JLL Capital Markets represented the seller, SITE Centers, and located the buyer. The selling price and the buyer were not disclosed.
Larkin’s Corner is 99 percent occupied and has received 2 million visitors in the past 12 months. It has added about 168,000 square feet of new or renewed lease space since 2019.
“Retail market fundamentals are increasingly robust, and Larkin’s Corner is a direct example of the overall positive macro-economic characteristics bolstering retail shopping centers,” said JLL Senior Managing Director Chris Munley.
“With near full occupancy, a waiting list for specific space at the property, significant rental growth and leasing spreads, the asset’s performance was at an all-time high and in ideal position for a sale.”
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high-household-income communities.
Read more about this transaction brokered by JLL Capital Markets and about Larkin’s Corner at JLL.