LANCASTER, PA. — CBRE has brokered the sale of The Shops at Prospect, a 63,392-square-foot shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Grocer Giant anchors the center, which is also home to tenants such as Penn State Health and Hillcrest Pharmacy. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, Brixmor Property Group, in the transaction. Bennett Williams Commercial represented the buyer, Deerin Cos.
BERKELEY, CALIF. — Flying Horse Investments LLC (FHI) has acquired Shattuck Plaza, a 29,187-square-foot, street-front retail property located in downtown Berkeley, with plans to renovate the center. Renovations will include lease-ready storefronts on the 17,767-square-foot ground-level. The building’s 11,430-square-foot lower-level space will also be reactivated to feature community-serving tenants, such as fitness, education and wellness concepts. The renovation is expected to begin immediately, with FHI targeting approximately six to nine months for initial building upgrades and another six to nine months for tenant build-outs, subject to permitting and city approvals. D-Scheme Studio and Aecore Inc. will lead the redevelopment, while Pegasus Asset Management will oversee property and construction management. The Econic Co. will handle leasing for the property. Bolour Associates financed the acquisition and Pegasus Capital Markets served as debt advisor for the transaction. Nicolas Bicardo of Newmark represented the seller, Hill Street Realty (HSR), which originally acquired the property in October 2012. In March 2021, following a condominium adjustment that formally separated the retail portion from the movie theater and office components of the property, HSR sold the latter portion of the property to Article Student Living, while retaining ownership of the retail frontage.
EVANS, COLO. — The Boulder Group has brokered the sale of a single-tenant retail property located at 3312 11th Ave. in Evans. A commercial real estate development company sold the asset to a California-based 1031 exchange investor for $2.2 million in an all-cash transaction. Dollar General occupies the property, which was built in 2022, on a long-term lease with rental increases every five years and no landlord responsibilities. Zach Wright and Brandon Wright of The Boulder Group represented the seller in the deal.
ROSEMONT, ILL. — The Nicholas Family of Cos. has opened Rosemont Ice Arena, a new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. The twin-sheet arena totals 103,000 square feet. Located steps away from Allstate Arena, Rosemont Ice Arena offers ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team for their practices ahead of home games at Allstate Arena. The project includes new practice facilities for the Chicago Wolves equipped with a dedicated sauna, steam room, cold plunge, film room and team lounge. Constructed by Nicholas & Associates and designed by ARCON Associates Inc., the new arena features a food and coffee area called Market by Hatty’s, a sports bar and supper club concept named Hatty’s Club, a lounge area and a physical therapy clinic. The Nicholas Family’s Spectate Group will operate the arena. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility.
PITTSBURGH — PNC Bank (NYSE: PNC) plans to open more than 300 new retail bank branches by 2030, adding about 100 new branches to its earlier plan, which was announced last November. The new announcement brings PNC’s total investment in growing its retail footprint to approximately $2 billion. The latest branch expansion plan calls for new locations in markets including Nashville, Sarasota, Fla., Winston-Salem, N.C., and Chicago to extend PNC’s expansion efforts to nearly 20 markets across the United States. “The build-out of these 300 new branches allows us to deliver our unique blend of hospitality and financial advice to more clients in more neighborhoods across the country,” says Alex Overstrom, head of retail banking at PNC. “It’s about making PNC the most convenient bank in each of these markets, ensuring we can meet people where they are and help them thrive.” As part of the investment, PNC will add 35 new branches in Nashville, along with 40 more branches across the Southeast. The cities consist of Fort Meyers, Lakeland and Sarasota in Florida, as well as Asheville, Winston-Salem and Wilmington in North Carolina. “The additional branches strengthen our ability to provide valuable resources and expertise, reflecting our commitment to supporting …
SAN FRANCISCO — Macy’s and TMG Partners have formed a joint venture to explore the potential redevelopment of the retailer’s flagship store on Union Square in San Francisco’s retail district. TMG will help Macy’s conduct a “strategic assessment” of the property to explore the viability of renovations and enhancements that will “align with the needs of today’s office workers, residents, visitors, retail and local businesses.” The Union Square location will remain open indefinitely. Further updates on plans and next steps for the Union Square site will be shared in the coming months. In February 2024, Macy’s originally announced plans to close Union Square as part of a larger sell-off of store properties nationwide; however, the company said its store would not close until it found a buyer for the 700,000-square-foot property, as disclosed by several media sources. The Union Square flagship store has been in operation since 1929 and is one of the retailer’s largest and oldest locations.
PROVO, UTAH — Bershon Realty Co. LP has sold Bulldog Plaza, a 13,620-square-foot retail center located near Brigham Young University (BYU) in Provo. Anchored by CVS Pharmacy, Bulldog Plaza comprises two retail pad buildings, which are both fully leased. The five-tenant, 10,025-square-foot pad building includes Noodles & Co., Firehouse Subs, Coco Tea, Teriyaki Bowl and The Taco Spot. Meanwhile, the three-tenant, 3,595-square-foot building is occupied by Papa John’s, The Paleta Bar and Crazy D’s Hot Chicken. Bill Asher, Jeremy McChesney, Jeff Lefko and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller, Los Angeles-based Bershon Realty Co. LP, in the off-market transaction. Brendan Lee of Newmark Mountain West represented the buyer, a private 1031 exchange investor from the Salt Lake City metro area. The sales price was not disclosed.
IRVINE, CALIF. — Philip Voorhees will join BISON Partners, a real estate operating company focused on retail properties, following his departure from CBRE at the end of the year after a 25-year tenure. Voorhees currently serves as vice chairman in CBRE’s Retail Capital Markets division, where his retail investment teams have completed more than 1,080 transactions totaling over $15 billion in value. Launched in 2022 by Brad Rable and Wil Smith, BISON Partners was established as a strategic venture to acquire and reposition retail shopping centers. The firm recently expanded its footprint with properties in California, Arizona and Nevada. Voorhees’ expertise in acquisitions and capital markets will support BISON’s continued mission to grow a portfolio of value-add retail properties across the western United States.
CHICAGO — Greenstone Partners has brokered the $2.7 million sale of a three-tenant retail property located at 1044-1048 W. Fulton Market in Chicago’s Fulton Market district. Danny Spitz of Greenstone represented the seller. The asset sold to an East Coast-based private partnership. The retail condominium property features a weighted average lease term of eight years. The sales price was 96 percent of the list price.
BRENTWOOD, TENN. — GBT Realty has purchased Brentwood Corners, a 22,268-square-foot shopping center located at 214 Ward Circle in Brentwood, a southern suburb of Nashville. The locally based buyer purchased the property from an undisclosed seller for $10.4 million. Situated within the Maryland Farms master-planned community, Brentwood Corners was fully leased at the time of sale to tenants including Serrato’s Steakhouse, Jefferson’s Restaurant, Iron Tribe Fitness, WOW Orthodontics and 100 Pizza, which recently opened. The property was recently renovated with a newly paved parking lot, painted facades, new roof, updated landscaping and new LED lighting.
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