Innsbrook shopping center sold for $17.35 million
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Parkside Marketplace, a 52,948-square-foot shopping center on West Broad Street across from Innsbrook, has been sold by Washington, D.C.-based Stavins & Axelrod to Northpond Partners for $17.35 million. It is the first acquisition made by the new $200 million evergreen investment vehicle focused on retail centers in the Southeast and select Sunbelt markets.
The shopping center is 98% leased to a diverse mix of tenants that includes West Marine, Five Guys, AT&T, and M&T Bank. The 26 tenants have an average tenure of 15 years.
“We’ve been pleasantly surprised by the number of potential centers available to our new fund. This center is a great introduction to our portfolio, which we think will grow quickly,” said Phil Slovitt, managing principal and co-founder of Northpond Partners.
The company is a Chicago-based real estate investor and operator.
“We’re still seeing significant investor demand in the retail sector," said Catharine Spangler of Cushman & Wakefield | Thalhimer, who represented the seller in the sale. "With stable in-place cash flow, minimal large block exposure, and multiple avenues for future upside, Parkside Marketplace was no exception with respect to creating a competitive offer process."
