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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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Inside The Story

Connect With IPA’s Patton, Wiles and Fuller

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Lease
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