Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, recently completed the sale of a 174,000-square-foot, grocery- and drug-anchored shopping center shadow-anchored by Target in Lincoln, Nebraska.
Hanley Investment Group represented the seller Perkins Properties of Omaha, Nebraska. The buyer, a private investor from Kansas City, Missouri, was represented by Scott Taubin of The R.H. Johnson Company, also based in Kansas City.
Built in 1991 on 22.06 acres, Edgewood Shopping Center is located at 5400 and 5500 South 56th Street and Nebraska Highway 2 and features 86% national and regional tenants including Super Saver Foods, CVS/pharmacy, Dollar Tree, AutoZone, Herbalife, Party America, Petco, Cartridge World, H&R Block and Papa John’s. The center was currently 95% occupied at the time of the sale.
Super Saver’s lease is guaranteed by Associated Wholesale Grocers, Inc., the nation’s largest cooperative food wholesaler serving over 3,800 locations in 36 states. Super Saver has operated at Edgewood Shopping Center since 1991. Hanley Investment Group identified a buyer who it knew had the relationship with Super Saver Foods’ lease guarantor, Associated Wholesale Grocers, Inc., and could renegotiate the existing short-term lease during escrow to maximize value. It was a win-win-win for both the buyer and seller as well as Super Saver.
Edgewood Shopping Center has experienced favorable leasing momentum, including newly executed leases from national tenants such as CVS/pharmacy (ground lease), Dollar Tree, AutoZone and Cactus Modern Mexican & Cantina. All of the existing tenants have extended their leases since 2012, demonstrating their commitment to the center and strength of the trade area.
