DRA Advisors and KPR Centers sold 16 shopping centers totaling more than 1.5 million square feet to three separate entities: Klein Enterprises, Kimco Realty and a KPR affiliate. The sellers had just acquired the properties as part of an $879 million acquisition of grocery-anchored centers from Cedar Realty. Klein acquired nine of the properties — seven stabilized and two under redevelopment — totaling more than 800,000 square feet in Maryland, Virginia and Pennsylvania.

9 More Recent Deals

Danville, California:  The 67,192-rentable-square-foot, two-story Village Shopping Center traded for $20.4 million, or $303 per square foot, according to Marcus & Millichap, which represented both parties. Blake|Griggs Properties acquired the property from Montair Associates. The 1977-era center is 97% occupied by 32 tenants, including the Danville Area Chamber of Commerce, Discovery Counseling Center and a gym.

Downey, California: A single-tenant retail building occupied by Aldi sold for $7.3 million. JLL Capital Markets represented the private trust that acquired it from Westland Real Estate Group. Positioned on 1.65 acres, the store sits near a bus transit system that connects several area cities.

Rancho Cucamonga, California: The owner and operator of the Beauty 4U chain purchased a 2007, 4,972 square-foot, freestanding building across the street from the Victoria Gardens lifestyle center to serve as its 13th location. The buyer paid $2.25 million and used Small Business Administration financing, according to Progressive Real Estate Partners senior vice president of investment sales Greg Bedell, who represented the seller. Progressive sold this asset separately from the rest of the center. Coldwell Banker Best Realty represented Beauty 4U.

Boca Raton, Florida: Cire Equity bought a 41,250-square-foot former HHGregg store from Pan York Glades for $10.6 million. Eos Fitness will move into the building. Katz & Associates represented the seller, and Meridian Retail Group represented the buyer.

Naperville, Illinois: CenterSquare acquired Freedom Commons — an eight-building, 81,760-square-foot property near Chicago, the firm’s first property in the Midwest. It’s 96% occupied by such tenants as Maggiano’s Little Italy, Morton’s steakhouse, LightRx, Naf Naf Middle Eastern Grill and Option Care Health.

New Orleans: SVN | Urban Properties represented the Robert Thompson-owned hospitality company Angevin & Co. in the acquisition of the 12,000-square-foot former K-Paul’s Louisiana Kitchen on Chartres Street in the French Quarter. Thompson, who recently acquired two nearby hotels, plans to open a restaurant called French Quarter Boulangerie, an all-day breakfast and lunch restaurant and bakery, in the second half of 2023. “When the iconic K-Paul’s space came to market, I felt like it was a big undertaking but also something that was important to pursue for the city, Thompson said. “This historic property is worthy of new life and I know my team and I will evolve it in a way that honors its past while modernizing it for locals and tourists alike.”

Gaithersburg, Maryland: The 71,329-square-foot, fully leased Gaitherstowne Plaza sold for $24.45 million. The average tenure of tenants at the property surpasses 10 years, and the roster includes national brands Gabe’s, AutoZone, Sherwin-Williams and an outparcel IHOP. Marcus & Millichap Institutional Property Advisors represented the seller, an entity related to Big Shopping Centers USA, and secured the buyer, Milbrook Properties.

St. Paul, Minnesota: A property triple-net leased to Big O Tires traded for $2.4 million in a 1031 exchange. Upland Real Estate Group represented the seller. The property is located near the site of the 135-acre planned Highland Bridge mixed-use redevelopment along the Mississippi River.

Haverstraw, New York: Mark Holdings and Paragon Realty Group sold Samsondale Plaza, a 156,185-square-foot shopping center anchored by Stop & Shop, for $26.6 million to an affiliate of Northeast Capital Group. Other tenants at the 91%-leased center include the New York State Department of Motor Vehicles, Dollar Tree, Advance Auto Parts, Sport Clips, Sally Beauty Supply and Mandee. JLL Capital Markets represented the seller.