At the time of sale, The Shops at Village Square was fully occupied by 15 retail, office, and service tenants.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The 80,361-square-foot property includes two freestanding outparcel buildings.
The property consists of 35,850 square feet of retail space along University Drive, plus 19,680 square feet of office suites tucked behind the shopping center.
“The property sold for close to $700 per square foot, which is noteworthy for an open-air strip center.”
The property is 75% leased with a mix of local retail, office and service tenants. CLICK ON THE HEADLINE FOR MORE
David Donnellan and Patricia Friend of CBRE managed the sale on behalf of Pebb Enterprises. CLICK ON THE HEADLINE FOR MORE
The property was purchased for $17,600,000. CLICK ON THE HEADLINE FOR MORE
The mixed-use property was 85% leased. CLICK ON THE HEADLINE FOR MORE
The center is nearly 98% leased, anchored by Office Depot and AC Moore. CLICK ON THE HEADLINE FOR MORE
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