LOS ANGELES, CA — DECEMBER 29, 2021 — Centre Urban 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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