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7/31/17
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Donahue Schriber has acquired Marigold Center, a 174.4k sf, grocery-anchored shopping center in the CA central coast community of San Luis Obispo, for $43.55 mil, or $250/sf. It was sold by Kimco Realty Corp.
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Anchored by Vons, the 89%-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 St, which, due to its location at the intersection of Broad St and Tank Farm Rd, 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.
Gleb Lvovich, Bryan Ley and Eric Kathrein with HFF represented the seller in the deal. The property was purchased free and clear of existing debt.
“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 noted. “Well-located retail real estate with strong fundamentals continues to demand investor attention and a yield premium.”
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