by Dan Rafter
It’s no secret that grocery-anchored retail centers continue to attract the attention of investors throughout the Midwest. And why not? A busy supermarket or high-end grocer brings a steady stream of customers to a retail center, customers that might after buying the week’s groceries spend their dollars at other tenants.
“Grocery-anchored developments remain popular today,” said Brad Saville, president of Landmark Commercial Real Estate in Wichita. “People need to eat, whether they feel good about the economy or they don’t. The grocery stores bring people out. Tenants want to be in a development that features a popular grocery store.”
More proof of this came earlier this fall when Mid-America Real Estate Corporation’s investment sales team brokered the sale of Stonefield Square in Louisville. Toronto’s Slate Properties purchased the 90,991-square-foot center for $12.6 million.
One of the center’s anchors? A busy The Fresh Market high-end grocery store.
Joe Girardi of Mid-America Real Estate Corporation was the exclusive broker representing the seller, Cincinnati’s Viking Partners.
Earlier this year, Mid-America sold another large retail center — this one in the Cincinnati market — that featured a grocery store as one of its anchors. Mid-America sold the 277,533-square-foot Buttermilk Towne Center in Crescent Springs, Ken., to Michigan’s Ramco-Gershenson Properties Trust for $42 million.
One of the center’s anchors is supermarket chain Remke Markets.