Dealmaker: Institutional Property Advisors Brokers $42M in Retail Sales
Institutional Property Advisors, Ontario, Calif., brokered $42.4 million in retail property sales in Indiana, Michigan and Florida.
The firm sold two Kroger-anchored shopping centers, West State Plaza in Fort Wayne, Ind. and Mid Eleven Center in Detroit suburb Farmington Hills, Mich. for $22 million.
“This was an all-cash transaction that went under contract with an institutional buyer at our asking price and closed within 60 days,” said IPA Executive Director Erin Patton. She and IPA Executive Directors Scott Wiles and Craig Fuller represented the seller, a San Francisco-based private equity fund.
West State Plaza was 91.7 percent occupied at closing. Kroger and Dollar Tree occupy nearly 75 percent of the gross leasable area.
Built in 1980 on six acres, Mid Eleven Center was 97 percent occupied at closing. Kroger occupies 59 percent of space on a triple-net lease that runs through April 2034.
In Broward County, Fla., IPA sold 36,000-square-foot Waterway Shoppes of Weston in Weston, a master-planned suburban community. The property sold for $20.4 million, which equates to $569 per square foot.
“Weston’s retail submarket is widely recognized as one of the strongest and healthiest in south Florida,” said IPA Senior Director Kirk Olson. He noted average annual household income in the city exceeds $140,000 and the daytime traffic and workforce population amounts to nearly 20,000 people supported by more thanone million square feet of office space.
Olson and IPA Senior Director Drew Kristol represented the Miami-based private investor seller. Cushman & Wakefield Executive Managing Director Gordon Messinger procured the Miami-based private investor.
“Waterway Shoppes has a diverse mix of service-oriented, internet-proof tenants,” Kristol said. “The majority are national or regionally based businesses in small shop spaces that range from 980 square feet to 6,000 square feet.”
Built in 1999, the shopping center is one block from Interstate-75. Nearby employment centers include the Weston Park of Commerce, the Meridian Business Campus, the Cleveland Clinic Florida and Miami Children’s Hospital.