The Roseview Group has advised on the sale of two shopping centers, shadow-anchored by Wal-Mart, on behalf of a bank advisory client. The two centers, located in San Luis, AZ and Lexington, NC total 57,000 square feet and sold for an aggregate $5.78 million.
In San Luis, AZ, a 40,256-square-foot, multi-tenant strip center and a 0.69-acre outparcel sold for $2.23 million. The center was 58% leased at the time of sale, anchored by Dollar Tree, Shoe Department, Rue21 and Sally's Beauty Supply.
In a separate transaction, a 16,740-square-foot strip center in the main shopping corridor of Lexington, NC sold for $2.55 million. This center was 100 percent leased at the time of sale to both national and local tenants including Radio Shack, Subway and the U.S. Army, and is not only shadow-anchored by the Wal-Mart but also an adjacent Lowe's Home Improvement Center.
In both deals, Roseview directed the leasing and management of its centers through local CBRE offices. Roseview also engaged a local broker on behalf of the lender and oversaw the preparation of a comprehensive marketing package leading to a competitive and successful sale process.
"After widely marketing the property and exposing it to the local and national investment markets, we were able to obtain an offer that was aligned with our client’s expectations," said Josh Anderson, COO and partner for The Roseview Group, who is located at the firm’s Seattle office. "We are pleased that the market responded so favorably."
Andrew Forsberg with CBRE represented the seller in Arizona, while CBRE's Mike Burkard and Steve Shields represented the seller in North Carolina.