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Retail property transactions wrap-up

February 15, 2018

A look at some of the week's retail property deals from around the U.S.:

• Phoenix-based Vestar paid Houston’s Weingarten Realty Investors $87 million for the Best in the West shopping center, at Rainbow and Lake Mead boulevards, in Las Vegas. The 430,000-square-foot center’s tenants include Bed Bath & Beyond,  Best Buy and PetSmart.

• Pine Tree LLC and a state pension fund purchased the 527,000-square-foot Meridian (Idaho) Crossroads from DDR for $78.7 million. Bed Bath & Beyond, PetSmart, Pier 1 Imports and Ross Dress for Less are anchors.

• Forum Management Group, of Atlanta, sold the 200,000-square-foot Washington Square, in Augusta, Ga., to  Atlanta-based WSQ for $20 million. Among the tenants are Carrabba’s Italian Grill, 2nd & Charles and Stein Mart.

• Sudberry–Palm Avenue LLC sold the Grocery Outlet anchor store at Breakwater Town Center, in Imperial Beach, Calif., to Tri Star Hotel Investments for $7.2 million. Retail Insite and HFF arranged the transaction on behalf of the seller.

• Brixmor Property Group sold Oakwood Commons, a 276,450-square-foot center in Hermitage, Tenn., to Big V Capital for $24.4 million. The 15.2-acre parcel is subject to a 99-year ground lease, with a family trust holding title to the land. The tenants at the Publix-anchored center include Bed Bath & Beyond, PetSmart and Ross Dress for Less.

• Boston-based Charterhouse Development bought a CVS pharmacy in New Bedford, Mass., from Hres Acushnet for $1.9 million.

By Brannon Boswell

Executive Editor, Commerce + Communities Today