- people on the move
Firm buys suburban shopping center for $16.7M
A major shopping center in a Grand Rapids suburb is under new ownership.
Retail Value, Inc. recently sold the 224,479-square-foot Grandville Marketplace, at 4485 Canal Ave. SW, to RCG Grandville for $16.7 million, according to the Dallas-based commercial real estate firm HFF yesterday.
An HFF investment advisory team represented the seller, Retail Value, Inc., in the transaction. The team included HFF senior directors Amy Sands and Clinton Mitchell and managing director Matthew Schoenfeldt.
The Grandville Marketplace is home to 15 tenants: Hobby Lobby; Office Max; PetSmart; Cost Plus World Market; Logan’s Roadhouse; Party City; Dollar Tree; Five Below; America’s Best Contacts and Eyeglasses; and more.
The property is also “shadow anchored” by Lowe’s and has several outparcel pads leased to Discount Tire, Famous Dave’s, Wendy’s and Flagstar Bank.
The shopping center currently stands at 80.5 percent occupancy.
Beachwood, Ohio-based Retail Value, Inc. (NYSE: RVI) holds assets in the continental U.S. and Puerto Rico.
Atlanta-based RCG Ventures is a privately funded real estate investment group that acquires and develops commercial real estate in the continental U.S. The firm's primary focus is value-add, anchored shopping centers with the potential for long-term ownership.