News

Newmark Arranges $22.5 Million Sale of Floor & Décor-Anchored Property in Savannah

by Julia Sanders January 21, 2022

Savannah, Ga. — Newmark has arranged the $22.5 million sale of Victory Crossings, a fully-leased, multi-tenant shopping center in Savannah. Mark Joines, Henry Kushner and Drew Fleming of Newmark represented the seller, Morley Investment Group LLC. Situated on approximately 6.9 acres at 1800 E. Victory Drive, Victory Crossings is anchored by Floor & Decor. The center also includes two single tenant outparcel buildings leased to IHOP and Verizon Wireless. Additional major tenants include Orange Theory, Comcast, Hertz, Baldino’s and Benchmark Physical Therapy.

January 21, 2022

Florida Investment sales News

JLL Arranges $19.1 Million Sale of Shopping Center in Gainesville, Florida

by Julia Sanders January 21, 2022

Gainesville, Fla. — JLL Capital Markets has arranged the sale of Gainesville Plaza, a 165,705-square-foot shopping center in Gainesville. Brad Peterson and Whitaker Leonhardt of JLL represented the sellers, Wicker Park Capital Management and Riverstone Capital Group, in the transaction. Cobalt Real Estate Solutions, an affiliate of Divaris Real Estate Inc, purchased the property for $19.1 million. Anchored by Burlington and Ross Dress for Less, Gainesville Plaza was 96.7 percent leased at the time of sale to tenants, including 2nd & Charles, Save-A-Lot, Five Below and Hibbett Sports. Built in …

January 21, 2022

Investment sales News Texas

Partners Capital Buys 98,522-Square-Foot Bay Pointe Shopping Center in Southeast Houston

by Julia Sanders January 21, 2022

Houston — Partners Capital has purchased Bay Pointe Shopping Center, a 98,522-square-foot shopping center in southeast Houston. Matt Berry, Robbie Kilcrease and Drew Reinking of CBRE represented the undisclosed seller in the transaction. Veritex Bank provided acquisition financing. The property was fully leased at the time of the sale. The new ownership plans to expand the property by 30,000 square feet.

January 21, 2022

Florida Investment sales News

CBRE Brokers Sale of 29,600-Square-Foot Retail Center in Tampa

by Julia Sanders January 21, 2022

Tampa, Fla. — CBRE has brokered the sale of Palms Connection, a 29,600-square-foot retail center in Tampa for $8.5 million. The sale included an undeveloped 0.6 acre outparcel. Mark Shellabarger and Ari Ravi of CBRE in Tampa were brokers on behalf of the buyer, Tampa Venture Alliance LLC, and the seller, Stanley Properties LLC. Located at 2802-2836 East Bearss Ave., Palms Connection is 92 percent leased to 14 tenants including Jimmy John’s, PJ Dolan’s Irish Pub, Bearrs Kitchen & Bar, Wood Fired Pizzeria, Balance Salon and Art of Smoke.

January 21, 2022

California Investment sales News

Hanley Investment Brokers $8.5 Million Sale of Smart & Final-Occupied Property in Murrieta, California

by Julia Sanders January 21, 2022

Murrieta, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, California-based Stevenson Real Estate …

January 21, 2022

Illinois Investment sales News

Marcus & Millichap Arranges $6.5 Million Sale of Walgreens-Occupied Property in Suburban Chicago

by Julia Sanders January 21, 2022

Romeoville, Ill. — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Chicago suburb of Romeoville for $6.5 million. The 24-hour store is positioned at the entrance to Carillon, a master-planned retirement community. Brian Parmacek and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed developer. Benjamin Kohl of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. obtained acquisition financing on behalf of the …

January 21, 2022

Arizona Investment sales News

Michael A. Pollack Closes Sale of Five Centers

by SCB Staff January 21, 2022

Phoenix – Shopping center owner Michael A. Pollack Real Estate Investments has sold five centers in the Phoenix area in separate transactions for a total of $32 million. The transactions took place in the fourth quarter of 2021. The company sold Trailside Center in Mesa for $2.7 million; the company had owned the property since 1994. In Phoenix, the company sold Tower Plaza along Cave Creek Road for $2.4 million. In Peoria, Pollack sold the 67,000-square-foot Olive Plaza for $4.6 million. Pollack sold Apache Central Center in Tempe to the …

January 21, 2022

Investment sales News Virginia

Essential Growth, Viking Acquire 180,346-Square-Foot Spartan Square Shopping Center Near Roanoke

by Julia Sanders January 20, 2022

Salem, Va. — A joint venture between Essential Growth Acquisition Properties and Viking Partners has acquired Spartan Square, a 180,346-square-foot shopping center in Salem, about 15 miles west of Roanoke. Will Bradley, Mark Williford, Peter Vick and Harrison Hall of Colliers represented the seller, an entity known as Spartan Square LP, in the transaction. The sales price was not disclosed. Anchored by Kroger, Spartan Square was 91 percent leased at the time of sale to tenants including Dollar Tree, Pet Supplies Plus, Starbucks and Truist.

January 20, 2022

Investment sales News Texas

Steeplechase Ventures Acquires 166,225-Square-Foot Shopping Center in Metro Dallas

by Julia Sanders January 20, 2022

Denton, Texas — Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.

January 20, 2022

Investment sales Minnesota News

JLL Brokers Sale of Ridgehaven Shopping Center in Suburban Minneapolis

by Julia Sanders January 20, 2022

Minnetonka, Minn. — JLL Capital Markets has brokered the sale of Ridgehaven shopping center in the Minneapolis suburb of Minnetonka for an undisclosed price. Located at 13081 Ridgedale Drive and shadow anchored by Target, the fully leased property spans 140,418 square feet. Tenants include Lunds & Byerlys, Barnes & Noble, Ulta Beauty, Rosenthal Furniture Co., Massage Envy and Supercuts. Amy Sands, Clinton Mitchell, Michael Nieder and Ted Gonsior of JLL represented the seller, Invesco Real Estate. Bianco Properties was the buyer.

January 20, 2022

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