-foot store at 1510 N. Pointe Drive leased to Costco. The adjacent, triple-net-leased stores are situated within two miles of Duke University and downtown Durham. Alex Sharrin, Alex Geanakos and Michael Roberts of JLL represented Armada Hoffler in the transaction. An unnamed investment firm based in New York City purchased both stores.

July 15, 2022

Highlands-Ranch-Marketplace-Highlands-Ranch-CO

Colorado Investment sales News

Marcus & Millichap Brokers $6.1 Million Sale of Highlands Ranch Marketplace in Colorado

by Katie Sloan July 15, 2022

Highlands Ranch, Colo. — Marcus & Millichap has arranged the sale of Highlands Ranch Marketplace, a neighborhood retail center in Highlands Ranch. Sidford Capital acquired the asset for $6.1 million. Located at 9385 S. Colorado Blvd., Highland Ranch Marketplace was fully leased to 10 tenants at the time of sale. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, a Colorado-based private investor, and procured the buyer in the transaction.

July 15, 2022

Grocery-anchored Investment sales Maryland News

Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

by Katie Sloan July 14, 2022

Baltimore — Klein Enterprises has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and …

July 14, 2022

Development Florida News

Helm Equities Announces Plans for $300 Million Mixed-Use Tower in Miami’s Design District

by Katie Sloan July 14, 2022

Miami — Helm Equities has announced plans for Parterre 42, a $300 million office tower that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and charging stations, and flexible furniture groupings. COOKFOX Architects designed the project. Additional amenities at the property, which features unobstructed views of Biscayne Bay and the downtown Miami skyline, will include an indoor-outdoor …

July 14, 2022

Investment sales News Texas

JLL Arranges Sale of 262,556-Square-Foot Regional Power Center in Houston

by Katie Sloan July 14, 2022

Houston — JLL Capital Markets has arranged the sale of Market Square at Eldridge, a 262,556-square-foot regional power center in Houston. Chris Gerard, Erin Lazarus, Ryan West and Megan Babovec of JLL represented the seller, Walton Street Capital, in the disposition of the property to Wu Properties. The center was 98 percent leased at the time of sale to tenants including Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, T.J. Maxx, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot.

July 14, 2022

Alabama Investment sales News

GBT Realty Sells 188,406-Square-Foot McFarland Plaza Shopping Center in Tuscaloosa, Alabama

by Katie Sloan July 14, 2022

Tuscaloosa, Ala. — GBT Realty has sold McFarland Plaza, a 188,406-square-foot shopping center located at 2600 McFarland Blvd. in Tuscaloosa. Cincinnati-based Select Strategies Realty purchased the property from the Brentwood, Tennessee-based owner for an undisclosed price. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented GBT Realty in the transaction. Situated one mile from the University of Alabama, McFarland Plaza’s tenant roster includes HomeGoods, T.J. Maxx, Ross Dress for Less, Michaels, Dollar General, CosmoProf, Shoe Carnival, Slim Chickens, Party Wow, MS Cos. and Jersey Mike’s.

July 14, 2022

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