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Providence Town Center
Investment salesNewsPennsylvania

JLL Arranges $162 Million Sale of Providence Town Center Retail Property in Metro Philadelphia

by Julia Sanders

Collegeville, Pa. — JLL has arranged the $162 million sale of Providence Town Center, a 759,945-square-foot retail center located in the Philadelphia suburb of Collegeville. Regional grocer Wegmans has been the anchor store for Providence Town Center since the property was developed in 2009. Brandolini Cos. sold the center to a partnership between Finmarc Management Inc. and KPR Centers. The property is the fourth-most-visited open-air retail center in the state, according to the brokerage team that handled the sale. Nearly 65,000 vehicles drive by Providence Town Center via State Route …

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Investment salesNew YorkNews

Invesco Real Estate Acquires 122,225-Square-Foot Shopping Center in Metro New York City

by Julia Sanders

Cortlandt Manor, N.Y. — Invesco Real Estate Income Trust Inc. has acquired Cortlandt Crossing, a 122,225-square-foot shopping center located in Cortlandt Manor, about 50 miles from New York City. Anchored by ShopRite and HomeSense, the newly constructed center was 95 percent leased at the time of sale. Invesco acquired the property in conjunction with the purchase of a 95 percent stake in an industrial property near Columbus, Ohio, for a combined price of $94 million. The seller was not disclosed.

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Arden Square
CaliforniaInvestment salesNews

Raith Capital Partners Sells 100,162-Square-Foot Shopping Center in Sacramento

by Julia Sanders

Sacramento, Calif. — Raith Capital Partners has sold Arden Square, a 100,162-square-foot neighborhood retail center located at 3102-3198 Arden Way in Sacramento, to Rhino Investments Group. Eric Kathrein, Tim Kuruzar and Warren McClean of JLL represented the seller in the transaction. BevMo!, Jo-Ann and Office Max anchor Arden Square, which was 90 percent leased at the time of sale to tenants including Kaiser Permanente, GameStop, Sacramento Credit Union, Jackson Hewitt Tax Services, Great Clips and Eco-Friendly Nail Salon.

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701-777 Broadway
CaliforniaInvestment salesNews

Pacific Coast Commercial Negotiates $8.2 Million Sale of Shopping Center in Metro San Diego

by Julia Sanders

El Cajon, Calif. — Pacific Coast Commercial has arranged the sale of a multi-tenant retail center located at 701-777 Broadway in El Cajon, about 17 miles from San Diego. Broadway Center Associates sold the property to an entity known as Alcatraz475 LP/Birch8330 LP for $8.2 million. At the time of sale, the 25,460-square-foot property was 95 percent leased to a mix of local and regional retail tenants. Brian Crepeau and Vanessa Reza of Pacific Coast Commercial represented the seller, while Bing Udinsky of The Udinsky Group represented the buyer in …

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Bucees
ColoradoDevelopmentNews

Buc-ee’s Unveils Plans for Travel Center in Metro Denver

by Julia Sanders

Johnstown, Colo. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 47 miles from Denver. The development — which will be the company’s first location outside of the South — is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot property will offer 120 fueling positions and a store with snack, meal and drink options.

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Cars
Investment salesNewsVirginia

Ares Management Acquires Capital Automotive for $3.8 Billion, Including 250 Net-Leased Car Dealerships

by Julia Sanders

New York City and McLean, Va. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. …

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IllinoisInvestment salesNews

Brauvin Sells Net-Leased Retail Portfolio for $185 Million

by Julia Sanders

Chicago — Brauvin Real Estate has sold a portfolio of 59 net-leased retail properties for $185 million. The properties are located in 18 states across the country and are leased to 16 tenants. John Morse and Andrew Hahn of Patzik, Frank and Samotny represented Brauvin in the transaction. The buyer was undisclosed. The sale completes the investment cycle of Brauvin’s 17th investment fund. The company now plans to acquire another $200 million in assets for its 18th fund.

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CVS
CaliforniaInvestment salesNews

SRS’ National Net Lease Group Arranges Sale of 13 CVS-Occupied Properties Totaling $90 Million

by Julia Sanders

Newport Beach, Calif. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of 13 CVS/pharmacy-occupied properties for a total of $90 million. The properties — which span a total of 195,000 square feet — are located in Arizona, Texas, Virginia, South Carolina, Idaho, Louisiana, Oklahoma, Ohio and New Jersey. John Redfield, Matthew Mousavi, Patrick Luther and Tom Power of Newport Beach, California-based SRS represented the seller, a private developer. The undisclosed buyers were individual private investors.

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Investment salesNevadaNews

Sahara Development Divests of Shopping Center in Las Vegas for $57 Million

by Julia Sanders

Las Vegas — Sahara Development has completed the disposition of The Gateway on The Strip, a 37,499-square-foot retail center located on the Las Vegas Strip. KB Gateway on the Strip LLC acquired the property for $57 million. Constructed in 2015 at 2427 S. Las Vegas Blvd., Walgreens anchors the property with a long-term lease through 2040. At the time of sale, the property was 42 percent occupied. The center features a freestanding parking garage, additional income via electronic billboard contracts, an upper-deck patio and an unrestricted gaming license. Chris Clifford, …

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Felch
Investment salesMichiganNews

JLL Capital Markets Arranges Sale of 166,100-Square-Foot Retail Center in Metro Grand Rapids

by Julia Sanders

Holland, Mich. — JLL Capital Markets has arranged the sale of Felch Street Shopping Center, a 166,100-square-foot retail center in Holland, about 29 miles from Grand Rapids. Amy Sands, Clinton Mitchell, Michael Nieder and Matthew Schoenfeldt of JLL represented the undisclosed seller. A private fund based in the Southeast purchased the property. Located at 12635 Felch St., the property was fully leased at the time of sale to tenants including Barnes & Noble, Bed Bath and Beyond, Jo-Ann Fabrics, Old Navy, Jonathan Stevens Mattress, Party City, PetSmart, Shoe Carnival, T.J.Maxx …

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