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22 recent trades, including 5 Vornado properties in Manhattan

September 2, 2021

Vornado Realty Trust sold five retail properties in Manhattan in three transactions to an undisclosed buyer for $184.5 million: 677–679 Madison Ave., 759–771 Madison Ave. and 828–850 Madison Ave. on the Upper East Side and 478-482 Broadway and 155 Spring St. in SoHo. Combined, the properties are only 30% occupied.

Harridge Development Group acquired the 850,000-square-foot Baldwin Hills Crenshaw in South Los Angeles from private equity fund Capri Capital Partners for $140 million. Harridge purchased the Macy’s from the retailer in a separate deal for $30 million. Harridge plans to convert some of the mall’s department store space into mixed uses, including medical and residential.

Paramount Realty Services sold the 500,000-square-foot Northeast Tower Center in Philadelphia to Blackstone for $78 million. The Home Depot and Walmart anchor the center, whose lineup also includes DD’s Discounts, Dollar Tree, Old Navy and Ross Dress for Less. Marcus & Millichap Institutional Property Advisors represented the seller.

An LLC sold the 270,000-square-foot Foothill Village in Salt Lake City to Asana Partners for $51 million. Dan’s Fresh Market anchors the center. Cushman & Wakefield and The Burgess Co. represented the buyer and seller. Asana plans to redevelop the empty, 30,000-square-foot Stein Mart into small shops.

Kitchell sold the 58,312-square-foot Longbow Marketplace in Mesa, Arizona, for $26 million, or $446 per square foot. Sprouts Farmers Market anchors the center, pictured at top. Tenants include Charles Schwab, Club Pilates, Crumbl Cookies, Heartland Dental, Mod Pizza and Verizon. Phoenix Commercial Advisors represented the seller.

The 85,199-square-foot Carver Shopping Center in Carver, Massachusetts, sold for $25 million. Marcus & Millichap arranged the sale of the Shaw’s-anchored property, whose other tenants include Anytime Fitness and CVS.

Vintage Properties bought the 150,000-square-foot Times Square Shopping Center in Fresno, California, from an LLC for $16.25 million. Ross Dress for Less, Chuck E. Cheese, The Curry Pizza Co. and Sizzler are tenants. The center also includes a 30,000-square-foot vacant former Big Lots.

The 32,757-square-foot Marina Center along the Pacific Coast Highway in Long Beach, California, traded for $16.2 million. JLL Capital Markets represented the seller, a private investor who had owned the property for 23 years. Tourmaline Capital acquired the asset, whose tenants include Audio Concepts, Belmont Shore Veterinary Hospital, Enrique’s Mexican Restaurant, First Bank, Golden State Tanning Studio, Honey’s Cleaners, Lavender Nails, Ortho Mattress and Subway. Many have been at the center since it was built in 1989.

Marina Center

Holland Point — a new, fully leased, 68,187-square-foot Publix-anchored retail center in Gwinnett County, Georgia — sold for $20.05 million. CBRE represented the seller, Watkins Real Estate Group. Hanley Investment Group and ParaSell represented the buyer, who also has purchased two other supermarket-anchored properties in the Atlanta area for $45 million. The three properties satisfy a 1031 exchange from the sale of a dairy farm in Ontario, California.

Hackney Real Estate Partners purchased the 200,800 square-foot, Publix-anchored Northside Plaza in Dothan, Alabama, for $19.7 million. Tenants include AMC, Chili’s, Hobby Lobby, Panera, Advantage Resourcing and Nail Boutique & Spa.

Forge Capital Partners and Sembler sold Union City, Georgia’s 101,174-square-foot Shannon Crossing to an Atlanta LLC for $19.4 million. The Kroger-anchored center’s other tenants include Advance Auto Parts, Chase, T-Mobile, The UPS Store, Papa John’s and J.R. Crickets. SRS Real Estate Partners represented the seller.

Transformco, owner of Sears Holdings’ remaining assets, acquired the vacant, 236,000-square-foot Sayville Plaza shopping center in Long Island’s Bohemia, New York, for $18.5 million from Arctrust. Aldi, At Home and Floor & Decor have signed leases to open in the former Kmart.

The Publix-anchored, 48,663-square-foot Deltona Commons in Deltona, Florida, traded in a tax-free exchange for $11.5 million. TSCG represented an affiliate of Global Fund Investments in the sale to an affiliate of the Miller Family Trust of Miami.

A new, net leased 7-Eleven in Ocean City, Maryland, traded for $6.2 million. The Boulder Group represented the buyer, an individual based in the Northeast, as well as the seller, a private real estate firm.

An investor purchased the 25,000-square-foot Central Point Plaza in Albany, New York, for $4.15 million from Arthur Kontogiannis and AGK Associates. Tenants include Streetgame, Grappa ’72 Ristorante and First New York Federal Credit Union.

Abraham Cherem acquired a 7,900-square-foot, Orlando building for $4.2 million from an LLC represented by Franklin Street. Red Lobster has 18.5 years remaining on its lease of the property, a 1.4-acre outparcel at a 209,686-square-foot center anchored by Burlington, Ross Dress for Less and Marshalls.

An LLC purchased the three-building, 56,300-square-foot Shopping Plaza at Bellingham Commons, southwest of Boston, from another LLC for $3.8 million. Tenants are a mix of local businesses. SVN Parsons Commercial Group represented the seller.

A 2,500-square-foot, net leased Starbucks in Evans, Georgia, traded for $2.3 million, reflecting a 5.15% cap rate. Palomar Real Estate Group represented the seller.

EB Arrow sold The Hill, a 240,000-square-foot shopping center in Dallas, to Asana Partners in an off-market transaction. Local tenants at the 30-year-old property include Bellagreen, Boardroom Salon for Men, Camp, Hat Creek Burger Co., Hiatus Spa + Retreat, Houndstooth Coffee, Snooze and Tacodeli. JLL Capital Markets represented the seller.

The Hill

The DESCO Group sold the 91,588-square-foot, Hy-Vee-anchored Warren Plaza in Dubuque, Iowa, to a private investment fund. Small-shop tenants include Grand River Medical Group, Jersey Mike’s Subs, Miracle-Ear, OneMain Financial, Supercuts and The UPS Store. JLL Capital Markets represented the seller.

Warren Plaza

By Brannon Boswell

Executive Editor, Commerce + Communities Today

Commerce + Communities Today

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