A Kauaʻi shopping center anchored by a major grocery tenant is part of a newly acquired national retail portfolio, according to a press release by CBRE Investment Management.
The firm said on Wednesday that it has partnered with MCB Real Estate to purchase a 7-property portfolio of grocery-anchored shopping centers totaling about 1.1 million square feet across five states.
Among them is the Kauaʻi Village Shopping Center in Kapaʻa, a roughly 111,000-square-foot retail hub serving residents and visitors on the island’s east side.
The additional six locations also include: Riverview Shopping Center, Durham, N.C.; The Eagan Town Center, Eagan, Minn.; The Northlake Shopping Center, Mandeville, La.; the Preston Trail Village, Dallas; Marketplace Shopping Center, Temple, Tex.; and Sprouts Crossing, Hurst, Tex.
The Kauaʻi property is part of a collection of “necessity-based” retail centers anchored by grocery stores and other daily-needs businesses.
Company officials said grocery-anchored retail has remained attractive to investors because of steady consumer demand and relatively low vacancy rates. The Kauaʻi center reflects that trend locally, offering essential services in a region where new large-scale retail development is limited.
Over the past year, the firm has acquired or taken on management of more than $1 billion in commercial real estate nationwide. Financial terms of the transaction were not disclosed.
