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6 Property Sales, Including 1 Turnaround, 1 Opportunity Zone and 2 Wholesale Clubs

January 20, 2022

Mission Viejo, California: Gerrity sold the 79,001-square-foot Gateway Center, pictured at top, to DJM for $39.5 million. JLL marketed the property, which was built in 1979, on behalf of the seller and helped the buyer secure a three-year, floating-rate acquisition loan. “Strong, well-located neighborhood strip centers are only getting better,” said JLL Capital Markets managing director Bryan Ley. “The property grew its tenancy by adding new, dynamic retailers throughout the pandemic and increased both its occupancy and rents. Retailers need to be closer to their customer base, and centers like Gateway Center display the opportunity that exists with an improved tenant mix.” Tenants include Baja Fresh, Cold Stone Creamery, Dance Daly Ballroom, Fit Pilates, French’s Bakery, Happy Minds Kids Academy, Oggi’s restaurant, San Diego County Credit Union, Saddleback Family & Urgent Care, Starbucks, Subway and Sweet Orthodontics & Pediatric Dentistry.

Gainesville, Florida: Wicker Park Capital Management and Riverstone Capital Group, represented by JLL Capital Markets, sold the 165,705-square-foot Gainesville Plaza. Divaris Real Estate bought the Opportunity Zone property, which is anchored by Burlington and Ross Dress for Less, for $19.1 million.

Mesa, Arizona: Michael A. Pollack Real Estate Investments sold the 86,000-square-foot Lindsay Marketplace for $11.2 million after purchasing it in 1993. Tenants include Planet Fitness and Whataburger.

Phoenix: CenterSquare purchased the 17,755-square-foot Metro Commons on behalf of a Fortune 100 institutional client. Tenants include Mod Pizza, The Joint Chiropractic, Verizon Wireless and Smashburger.

Attleboro, Massachusetts, and Baltimore: Inland Private Capital Corp. sold a 115,660-square-foot BJ’s Wholesale Club in Attleboro and an 89,348-square-foot BJ’s Wholesale Club in Baltimore on behalf of its East Coast Wholesale Portfolio DST 1031 investment program, which had acquired both properties in 2016. IPC reported a 153.95% return for investors. “Throughout the pandemic, we observed aggressive capitalization rate compression on essential business tenants such as warehouse clubs, especially throughout the triple-net lease segment of the market,” said IPC president and COO Keith Lampi.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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