Nine single-tenant First Midwest Bank properties throughout Illinois traded for $46.6 million. Each lease has approximately 10 years remaining in its primary term. The leases also have renewal options with rental escalations, said Randy Blankstein, president of The Boulder Group, which brokered the deal. “Net lease investors are seeking banks with strong deposit histories, along with long-term lease agreements,” he said.
McWhinney and Prism bought the Foothills shopping center in Fort Collins, Colorado, and several surrounding single- and multitenant buildings out of receivership for $45 million. The property which opened as Foothills Fashion Mall in 1973, sits on 63 acres and includes 662,000square feet of retail, including a 128,000-square-foot Macy’s.
Walton Street Capital and NewQuest Epic Investment Co. sold the 253,000-square-foot Price Chopper supermarket-anchored Marketplace Shopping Center in Independence, Missouri, to HJH Investments, for $20.3 million. Other tenants include Petco, Big Lots, Fedex and Viva Fashion. Investors’ Realty represented the buyer and seller. NewMark Merrill Cos. purchased Chicago’s 292,309-square-foot Bricktown Square from Bonnie Investment Group. Anchors include Aldi, DD’s Discounts, Farmer’s Best Market, Harbor Freight, Ross Dress for Less and X Sport Fitness. ReCap Real Estate Investment, the real estate subsidiary of RGA Rinsurance Group of America, financed the purchase. The 67,112-square-foot Expo on Clark in Sarasota, Florida, traded for $18 million. The property received eight bids, according to Marcus & Millichap, which represented the seller, a family-owned LLC. A New York based private investor purchased the property, whose tenants include Amazing Lash Studio, a hot yoga studio, a hair salon, a nail salon, Kitchen & Bath Design Center and restaurants Oak & Stone, The Original Egg, Nori Japanese & Thai Restaurant and Valentino Pizzeria Trattoria. A freestanding, single-tenant Sprouts Farmers Market in Estero, Florida, traded for $14.4 million. “We are seeing family offices and offshore capital move to the forefront of bidding to acquire best-of-the-best net lease assets with pandemic-resistant attributes,” said Michael Brewster, director at JLL Capital Markets, which represented the seller, GBT Realty Corp.
Pebb Enterprises and Topvalco Inc. bought Delray Beach, Florida’s 71,000-square-foot Delray Commons, pictured at top, for $10.5 million. The purchase includes outparcels leased to Burger King and Taco Bell.
The buyers, operating as KP Delray LLC, plan a new facade, roof, parking lot, lighting, signage and landscaping to accommodate a new, 23,256- square-foot Sprouts Farmers Market anchor. Pebb has owned the property before but sold it to a local investor in 2015.
MAR Group purchased a 38,000-square-foot property in Tempe, Arizona, for $9.6 million. The seller is the preferred developer of EoS Fitness, which net leases the property. Marcus & Millichap represented both the buyer and the seller. Central Plaza, a 19,016-square-foot shopping center in St. Petersburg, Florida, traded for $5.1 million. Franklin Street represented the seller, a California-based retail investor. Tenants include Amscot and Rent-ACenter. The buyers are local investors that own other multitenant properties throughout Florida.
Wood Investments Cos. has acquired its first Montana property —a 67,000-square-foot building at 2618 King Ave. West in Billings’ main retail corridor — for $4.6 million. The property, on 5.2 acres, formerly was occupied by Big Bear Sports Center. Wood Investments COO Greg Vujnov said it was a value-add investment, and the company has signed on two TJX companies — HomeGoods and Sierra — for 42,000 square feet and Petco to 15,000 square feet. Those tenants will open next year, leaving10,000 square feet available. Wood Investments will update facades, improve signage and redevelop to tenant specifications. Mountain West Commercial Brokerage represented Wood Investments, as well as the seller, Wilson-Taylor Partnership LLC.
A single-tenant, 13,275-square-foot property in Las Cruces, New Mexico, leased long term to Caliber Collision sold for $4.2 million. The Boulder Group represented the seller, a Southwest-based real estate firm doing a1031 exchange. East Coast Acquisitions purchased Roswell, Georgia’s 95,522-square-footRoswell Marketplace for $3.8 million. JLL Capital Markets represented the seller, Branch Properties. Sprouts Farmers Market anchors the center, whose tenants also include Another Broken Egg Cafe, Bad Daddy’s Burger Bar, Chipotle, Hollywood Feed, Starbucks, Subway and Tin Drum Asian Kitchen.
Oriental Pearl BR LLC bought the 12,500-square-foot Lake Park Center in Baton Rouge, Louisiana, from Parkland Properties LLC for $1.4 million. Tenants include Italian delicatessen Pocorello’s, Cupcake Junkie and Children’s Boutique. Stirling Properties represented the seller.