Marcus & Millichap completed the sale of Spring Creek Center, a 31,557-square-foot retail strip property located in Derby, Kansas. The property sold for $5.3 million. 

“We sourced an all-cash private investor from the East Coast who offered a higher price than local buyers while securing a better deal than he could find in his home market,” said Alex Perez, first vice president of investments. 

Perez and Chris Garavaglia, investment specialists in Marcus & Millichap’s St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group. Colby Haugness, Broker of Record in Kansas, assisted in closing the transaction. 

Built in 2007, Spring Creek Center is located on 3.28 acres at 1821 E. Madison Ave. in the Wichita, Kansas, MSA. The retail strip consists of 12 fully leased suites spread across three buildings, with a mix of medical, dining and service-oriented tenants.

CBRE arranged the $7.8-million sale of Main Street Village Center, a 20,000-square-foot-retail center located at 135, 175, and 265 E. Ontario Ave. in Corona. The firm’s Alan Krueger and Vanessa Haddad represented the all-cash, non-trade buyer, Pacific Petroleum, Inc., as well as the seller, LJZ Corona LLC.

“Main Street Village offered a strategic investment opportunity,” said Krueger. “It boasts exceptional tenant retention history, with over 90% of the tenants choosing to remain at this location for more than a decade.”

Main Street Village Center caters to a densely populated community, serving more than 118,000 residents living within a three-mile radius and earning an average annual household income exceeding $120,000. Located across from a major grocery store and pharmacy chain, the fully occupied center features e-commerce resistant services such as Kumon, a fitness center and Yogurtland.

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.