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11 recent retail property trades, including Brookfield’s buy of five China malls

June 10, 2021

Brookfield Asset Management purchased five malls in China totaling 2.8 million square feet from the Abu Dhabi Investment Authority and Macquarie for $1.4 billion.

Federal purchased a 60 percent stake in Grossmont Center, a 925,000-square-foot super-regional community center in La Mesa, California, near San Diego for $175 million. Anchors include Target, Walmart, CVS, Macy’s, Reading Cinemas and Barnes & Noble. The REIT also will pay $162.5 million for a 98 percent fee interest in Camelback Colonnade, a 642,000-square-foot super-regional community center in Phoenix. Camelback Colonnade is anchored by Bed Bath & Beyond, Best Buy, Floor & Decor, Fry’s Food Stores, Marshalls, Michaels, Old Navy, PetSmart, Ulta Beauty, Staples and Nordstrom’s Last Chance. Federal also bought a 98 percent leasehold interest in Hilton Village, a 93,000-square-foot specialty retail center on 11 acres in Scottsdale, Arizona, for $27.5 million.

Beazer Homes bought the shuttered Regal Countryside cinema in Sterling, Virginia, from Keane Enterprises, Stanford Properties and Willard Retail for $22 million. Regal closed the theater in October. Beazer plans to build a 166-unit townhome community on the site.

RVI sold the 65,000-square-foot Senorial Plaza in Rio Piedras, Puerto Rico, for $20.4 million. Tenants include GNC, PetSmart, Pueblo, Rainbow and Walgreens.

Orion Real Estate Group sold a 60,692-square-foot shopping center in Miami to Core for $19 million. Tenants include Goodwill, AutoZone, CVS and MoneyGram.

Black Lion Investment Group acquired the 23,000-square-foot Wynwood Arcade in Miami’s Wynwood neighborhood from East End for $13.25 million. The center is tenanted by upscale retailers Edit/Mode, No. 3 Social, Osme, Ooh Raw and The Salty Donut.

NBA player Victor Oladipo bought the 46,163-square-foot Metro Station retail center in Orlando for $7.6 million. The Miami Heat guard and Orlando Magic alum made the purchase through an LLC called VO Spv Real Estate. Tenants include Cricket Wireless, Dollar Tree, Sally Beauty Supply and The Juicy Crab.

Linn’s Crossroads Plaza LLC paid $6.5 million to CRM Properties Group LLC for the 800,700-square-foot enclosed mall formerly known as both Crossroads Mall and Plaza Mayor in Oklahoma City. The new owner plans to repurpose the mall.

The 59,240-square-foot Myrtle Ridge in Conway, South Carolina, sold in an off-market transaction for $5.4 million. The center is anchored by Food Lion, Dollar Tree and Walgreens. Both the buyer and seller are private companies that primarily own grocery-anchored shopping centers throughout the Southeast.

The six-unit, 9,633-square-foot Villages at Camp Creek in Atlanta sold for $5.3 million, reflecting a 6.77 percent cap rate, according to Stan Johnson Co., which represented the seller. Both parties were involved in 1031 exchanges. Tenants include Verizon Wireless and American Deli, among other service-oriented retailers.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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