Dealmaker: IPA Closes $34M in Retail Property Sales

Institutional Property Advisors, Calabasas, Calif., closed two retail property sales totaling $34 million.

In Simpsonville, S.C., near Greenville, IPA sold The Market at Standing Springs, a new 63,883-square-foot Publix-anchored shopping center, for $18.2 million.

IPA Senior Director Zach Taylor said the buyer was a family office in a 1031 exchange. “They were placing funds from a single-tenant Lowes Home Improvement asset that my partner, Don McMinn, sold for them in March,” he said. Taylor and McMinn represented seller Carolina Holdings and buyer C.F. Smith Property Group. 

Completed early this year, Market at Standing Springs is located on West Georgia Road area at the intersection of W. Georgia Road and East Standing Springs Road near Interstate 385. A Wal-Mart occupies the site across West Georgia Road.

In Boston’s Jamaica Plain neighborhood, IPA sold 25,349 square feet of ground-floor retail in Vita, a newly constructed Class A condominium and retail development. James Koury, IPA Senior Managing Director, represented seller J.P. Property One LLC and procured the buyer. The $15.8 million sales price equaled $626.72 per square foot.

Located 4.5 miles from Boston’s financial district, Vita is near the Massachusetts Bay Transportation Authority’s Green Street and Forest Hills commuter rail stations. The property is fully occupied by Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.