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.

Marcus & Millichap closed the sale of 1423-1427 E. 14th St., a 6,603-square-foot retail property located in San Leandro. The asset sold for $2,950,000.

Quentin Caruso, senior associate, and Vince Schwab, executive managing director investments in Marcus & Millichap’s San Francisco office, marketed the property on behalf of the seller, a partnership.   

“The property was marketed for two months before going under contract,” said Caruso. “The seller was able to leverage offers from three separate buyers to get the strongest possible closing terms. The buyer is a private, local investor who plans to continue to operate the building with the current tenants.”

1423-1427 E. 14th is a six-unit strip retail building. “Tenants include Tsuru Sushi, Ippai Izakaya, BevBox convenience store and Tapioca Express,” Caruso added. “The leases are all triple-net and the building had no deferred maintenance.“