IPA Closes Sale of Two Kroger-Anchored Centers
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of two Kroger-anchored shopping centers. The triple-net-leased properties are West State Plaza, a 96,334-square-foot community shopping center in Fort Wayne, IN; and Mid Eleven Center, a 74,525-square-foot retail center in the affluent Detroit suburb of Farmington Hills, MI. The properties sold for a total of $22 million.
“This was an all-cash transaction that went under contract with an institutional buyer at our asking price and closed within 60 days,” said Erin Patton, IPA executive director and a recent Women in Real Estate honoree.
Patton and IPA executive directors Scott Wiles and Craig Fuller represented the seller, a San Francisco-based private equity fund.
The Patton Wiles Fuller team has sold more than $260 million in retail properties during 2020. Marcus & Millichap’s brokers of record in Michigan and Indiana are Steve Chaben and Josh Caruana, respectively.
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