Saturday, July 22, 2017

HFF closes $43.55 million sale of a grocery-anchored retail center in California’s Central Coast

Marigold Center, San Luis Obispo, CA                          (Photo by Patrick Tang)

Gleb Lvovich
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $43.55 million sale of Marigold Center, a 174,428-square-foot, grocery-anchored shopping center in the Central Coast community of San Luis Obispo, California.

HFF marketed the property on behalf of the seller, Kimco Realty Corp.  Donahue Schriber purchased the asset free and clear of existing debt.

Anchored by Vons, the 89-percent-leased Marigold Center is also home to Michaels, CVS Pharmacy, Starbucks, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. 

The center is situated on 17.54 acres at 3900 Broad Street, which, due to its location at the intersection of Broad Street and Tank Farm Road, has traffic counts of approximately 47,000 vehicles per day.

 Marigold Center is just north of the airport and in the most affluent part of the city, which is surrounded by world-renowned Edna Valley wineries.  More than 33,700 residents earning an average annual household income of $85,490 live within a three-mile radius of the center.

Bryan Ley

The HFF retail investment sales team representing the seller was led by managing directors Gleb Lvovich and Bryan Ley and director Eric Kathrein.

“The HFF team was able to navigate near term tenant turnover at the property by demonstrating the potential for future repositioning and NOI growth at Marigold Center,” Lvovich said.  “Well-located retail real estate with strong fundamentals continues to demand investor attention and a yield premium.”

“With Vons’ top-tier grocery sales, Marigold Center is one of the best community centers in San Luis Obispo,” Ley added.

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

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

No comments: