Morgan Stanley acquired the 1.1 million-square-foot Ingram Park Mall in San Antonio, Texas, at a foreclosure auction with a $100.7 million bid. The sale didn’t include anchor stores owned by Dillard’s, JCPenney, Macy’s and Sears.
Newport Capital Partners and Artemis sold the 69,749-square-foot, net leased Pick ’n Save Center in Wauwatosa, Wisconsin, outside Milwaukee, to ExchangeRight for $19 million. JLL represented the sellers, and JRW Realty represented the buyer of the property, which is pictured at top.
A 25,643-square-foot portfolio of quick-service restaurants leased to Sun Holdings’ Taco Bueno traded for $13.7 million, reflecting a 7.22% cap rate. The 10 properties are in Oklahoma and Texas. Stan Johnson Co. represented the seller, U.S. Realty Advisors. The buyer was developer Centric Capital Partners. “This transaction had a few nuances: explaining the transition from bankruptcy to new ownership, working through a restaurant sale during the pandemic, as well as understanding how to effectively market small cap credits to achieve top pricing,” said Josh Pardue, senior director in Stan Johnson’s New York office. “With drive-thru properties being in demand, not to mention the largely Texas-based locations, we saw strong interest from institutions, regional buyers and private investors alike.”
Peters Development bought the 15,390-square-foot Oxford Station in High Point, North Carolina, from local investors for $8.6 million. Tenants include Chipotle, Verizon, The Vitamin Shoppe, Sleep Number and Wells Fargo.
Highyon sold Orlando’s Parkwood Plaza to a Seattle-based 1031 exchange investor for $13.2 million. Asian grocer Lotte Market anchors the 141,617-square-foot center. The deal also included a KFC/Taco Bell, McDonald’s and Valvoline auto service center.
A single-tenant grocery property in Gainesville suburb High Springs Florida, traded for $4.8 million. Winn-Dixie has more than 27 years remaining on its lease and is part of a 57,850-square-foot shopping center. SRS Real Estate Partners represented the seller, H&R High Springs LLC. Kamin Realty Co was the buyer.
North American Properties is taking a stake in Marietta, Georgia’s 230,000-square-foot Avenue East Cobb. The firm is entering into a joint venture with the center’s owner, PGIM, to reposition the property and will lease and manage it. Tenants include Bed Bath & Beyond, Lululemon, Pottery Barn, Sephora, Simply Mac and Williams Sonoma.
IRC Retail Centers/DRA Advisors sold the 474,000-square-foot Westgate Shopping Center in the Cleveland suburb of Fairview Park, Ohio, to The R.H. Johnson Co. Tenants include Earth Fare, Five Below, Kohl’s, Lowe’s, Marshalls, Petco, Target and Ulta Beauty. JLL represented the seller.
CRP II – Horizon Park LLC sold the 215,713-square-foot Horizon Park in Tampa, Florida. Plaza Advisors represented the seller. Tenants include DD’s Discounts, Conn’s HomePlus, Northern Tool + Equipment and Guitar Center. Two improved outparcels with Wells Fargo and Applebee’s were included.
RCG Ventures sold the 114,867-square-foot, Hobby Lobby-anchored Lake Park Plaza in Michigan City, Indiana, to a private investment company based near Miami. Tenants include Citi Trends and Joann.
Send transactions to bboswell@icsc.com.