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| Broadway Pavilion, Santa Maria, CA (Photo by Patrick Tang of Take Flyt Imaging) |
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| 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.
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| 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 | www.hfflp.com
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