A roundup of notable retail property transactions from around the U.S.:
• Investment Concepts, of Orange, Calif., paid Weingarten Realty nearly $15.8 million for Paradise Marketplace, a 78,000-square-foot neighborhood shopping center anchored by Smith’s Food & Drug and located on the northeast corner of Flamingo and Sandhill roads, in Las Vegas.
• Pebb Enterprises sold a 7,700-square-foot, single-tenant property currently occupied by City Mattress in Fort Lauderdale, Fla., to Roblin Properties for nearly $3.5 million.
• Chicago-based Blackstone-ShopCore sold the 700,000-square-foot Shops at Fort Union, in Midvale, Utah, to Kornwasser Shopping Center Properties for $142 million. Bed Bath & Beyond, Dick’s Sporting Goods and Walmart are among the anchors. Mountain West Commercial Real Estate and NKF Capital Markets helped broker the deal.
Coaster Properties sold the 16,900-square-foot Sandpiper Square shopping center, in downtown Cannon Beach, Ore., to investor Roger Yost for $4.2 million. The tenants include some local art galleries and a medical office
• Publix Super Markets paid DDR some $17.9 million for Lakewood Ranch Gateway, in the Lakewood Ranch master-planned community of Bradenton, Fla. Publix anchors the 70,000-square-foot center, where Bank of America, Beef 'O’Bradys, McDonald’s and Verizon are among the tenants.
• Monroe Investment Partners sold the 24,300-square-foot, Walgreens-anchored property at 1414–1438 E. Brady St., in Milwaukee, to Park Ridge, Ill.–based Brady MKE for about $9.6 million. Additional tenants include GNC, Subway, Supercuts and T-Mobile. Mid-America Real Estate represented the seller.
• A private 1031 exchange buyer acquired a newly constructed, single-tenant retail property in San Bernardino, Calif., from an Orange County, Calif.–based development firm for $5.3 million. Starbucks occupies the 3,000-square-foot property, which was built in 2017. SRS represented the seller, and TNG Real Estate represented the buyer.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
