HFF closes $43.55 million sale of a grocery-anchored retail center in California’s Central Coast
NEWPORT BEACH, CA – July 11, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $43.55 million sale of Marigold Center, a 174,428-square-foot, grocery-anchored shopping center in the Central Coast community of San Luis Obispo, California.
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.
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.
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of March 31, 2017, the company owned interests in 517 U.S. shopping centers comprising 84 million square feet of leasable space across 34 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at twitter.com/kimcorealty.
About Donahue Schriber
Donahue Schriber Realty Group is a privately-held Real Estate Investment Trust (REIT) with 65 shopping centers representing over 11 million square feet of retail space throughout California, Nevada, Oregon, and Washington. For more information about the company, visit DonahueSchriber.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.