SAN DIEGO, CA – Alvin Mansour (top right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 11 shopping strip centers throughout the United States in the past year valued at nearly $44 million.
The properties are located in Mississippi, Utah, Texas, Illinois, California, Kentucky and North Carolina.
Mansour, a senior vice president investments and senior director of Marcus & Millichap’s National Retail Group, represented the sellers in these 11 separate transactions. The sellers were developers and family trusts, while the buyers were private investors.
“The strip center segment has presented its share of challenges,” shares Mansour, “but it is improving steadily, along with the entire retail sector and lending market. As we continuously expand our already deep access to a pool of investors nationwide, more private buyers will vie for these strip centers – even in secondary and tertiary markets.
“1031 exchange buyers are becoming increasingly active in the strip center segment. We have seen a number of exchange buyers trade non-conventional product, instead of once-common apartment complexes, for strip centers because of their stabilized returns and ease of management.
“An array of unique properties, including ranches, parking lots, and RV parks, are now being traded for strip centers. The buyer profile has clearly changed, and as competition heats up, cap rates will continue to compress for strip centers, a trend we began to see late last year,” says Mansour.
In Los Angeles, Mansour closed the largest strip center transaction – which totaled $8.8 million – at 4414-4430 York Blvd (top left photo). The 18,498-square foot strip center is anchored by CVS, Starbuck’s and L&L Hawaiian Barbecue.
He arranged the sale of Turtle Creek Corner, a 119,334 square-foot retail center in Hattiesburg, Miss. The 98-percent occupied property is triple-net-leased to several national credit tenants including Lowe’s, TJ Maxx, H&R Block and others.
Conn’s and Shops at Alameda in Houston sold at $5 million to a private investor. The property was anchored by Conn’s and featured several regional and local tenants.
Mansour negotiated the sale of Riverton Depot, a fully leased retail center in Riverton, Utah. Tenants at the 32,384-square foot asset include Staples, Dollar Tree and Shoe Carnival.
Heights Corner in Forth Worth, Texas, a Chick-Fil-A and Starbucks-anchored center, traded at a 7.68 percent cap at more than $442 per square foot.
The Market at Byram, a 69,054-square foot neighborhood center anchored by Vowell’s Marketplace, sold to a private investor in Byram, Miss.
Shops at Liberty Plaza in Crystal Lake, Ill., a neighborhood center with regional tenants, traded for just north of $302 per square foot.
A Starbucks and Jimmy John’s anchored strip center in Louisville, Ky., closed at $575 a square foot to a private 1031 exchange buyer based in California.
Mansour also arranged the sale of:
An 8,930-square foot strip center in Cedar Hill, Texas, anchored by Verizon Wireless and Sears.
Shoppes at Indigo Trails, a 12,500-square foot retail asset in Queen Creek, Ariz.
A 4,930-square foot strip center in Concord, N.C., anchored by T-Mobile.
Providing additional representation on the aforementioned transactions were Brent E. Yurtkuran (lower right photo), a senior associate in the Jackson, Mississippi office; Greg A. Moyer, a senior vice president investments in the Chicago office, Richard Bird, regional manager of Marcus & Millichap’s Salt Lake City office; and Allen Smith, a vice president investments in the Charlotte, N.C., office.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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