Sale of grocery-anchored retail center in Santa Barbara County closed by HFF
NEWPORT BEACH, CA – May 19, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Broadway Pavilion, a 142,944-square-foot, grocery-anchored retail center in the Santa Barbara County community of Santa Maria, California.
HFF marketed the property on behalf of the seller, Tourmaline Capital. Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt.
Anchored by FoodMaxx, the 94-percent-leased Broadway Pavilion is home to national and regional tenants, including Starbucks, Party City, Fitness Evolution, Subway, Round Table Pizza and Rent-A-Center. The center is situated on 13.1 acres at 2410-2530 South Broadway in Santa Maria, a Southern California city 64 miles north of Santa Barbara. Located directly off State Route 135 and East McCoy Lane, one of the main thoroughfares in Santa Maria, Broadway Pavilion is visible to more than 46,000 vehicles per day.
The HFF investment sales team representing the seller was led by Gleb Lvovich and CJ Osbrink.
“Grocery-anchored retail continues to be in high demand due to the daily needs and recession resistant nature of the tenancy,” Lvovich said. “The HFF West Coast retail team capitalized on this demand with Broadway Pavilion commanding strong pricing for a secondary market.”
“We are pleased with this acquisition and remain focused on executing our plan of growing value by acquiring and managing grocery-anchored shopping centers,” said Hal Scudder, chief investment officer for Phillips Edison & Company.
About Tourmaline Capital
Tourmaline Capital is a private real estate investment firm focused on the acquisition and operation of retail properties in the western regions of the United States.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. For more information on the company, please visit the website at www.grocerycenterREIT2.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial 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.