Wednesday, May 25, 2016

HFF closes sale of grocery-anchored retail center in Santa Barbara County, CA

Broadway Pavilion, Santa Maria, CA       (Photo by Patrick Tang of Take Flyt Imaging)

Gleb Lvovich
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Broadway Pavilion, a 142,944-square-foot, grocery-anchored retail center in the Santa Barbara County community of Santa Maria, California. 

HFF marketed the property on behalf of the seller, Tourmaline Capital.  Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt. 

Anchored by FoodMaxx, the 94-percent-leased Broadway Pavilion is home to national and regional tenants, including Starbucks, Party City, Fitness Evolution, Subway, Round Table Pizza and Rent-A-Center. 

The center is situated on 13.1 acres at 2410-2530 South Broadway in Santa Maria, a Southern California city 64 miles north of Santa Barbara.  Located directly off State Route 135 and East McCoy Lane, one of the main thoroughfares in Santa Maria, Broadway Pavilion is visible to more than 46,000 vehicles per day.

The HFF investment sales team representing the seller was led by Gleb Lvovich and CJ Osbrink.

CJ Osbrink
“Grocery-anchored retail continues to be in high demand due to the daily needs and recession resistant nature of the tenancy,” Lvovich said.  “The HFF West Coast retail team capitalized on this demand with Broadway Pavilion commanding strong pricing for a secondary market.”

“We are pleased with this acquisition and remain focused on executing our plan of growing value by acquiring and managing grocery-anchored shopping centers,” said Hal Scudder, chief investment officer for Phillips Edison & Company.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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