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Grocery-anchoredInvestment salesNewsNorth CarolinaRetailers

Palomar Group Arranges $12.3 Million Sale of Grocery-Anchored Center in Walkertown, North Carolina

by Alex Tostado

Walkertown, N.C. — Palomar Group has arranged the $12.3 million sale of Walkertown Commons, an 81,432-sqaure-foot shopping center in Walkertown. Lowes Foods anchors the fully leased property, which was originally built in 2004. Walkertown Commons is located at 5180 Reidsville Road, eight miles northeast of downtown Winston-Salem. Ryan McArdle, Steve Collins, David Rivers, Jefferson Knox and Lee Malchow of Palomar Group represented the seller, an undisclosed regional investor, in the transaction. An undisclosed buyer based in South Carolina acquired the asset in a 1031 tax exchange.

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Investment salesNew YorkNewsRetailers

PEBB Enterprises, Sagamore Hill Partners Purchase 188,109-Square-Foot Shopping Center on Long Island

by Alex Tostado

Port Washington, N.Y. — PEBB Enterprises and Sagamore Hill Partners have purchased Soundview Marketplace, a 188,109-square-foot shopping center in Port Washington, for an undisclosed price. The property spans 11 acres and was 75 percent leased at the time to tenants including Target, T.J. Maxx, Walgreens, West Marine and Ace Hardware. Soundview Marketplace is located at 10 Shore Road, 27 miles northeast of New York City. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.

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AlabamaGrocery-anchoredInvestment salesNewsRetailers

Benderson Development Acquires 60,000-Square-Foot Retail Center in Huntsville, Alabama

by Alex Tostado

Huntsville, Ala. — Benderson Development has acquired The Pinnacle at Providence Publix, a 60,000-square-foot, Publix-anchored retail center in Huntsville. The property features 14,000 square feet of new retail space that is available for lease. The asset is situated at 1660 Old Monrovia Road NW, seven miles west of downtown Huntsville. The seller and sales price were not disclosed.

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CaliforniaContent PartnersFaris Lee InvestmentsInvestment salesNewsRetailers

Faris Lee Investments Brokers $5 Million Sale of Moulton Parkway Auto Spa in Orange County, California

by Alex Tostado

Laguna Hills, Calif. — Faris Lee Investments has arranged the sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located in Laguna Hills. The retail property is located at the intersection of El Toro Road and Moulton Parkway. A Newport Beach, California-based seller sold the asset to an undisclosed buyer for $5 million. Moulton Parkway Auto Spa is the only full-service hand car wash in Laguna Hills. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the seller in the deal.

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Negotiates $3.4 Million Sale of Two 7-Eleven Properties in California

by Alex Tostado

Santa Maria and Fresno, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer …

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CaliforniaCompany newsNewsRetailers

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Alex Tostado

Westlake Village, Calif. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects …

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FloridaInvestment salesLeasingNet leaseNewsRetailers

SRS Arranges $4.2 Million Ground Lease Sale of Wawa-Occupied Gas Station in Orlando

by Alex Tostado

Orlando, Fla. — SRS Real Estate Partners has arranged the $4.2 million ground lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL represented the …

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GeorgiaInvestment salesNewsRetailers

SRS Brokers $10.2 Million Sale of Shopping Center Near Atlanta

by Alex Tostado

Newnan, Ga. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Hackney Real Estate Partners acquired the asset.

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CaliforniaLeasingNewsRetailers

Progressive Real Estate Partners Arranges 35,000-Square-Foot Retail Lease in Southern California

by Alex Tostado

Riverside, Calif. — Progressive Real Estate Partners has arranged a 10-year, 35,000-square-foot retail lease in Riverside. Big Lots will occupy the former space of JoAnn Fabrics at the 183,000-square-foot Canyon Springs Marketplace. Big Lots expects to move into the space in early 2021. The store will offer a wide assortment of affordable merchandise ranging from soft home, furniture and seasonal items to food, electronics, toys and accessories. Other tenants at the center include Marshalls, Old Navy, Petco, Bed Bath & Beyond, Michaels and Best Buy. Canyon Springs Marketplace was built …

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NewsRetailersWashington DC

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado

Washington, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, …

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