LOS ANGELES, CA — DECEMBER 29, 2021 — Centre Urban Real Estate Partners has successfully sold Rock Hill Retail Center, a 4,800 sf retail center in St. Louis, Missouri for $1.45 million or $302 per square foot, and Dollar General #718, a net leased asset located in Jackson, Alabama for $475,000 at a 7.3% cap rate. These two assets were part of a portfolio owned by the families that had once owned a prominent tile company in the Los Angeles South Bay. The families originally purchased the properties in 2016 and 2017. Centre Urban was initially brought in to analyze the family's existing portfolio in 2018 and was ultimately asked to be the investment manager on behalf of the family trusts.
Rock Hill Retail Center was originally built in 2017 and anchored by Pacific Dental Services, operating as Rock Hill Dentistry. The buyer is an owner-user and plans to occupy the adjacent vacant suite as Hotworx Fitness Studio & Gym. Centre Urban was represented by CBRE, Inc. and the buyer was represented by Morrow Hill, LLC in the transaction.
Dollar General #718 was originally built in 1997 with a corporate-guaranteed NN lease to Dollar General (NYSE: DG), a publicly-traded Fortune 500 Company with an S&P Investment Grade Credit Rating of BBB. The buyer is Wolfe Investments of Dallas, Texas. Centre Urban was represented by Sands Investment Group and the buyer was represented by Wynmark Commercial in the transaction.
Centre Urban's Investment Management Platform is available for family offices and Accredited high-net worth individuals that desire professional portfolio or asset management of their real estate investments. Centre Urban can advise on an existing portfolio or execute an appropriate strategy for new investments, whether it is through comingled investment vehicles or separate accounts, that achieves the goals of our investors.
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LOS ANGELES, CA — DECEMBER 29, 2021 — Centre Urban Real Estate Partners has successfully sold Desert Springs Spa & RV Park comprising of 96 RV and mobile home pads in Riverside County, California for $2.4 million or $25,000 per pad. Desert Springs Spa & RV Park is a legacy asset of Tahiti Partners Properties Corporation, which originally purchased the property in distressed condition for $1.8 million or $18,750 per pad in early 2017. The property was originally built in 1974 and features a swimming pool and spa heated by natural hot springs, which is the namesake of the nearby City of Desert Hot Springs. Centre Urban successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by an affiliated Centre Urban company, and the buyer was represented by the Martinez & Associates, Inc. in the transaction.
Located in the Coachella Valley, Desert Hot Springs is a historic city that rests upon a large alluvial plain that fills the cavity of the ancient Mission Creek, which flows from the snowpack on the peak of Mt. San Gorgonio, a protected nature reserve. A short drive from Desert Springs Spa & RV Park and Desert Hot Springs is the world-famous City of Palm Springs, which is known for its hot springs, stylish hotels, golf courses and spas. It's also noted for its many fine examples of midcentury-modern architecture.
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