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C+CT

Open-Air Shopping Spree: 17 Such Centers Trade, Plus W.P. Carey’s $2.7 Billion Buy and More

March 3, 2022

Net lease REIT W.P. Carey will acquire a public, nontraded REIT called Corporate Property Associates 18 – Global that owns a diversified portfolio of net lease commercial real estate properties for $2.7 billion.

Leeds, England: Hammerson sold its 209,000-square-foot Victoria Gate and 405,000-square-foot Victoria Quarter retail properties to Redical Holdings for 120 million British pounds.

Huntington Beach, California: The 63,269-square-foot Goldenwest & Bolsa shopping center traded for $23.5 million. JLL Capital Markets marketed the property on behalf of a private equity firm. A local private investor acquired the asset, which was constructed in 1974 and is 95% occupied. “With 91% of the tenancy expiring in two years and no [lease] options remaining, the property is a blank canvas for a multitude of uses,” said JLL Capital Markets managing director Gleb Lvovich. “We saw robust bidding from investors with various real estate specialties.”

Los Gatos, California: The 58,519-square-foot El Gato Village sold for $36 million. Gourmet grocer Nob Hill Foods anchors the 97%-occupied center. Additional tenants include Baskin-Robbins, Chase, Los Gatos Cafe, PostalAnnex and Una Mas Mexican Grill & Catering. Marcus & Millichap Levin Johnston and Taycon Real Estate represented the seller, a family trust. The buyer was a privately held developer.

El Gato Village

El Gato Village

Sacramento, California: Raith Capital Partners sold Arden Square — a 100,162-square-foot property anchored by BevMo, Joann and OfficeMax — to Rhino Investments. The nearly 90% -leased property’s tenants include Eco Friendly Nail Salon, GameStop, Great Clips, Jackson Hewitt Tax Service, Kaiser Permanente and Sacramento Credit Union. The 1961 center was last renovated in 1996. JLL marketed the property on behalf of the seller.

Arden Square

Arden Square

Miami: Cervera R.E. Ventures paid $25.25 million to an LLC for the 72,294-square-foot Tropical Park Plaza in an off-market transaction. Tenants include Ocean Bank and local eateries.

Atlanta: Westwood Financial bought the Village at Peachtree Corners for $20.5 million. The buyer paid cash and paid off the existing mortgage at closing. TSCG represented the seller, Starpoint Properties. Completed in 1987, The Lidl-anchored center totals 88,850 square feet and was 74% leased at the time of sale. TSCG’s Anthony Blanco said the deal offered value-add opportunity to backfill 20,000 square feet formerly occupied by Tuesday Morning and another 6,000 square feet.

Roswell, Georgia: Brixmor purchased the 106,711-square-foot Connexion on Holcomb Bridge Road from DNA for $29.5 million. JLL marketed the property. Tenants include Dogtopia, Emory Healthcare, From the Earth brewing company, Planet Fitness and Starbucks. The 1985 property was expanded in 2014 and renovated in 2016.

Connexion

Connexion

Lake Forest, Illinois: The 53,122-square-foot Forest Square office and retail property sold for $19.75 million in a 1031 exchange to Woodard Properties LLC. Marcus & Millichap represented the seller, GCP Forest Square LLC. The 2008 property, pictured at top, sits next to the Lake Forest Metra station and was nearly 90% occupied at the time of sale. Tenants include Abbott Laboratories, Envision Health, Hearing Lab, Jimmy John’s, Lake Forest Family Dental, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Physical Therapy of Lake Forest and Starbucks.

Orland Hills, Illinois: Sperry Equities purchased Orland Towne Center. Aldi, The Edge Fitness Clubs, Five Below, PetSmart and a medical center are tenants at the 138,000-square-foot property, which was built in 1993 and renovated in 2011. Northmarq arranged a $14.6 million first mortgage loan on behalf of the buyer.

Baton Rouge, Louisiana: Fidelis bought Siegen Plaza — a 156,441-square-foot, regional power center — from TriGate Capital. The 94%-leased property’s tenants include Chick-fil-A, Carter’s, Five Below, GNC, GameStop, HomeGoods, IHOP, Jason’s Deli, Olive Garden, Petco, Ross Dress for Less and Whataburger. JLL Capital Markets represented the seller.

Siegen Plaza

Siegen Plaza

Holland Township, Michigan: Octave Holdings and Investments purchased Felch Street Shopping Center from Cogency Global Inc. for $21 million. The 166,100-square-foot shopping center is fully leased to the likes of Barnes & Noble, Bed Bath and Beyond, Joann, Jonathan Stevens Mattress Co., Party City, PetSmart, Shoe Carnival, T.J.Maxx and Ulta Beauty. Octave’s property management company, Pinnacle Leasing & Management, will manage the center.

Mississippi: Two single-tenant retail buildings leased to Taco Bell traded for a combined $3.8 million. One is in Greenwood and one in Clarksdale. The buyer is a high-net-worth individual based on the West Coast. The Boulder Group represented the seller, a private investment firm based in the Northwest.

Mohegan Lake, New York: Invesco sold the ShopRite-anchored Cortlandt Crossing to Acadia Realty Trust, for $65.5 million. Cortlandt Crossing is 95% leased to such tenants as Chipotle, Homesense, Verizon and an urgent care center.

Collegeville, Pennsylvania: Finmarc Management and KPR acquired the 760,000-square-foot Providence Town Center from Brandolini Cos. for $161.75 million. The asset, built in 2009, is 92% leased to such tenants as Wegmans, Einstein Healthcare Network, HomeGoods, LA Fitness, Movie Tavern and Old Navy.

Puerto Rico: The Plazas of Puerto Rico portfolio, totaling 555,016 square feet, sold for $80.25 million. JLL Capital Markets marketed the four retail centers on behalf of Forge Capital Partners and Sembler. Lamar, CCM Puerto Rico and Real Capital Solutions acquired the assets. The portfolio comprises Juncos Plaza, Manati Centro Plaza, Plaza Los Prados in Caguas and University Plaza in Mayaguez. It is 91.3% leased to such regional necessity-based retailers as Supermercado Amigo, Supermercado Selectos, National Lumber & Hardware and Walgreens.

Chesapeake, Virginia: Moxie Equities Woodford Square LLC acquired the 85,323-square-foot Woodford Square from another LLC for $6.85 million. Dollar General and Harbor Freight anchor the center.

Roanoke, Virginia: EGap Funds, Essential Growth Acquisition Properties Fund I LLC and Viking Partners purchased Spartan Square, a 180,346-square-foot center in the suburb of Salem, for $16.5 million. This is Viking Partners’ first investment in the Roanoke market. EGap Funds is run by Nick Hodge, the former head of Kroger’s real estate department. Spartan Square has been anchored by a Kroger since its opening in 1974. Other long-standing tenants include Cato, Natural Nails, Dollar Tree and Starbucks. Colliers represented the seller, an LLC.

Spartan Square

Spartan Square

Virginia Beach, Virginia: JFS Real Estate bought the 128,017-square-foot Indian River Shopping Center for $6 million. Tenants include Burlington, Food Lion and It’s Fashion Metro.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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