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Foreign capital buys in Bay Area and 10 more recent deals

May 21, 2021

Donahue Schriber sold the 247,000-square-foot Camarillo Village Square in Camarillo, California, in an off-market transaction for $61.5 million. Big 5 Sporting Goods, Sprouts Farmers Market, Rite Aid and PetSmart anchor the center. The sale is Southern California’s highest-priced retail transaction this year, according to Colliers National Retail Capital Markets, which represented the seller.

Regency Centers sold Gateway 101, a 92,110-square-foot retail center fully leased to Nordstrom Rack and Target, in East Palo Alto, California, to a private foreign investor for $53.2 million. “Gateway 101 … represents the strong demand of foreign capital coming back to the United States in 2021 and looking for long-term core retail assets in strong submarkets,” said JLL Capital Markets managing director Bryan Ley, whose team represented the seller.

Gateway 101

Site Centers bought the 56,000-square-foot Shoppes at Addison Place in Delray Beach, Florida, from Azure Development for $44 million. The transaction involved three deals for three properties. Tenants include Angelo Elia pizza, Bank of America, Hair by Scott & Co., Starbucks, Way Beyond Bagels and Wells Fargo.

Red Mountain Group acquired the 600,000-square-foot Algonquin Commons in Algonquin, Illinois, for $33 million. The property has been in receivership for eight years. Tenants include Bonefish Grill, DSW, Nordstrom Rack, On the Border, Pottery Barn, Trader Joe’s and Ulta Beauty.

Algonquin Commons

NNM Realty Trust purchased the 85,000-square-foot, Stop & Shop-anchored Center at Hudson in Boston’s western suburb of Hudson, Massachusetts, for $17.2 million. JLL Capital Markets represented the seller. Other tenants include Expo Nails and Spa, The Paper Store, Sperry’s Liquors and The Eye Care Center.

A 15,560-square-foot property triple-net leased to Walgreens in Bayamon, Puerto Rico, traded for $11.5 million, or $994 per square foot, at a 6.2 percent cap rate, according to Stan Johnson Co., which represented the seller. Properties in Puerto Rico aren’t eligible for 1031 like-kind exchanges, so the seller had to find a traditional buyer. Bluejay beat out multiple offers from private and institutional investors to purchase the property, pictured at top, which has a drive-thru window.

A 52,944-square-foot, two-tenant retail building in Bullhead City, Arizona’s City Square Shopping Center traded for $7.1 million. Both Smart & Final Extra and Ashley HomeStore are triple-net lease tenants. Faris Lee Investments represented the seller.

D’Argent Cos. bought the 49,000-square-foot Central Plaza Shopping Center, in Baton Rouge, Louisiana, for $5.6 million from Castle Central Plaza LLC, Eiseman Central LLC and East Towne Estates LLC. Tenants include Caliente Mexican Craving, Dollar Tree, Nagoya Sushi & Steak House, Smoothie King and Subway.

Pilot Real Estate Group sold the 57,000-square-foot Crossroads Plaza in Cromwell, Connecticut, for $5.1 million. AAA, Benjamin Moore and Habitat for Humanity ReStore are tenants.

Equity Management Partners purchased the 49,708-square-foot, Publix-anchored Olde Village in Englewood, Florida. TSCG represented the seller, an affiliate of Fairway Investments.

Site Centers and Madison International Realty sold the 130,707-square-foot Shoppes at Golden Acres in New Port Richey, Florida. Plaza Advisors represented the seller. Tenants include Publix, Rent-A-Center, Edward Jones and Amscot.

Shoppes at Golden Acres

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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