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SCT

5 shopping center trades that went through during COVID-19

June 17, 2020

Augusta, Georgia

The Augusta National Golf Club acquired the adjacent 169,000-square-foot National Hills Shopping Center from Slate Asset Management for $26 million. The Fresh Market anchors the center. The famous golf course has acquired more than 110 acres of adjacent property during the past 20 years.

Chesapeake, Virginia

Armada Hoffler Properties sold the 88,862-square-foot Gainsborough Square shopping center for $13.6 million. The property’s primary tenant is a 44,874-square-foot Food Lion. Others include Rite Aid, Supercuts, The UPS Store, McCormick Paints and Subway.

Lauderhill, Florida

Andrew Mirmelli and Mark Alhadeff sold the 143,430-square-foot Promenade at Inverrary to Current Capital Group and Todd Nepola for $12.75 million. Tenants include My Salon Suite, Crafty Crab, Tate’s Comics + Toys + More and VCA Promenade Animal Hospital. The new owner plans a complete remodel of the center, which was built in 1986. 

Del’s Village Shopping Center

Boonton, New Jersey

ROI Management sold the 51,794-square-foot, Kings food market-anchored Del’s Village Shopping Center to a private buyer for $12.5 million. “Del’s Village is currently 97 percent leased with a weighted average remaining lease term of nearly eight years,” said Seth Pollack, an investment sales specialist at Cushman & Wakefield, which represented the seller. “Kings, which has anchored the center since 1999, signaled their success at this location by choosing to renovate and expand their footprint in 2015.”

Lutz, Florida

Verdi River Way bought The Shoppes At Terra Bella (pictured at top) — a new-construction, 16,057-square-foot retail strip — for $7.6 million. “We were able to attract an all-cash investor who was able to see the future beyond COVID-19 and a return to normalcy,” said Ryan Derriman, director for Franklin Street, which represented the seller. “They understood the tenants were less effected by the virus, as opposed to sit-down casual dining restaurants or big-box retailers.

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