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| Marigold Center, San Luis Obispo, CA (Photo by Patrick Tang) |
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| Gleb Lvovich |
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.
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| 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 | www.hfflp.com
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