Peninsula Crossing sold to Cole Real Estate for $37 million
The KLNB Retail Investment Sales Group brokered the sale of Peninsula Crossing, a 330,000-square-foot regional power center in Millsboro, to Cole Real Estate Investments for $37 million. The shopping center features anchor tenants such as Lowe’s Home Improvement, BJ’s Wholesale Club and PetSmart. Andy Stape, Mat Adler, and Vito Lupo of the KLNB Retail Investment Sales Group represented the seller, Millsboro Towne Center LLC in this transaction.
The center is located on Route 113, a main thoroughfare running parallel to the Eastern Shore, and is approximately a 20-minute drive to the state’s beaches. This location allows Peninsula Crossing to attract both local consumers, and seasonal and weekend vacationers.
“Peninsula Crossing is by far the dominant center within this submarket. The strong performance of the anchors and superior tenancy fit perfectly with what most investors are looking for today,” said Adler. “Peninsula Crossing will be a complementary addition to Cole’s existing portfolio.”
Cole Real Estate Investments Inc. is a market-leading net-lease REIT focused on the acquisition, active management, leasing and financing of its high-quality retail, office and industrial portfolio.
KLNB LLC comprises two real estate services companies that include KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation, and NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties.
