REBusinessOnline

Macken Sells Walmart-Anchored Retail Center Near Miami for $11.9M

MIAMI GARDENS, FLA. — Macken Cos. has sold Palmetto Design Center, a 62,500-square-foot shopping center in Miami Gardens, located roughly 15 miles north of Miami. Rise Star LLC acquired the asset for $11.9 million. A joint venture between Macken Cos. and Zvi Shiff of DZD Holdings completed construction on the center in 2016. A 41,800-square-foot Walmart Neighborhood Market anchors Palmetto Design Center. Additional tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromat. In …

HFF Arranges $55.2M Sale of Retail Center in Lehigh Valley

ALLENTOWN, PA. — HFF has arranged the $55.2 million sale of MacArthur Commons, a 371,886-square-foot, grocery-anchored retail center located at 2631 MacArthur Road in Lehigh Valley. HFF represented the seller, an affiliate of Abrams Realty & Development, in the transaction. HFF also arranged $50.4 million in acquisition financing for the undisclosed buyer. The buyer was able to obtain long-term lease extensions with the anchor tenants. Current tenants at the 47-acre center include GIANT …

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Connecticut

SHELTON, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Shelton Town Center, a 19,450-square-foot retail center in Shelton. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The undisclosed buyer purchased the property in all cash. Shelton Town Center is located at 350 Bridgeport Ave. and was originally built by the seller in 2006. Tenants at the retail center include a nail salon, pizza …

Northern Diamond Management to Develop 50 Smoothie King Locations in Michigan

MICHIGAN — Northern Diamond Management has signed an agreement with Smoothie King to develop 50 locations to be occupied by Smoothie King in Michigan. The firm plans to open three of those locations by the end of this year. Smoothie King expects to open 150 new locations in 2018, the most it has ever opened in the United States in a single year, according to Smoothie King Franchises Inc. There are currently more than 900 Smothie King locations worldwide. Northern Diamond Management is a …

Pacific Coast Commercial Arranges $2.1M Sale of 13,428 SF Retail Property in San Diego

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail and office property located at 2790 Lytton St. in San Diego. Greentree Enterprises sold the property to Global Disposal for $2.1 million. The property features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast represented the buyer and seller in the

Diversity, UAB Help Retail, Restaurants Expand in Birmingham

It wasn’t until the last five to seven years that college graduates started looking at Birmingham as a place to live and work. Cities like Nashville and Atlanta were getting too expensive and too congested. Upon discovering how progressive Birmingham has become with the revitalization of the downtown area, it became the new hot place to live, play and work. So what was once an untapped market has started to grow with new retailers and restaurants to meet the growing demand. The addition of …

Google Leases 8,000 SF Pop-Up Retail in Manhattan

NEW YORK CITY — Google has leased 8,000 square feet of retail space at 350 Sixth Ave. in Manhattan. The three-week lease will serve as a technology pop-up for the tech giant and will feature mini-golf, games, giveaways and demonstrations of the company’s newest tech products. The site will be located one block from the A, C, E, B, D, F and M subway lines. The asking rent was $225 per square foot. Google’s pop-up will take occupancy in the last week of May 2018 and will run through the …

InvenTrust Acquires Grocery-Anchored Center in South Florida for $88M

PALM BEACH GARDENS, FLA. — InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot shopping center in Palm Beach Gardens, for $88 million. Menin Development Inc. sold the center. The Delray Beach-based company invested $14 million to renovate the property in 2015. PGA Plaza was 95 percent leased at the time of sale to tenants such as Trader Joe’s, Marshalls, Ulta Beauty, Verizon Wireless, Orangetheory Fitness and Chase

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the …

Regency Centers Selects Urbanspace to Operate Culver Public Market in Culver City, California

CULVER CITY, CALIF. — Regency Centers has selected Urbanspace to operate its Culver Public Market, a market hall located at the intersection of Washington Boulevard and Centinela Avenue in Culver City. The 26,000-square-foot hall will feature a variety of vendors, including artisans, entrepreneurs and chefs. Urbanspace connects small business owners and chefs with customers by reaching out to new communities and spaces. This is Urbanspace's first entry into California. The company also …

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