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15 Recent Trades, Including a Portfolio of 9 Supermarket-Anchored Properties in New England

June 2, 2022

Elk Grove, California: Pacific Castle sold the 44,090-square-foot Waterman Grove Plaza to CenterSquare for $17.25 million. The 89%-leased center’s tenants include 9Round kickboxing, Envy Day Spa, Jamba, Mountain Mike’s Pizza, Panda Express, Pets To Go and Subway. JLL Capital Markets represented the seller.

Waterman Grove Plaza

Waterman Grove Plaza

Lafayette, California: Site Centers purchased a pair of properties in this East Bay suburb. The REIT paid $60.65 million for La Fiesta Square, an open-air center with 74,295 square feet across five buildings, and $42.6 million for the 56,614-square-foot Lafayette Mercantile office and retail building nearby. Newmark represented seller, Cortese Real Properties.

San Jose, California: The Necessity Retail REIT acquired The Plant, a 509,000-square-foot open-air center on the site of a former power plant, for $175 million. The purchase is the sixth tranche of the REIT’s previously announced deal to buy 81 retail properties from CIM Real Estate Finance Trust. To date, 80 of the 81 properties have closed, representing $1.2 billion of the $1.3 billion contracted purchase price.

Waterbury, Connecticut: Kohan Retail Investment Group acquired the Brass Mill Center mall and adjacent Brass Mill Commons open-air center for $44.9 million. The 1.1 million-square-foot property sits on the site of the former Scovill Brass Works. The mall’s Macy’s and Sears anchors have closed, but JCPenney remains open.

Miami Beach, Florida: BH Properties acquired the 129,360-square-foot Lincoln Center from Vornado Realty Trust for $93.6 million. Built in 1999, the four-story building is anchored by an 18-screen Regal cinema, the only movie theater in the trendy South Beach neighborhood. The asset is 74% leased to Zadig & Voltaire, Romero Britto, Ben & Jerry’s and two restaurants. It includes an attached parking garage.

Orlando, Florida: Sterling Organization bought The Grove — a 151,752-square-foot, Publix-anchored center — from Regency Centers for $58.75 million. The property includes office space that was not acquired. Tenants in the acquired parcels include AdventHealth, BurgerFi, and LA Fitness.

Port Charlotte, Florida: An LLC purchased the 83%-occupied, 139,478-square-foot Murdock Carrousel retail plaza, whose anchor tenants include Havertys Furniture and Office Depot. Plaza Advisors represented the seller.

Skokie, Illinois: Newcastle Properties bought the 14,856-square-foot Boardwalk Plaza in an off-market transaction. A Montessori school, a salon and SAS shoes are among the long-term tenants.

Crawfordsville, Indiana: Lamar Cos. sold Crawfordsville Square, a 273,249-square-foot shopping center anchored by Kroger to Essential Growth Properties for $18.55 million. JLL represented the seller. The property, located near Indianapolis, is pictured at top.

Lafayette, Louisiana: D’Argent Cos. acquired the 45,000-square-foot Centerpiece Shopping Center from Whittington Family Partnership for $6.3 million. The center is tenanted by two independent restaurant operators, among others.

Las Vegas: CenterSquare bought its third property in the market, the 49,554-square foot, five-building Tenaya Village in Centennial Hills. Tenaya Village is 97% leased to 25 tenants, including Starbucks, Capriotti’s Sandwich Shop and Edward Jones.

New England: TA Realty and The Wilder Cos. purchased nine grocery-anchored shopping centers for $390 million. Newmark’s Boston capital markets team represented the seller, Gravestar, a privately held asset manager. The portfolio includes Cranston, Rhode Island’s Pontiac Avenue Plaza, as well as eight assets in Massachusetts: Newton’s Auburndale Plaza, Brookline Plaza, Woburn’s Horn Pond Plaza, Norwood Plaza, Cambridge’s Porter Square Shopping Center, Sudbury Plaza, Waltham Plaza and Wellesley Plaza. The portfolio is 95% leased to such grocery tenants as Dave’s Marketplace, Shaw’s, Star Market and Whole Foods.

Voorhees Township, New Jersey: Hutensky Capital Partners sold the Acme supermarket-anchored, 227,333-square-foot Eagle Plaza to First National Realty Partners. Marcus & Millichap Institutional Property Advisors represented the seller.

New Bern, North Carolina: Columbia Development and Lubert-Adler sold the new, 166,835-square-foot New Bern Marketplace to M.M.K. Pacific Petroleum. JLL Capital Markets represented the seller and helped the buyer secure a 10-year, fixed-rate acquisition loan from Wells Fargo. New Bern Marketplace is home to Five Below, Hobby Lobby, Ross Dress for Less, Ulta Beauty and West Marine.

Burien, Washington: Merlone Geier Partners sold the 140,020-square-fooot Burien Town Plaza to David Kao for $45 million. Tenants include Ace Hardware, Bartell Drugs, Big Lots, LA Fitness and PetSmart.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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