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 …
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.
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.
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.
Miami — SRS Real Estate Partners’ National Net Lease Group has brokered the $20 million sale of a single-tenant retail property in Miami. Joseph Simon of SRS represented the seller, Crescent Heights. The buyer was a Texas-based undisclosed private investor who was in a 1031 exchange. The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one-acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located …
Orlando and Kissimmee, Fla.— Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The total sales price for both properties was $12.6 million. Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments. The seller was an entity known as DCP Edgewood Isle LLLP. The sales price was $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale …
Marion, Va. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year …
Belle Isle, Fla. — Limestone Asset Management, via a joint venture with Orion Real Estate Group, has sold a 1.7-acre Wawa-occupied property in Belle Isle for $4.8 million. Patrick Nutt with SRS National Net Lease Group represented the sellers. SRS National Net Lease Group also represented the buyer, Good Vibes Realty Two LLC. Located at 4416 Hoffner Ave., the property was built in 2018.
St. Petersburg, Fla. — CBRE has arranged the sale of Bayview Plaza II, a 16,146-square-foot retail strip center in St. Petersburg. Millan Enterprises purchased the property for $3.1 million. Mark Shellabarger and Ari Ravi of CBRE represented the seller, ICORR Properties. Built in 1985 and partially renovated in 2018, Bayview Plaza II was 83 percent leased at the time of sale to eight tenants, including Brewers’ Tasting Room, H & R Block, MCI Metro, Critical Hit Games and Thai Wok restaurant. Located at 11270 4th St. N, the property is …
Greenville, S.C. — Owings Mills, Md.-based Greenberg Gibbons has acquired Town N’ Country, a 263,490-square-foot shopping center in Greenville, for $23 million. The property was purchased through the Greenberg Gibbons Real Estate Income Fund, which was launched in March 2021 to acquire shopping centers throughout the East Coast, Southeast and Midwest markets. The seller was not disclosed. Town N’ Country was 98 percent leased at the time of sale to tenants including Belk, Hobby Lobby, HomeGoods, Ross Dress for Less, Staples, Ulta Beauty and Five Below.