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Acquisitions

AcquisitionsFloridaHealthcareMixed-UseRestaurantRetailSoutheast

Marcus & Millichap Brokers $11.3M Sale of Mixed-Use Property in Clermont, Florida

by John Nelson

CLERMONT, FLA. — Marcus & Millichap has brokered the $11.3 million sale of Legends Pointe, a two-building mixed-use retail and medical office property located in Clermont, approximately 22 miles west of Orlando. Originally built in 2006, the recently renovated property is situated on 4.3 acres and totals 47,418 square feet. Legends Pointe comprises 18 office suites and 10 retail units. Yassin Benkabbou and Salim Valiani of Marcus & Millichap’s Orlando office represented the seller, a local limited liability company, in the transaction.

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AcquisitionsCaliforniaRetailWestern

Westar Associates Sells 96,380 SF Foothill Park Plaza in Monrovia, California

by Amy Works

MONROVIA, CALIF. — Newport Beach, Calif.-based Westar Associates has completed the disposition of Foothill Park Plaza, a neighborhood shopping center in Monrovia, to Phillips Edison & Co. for an undisclosed price. Developed in 1985, the 96,390-square-foot center is occupied by Vons, Chase Bank, Wendy’s, Blaze Pizza, Baskin Robbins and See’s Candies. Pete Bethea, Rob Ippolito and Glen Rudy of Newmark represented the seller, which has owned, leased and managed the property for the last 40 years through its affiliated companies.

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AcquisitionsColoradoMixed-UseOfficeRestaurantRetailWestern

Revitalization Unlimited Acquires 34,160 SF Mixed-Use DeGraff Building in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Revitalization Unlimited has purchased The DeGraff Building, a mixed-use property at 118 N. Tejon St. in Colorado Springs. Terms of the transaction were not released. The four-story, 34,160-square-foot building features 18 rental units, 16 of which are currently leased. For the past decade, Oskar Blues Grill & Brew has occupied the first floor and basement, while the upper floors are used as office space. Built in 1897, The DeGraff Building is listed on the National Register of Historic Places.

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AcquisitionsCaliforniaIndustrialWestern

BLT Enterprises Divests of Industrial Building in Los Angeles to Expo Flooring for $4.7M

by Amy Works

LOS ANGELES — BLT Enterprises has completed the off-market sale of an industrial warehouse to its long-time tenant, Expo Flooring, for $4.7 million. Located at 1933 Alameda St., the 15,836-square-foot warehouse is situated on 23,295 square feet of land in Central Los Angeles, just off Interstate 10. Through its ownership, BLT implemented a series of improvements to the property, including replacing the roof in 2015. BLT initially purchased the property in 2006.

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AcquisitionsDevelopmentFeaturesHeartland Feature ArchiveIllinoisLeasing ActivityMidwestRestaurantRetail

JLL: U.S. Retail Sector Remains Optimistic as Market Conditions Shift

by John Nelson

CHICAGO — Retail closures are at a cyclical high, totaling a whopping 9,900 business shutdowns in 2024, according to JLL’s fourth-quarter 2024 retail report entitled “United States Retail Market Dynamics.” For the first time in several years, store closures outpaced store openings in a calendar year. Fabric and crafts retailer JOANN, who filed for Chapter 11 bankruptcy protection twice within a year, is shuttering all 800 stores, while major department store chain Macy’s will close 150 stores over the next three years, with 66 closures anticipated in 2025 alone. The highest number of store closures resulted from discount and dollar stores like Family Dollar, CVS Health and Big Lots, as well as specialty retailers like Party City. Retail closures are represented across different size brackets, with more than 55 percent of announced closures identifying with footprints ranging from 5,000 square feet to 20,000 square feet. Expanding retailers such as Dollar General, O’Reilly Automotive and Five Below align with these vacant boxes, while larger, major closures like Bed Bath & Beyond and Toys “R” Us occupy more “desirable” locations. On the flip side, between 2024 and 2025, there were roughly 7,700 new retail store openings announced. Nearly 3,000 of these openings …

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 228-Unit Apartment Complex in Irving

by Taylor Williams

IRVING, TEXAS — Marcus & Millichap has brokered the sale of The Flats at 183, a 228-unit apartment complex in Irving. The 19-building community was constructed in 1968 and has undergone more than $4 million in capital improvements in recent years. According to Apartments.com, the property exclusively offers one-bedroom units, as well as a pool and onsite laundry facilities. Bard Hoover and Nick Fluellen of Marcus & Millichap represented the seller, AptVest, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsRetailTexas

STRIVE Arranges Sale of 26,848 SF Retail Building Leased to John Deere in Tyler, Texas

by Taylor Williams

TYLER, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a 26,848-square-foot retail building in Tyler, located about 100 miles east of Dallas, that houses a showroom and dealership for tractor manufacturer John Deere. The building sits on a 9.2-acre site at 4630 State Highway 155. Bryan Meyer and Adam Gottschalk of STRIVE represented the Texas-based seller in the transaction and procured the Tennessee-based buyer. Both parties requested anonymity.

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AcquisitionsFloridaRetailSoutheast

Franklin Street Brokers $86.3M Sale of Shopping Center Portfolio in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Tampa-based Franklin Street has arranged the sale of a six-property shopping center portfolio in Jacksonville for $86.3 million. Curbline Properties Corp. (CURB), a publicly traded firm and a former spinoff of SITE Centers Corp., was the buyer. The deal marks CURB’s largest acquisition to date. The portfolio totals 184,680 square feet and includes Carrie Plaza, Deerwood Station, Julington Square, Southlake Plaza, Roosevelt Plaza and Oakleaf Crossing. Bryan Belk and John Tennant of Franklin Street represented the seller, a local private investor, in the transaction.

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AcquisitionsMidwestRetailWisconsin

Mid-America Arranges Sale of 85,880 SF Shopping Center in Fitchburg, Wisconsin

by Kristin Harlow

FITCHBURG, WIS. — Mid-America Real Estate Corp. has arranged the sale of Hatchery Hill Towne Center in the Madison suburb of Fitchburg for an undisclosed price. Shadow anchored by Pick ‘n Save, the 85,880-square-foot shopping center was 80 percent leased at the time of sale. Tenants include Panera Bread, Verizon, Cold Stone Creamery, MOD Pizza, Great Dane Pub & Brewing Co., Anytime Fitness, Kim’s Nails and Tabby & Jack’s Pet Supplies. Rick Drogosz and Dan Rosenfeld of Mid-America represented the seller, Bridge33 Capital. Brar Investments was the buyer.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Spring Arbor, Michigan

by Kristin Harlow

SPRING ARBOR, MICH. — Marcus & Millichap has brokered the $5.5 million sale of Village Crossing, a 17-suite retail center in Spring Arbor, about 46 miles west of Ann Arbor. The multi-tenant property totals 53,900 square feet and is situated on Spring Arbor Road. The asset consists of two buildings that are 94.4 percent leased. The anchor tenant is Henry Ford Health, which recently extended its lease for five years with annual rent increases. Darin Gross, Seth Haron and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The deal closed at 97.3 percent of the asking price.

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