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DevelopmentFloridaLeasing ActivityRestaurantRetailSoutheast

PEBB, Banyan Ink Seven Retail Leases at Tradition Development in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have signed seven new retail tenants to join the roster at Shoppes @ the Heart of Tradition, a 71,000-square-foot shopping center within the Tradition master-planned development in Port St. Lucie. The new tenants include Ace of Carts (1,950 square feet); Carmela Coffee (1,800 square feet); Cooper Orthodontist (1,800 square feet); The Joint Chiropractic (1,604 square feet); Papa John’s Pizza (1,602 square feet); Robeks Smoothie (1,340 square feet); and Swift Mediterranean Grill (2,770 square feet). Aldi (19,231 square feet) anchors the shopping center, which has three inline spaces available for lease and three available outparcel sites ranging from one to three acres. PEBB and Banyan expect to complete exterior construction of Shoppes @ the Heart of Tradition this summer, with tenant build-outs commencing after.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Arranges $30M Sale of Shopping Center in Pompano Beach, Florida

by John Nelson

POMPANO BEACH, FLA. — Marcus & Millichap has arranged the $30 million sale of Shoppers Haven, a 205,567-square-foot shopping center in the South Florida city of Pompano Beach. Built in 1964 and renovated multiple times between 1999 and 2023, the property will see the addition of a new Publix grocery store, with construction scheduled to begin over the next 30 days. The buyer, Stiles Corp., also plans to implement improvements to storefronts, façades, landscaping, the parking lot and signage. Tenants at the center include Michaels, Bealls, Walgreens, Party City, YouFit, Outback Steakhouse, Comcast, H&R Block, Dunkin’ and Domino’s Pizza. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group, in the transaction.

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AcquisitionsRetailSoutheastTennessee

Last Mile Investments Acquires 26,114 SF Retail Center in Metro Nashville

by John Nelson

BRENTWOOD, TENN. — Cincinnati-based Last Mile Investments has acquired The Shops at Mallory, a 26,114-square-foot, unanchored retail center located at 1731 Mallory Lane in Brentwood, about 10 miles south of Nashville. Jim Foley of Foley Real Estate represented the undisclosed seller in the transaction. Jordan Powell of Avison Young represented Last Mile Investments, which now has assets in 16 separate MSAs. The sales price was not disclosed. The Shops at Mallory was leased to service and convenience retailers including Massage Envy, Sola Salon Studios and Genesis Diamonds at the time of sale.

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Hearthstone-City-Center-Aurora-CO
AcquisitionsColoradoMultifamilyWestern

Partnership Buys 360-Unit Hearthstone at City Center Apartments in Aurora, Colorado for $74M

by Amy Works

AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.

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AcquisitionsAlabamaMultifamilySoutheast

Oakley Group Sells 96-Unit Apartment Community in Gulf Shores, Alabama

by John Nelson

GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.

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1001-Towne-Ave-Los-Angeles-CA
AcquisitionsCaliforniaMixed-UseOfficeRetailWestern

Colliers Negotiates $13.5M Sale of Mixed-Use Property in Los Angeles

by Amy Works

LOS ANGELES — Colliers has arranged the $13.5 million sale of 1001 Towne Avenue, a mixed-use retail and office building in the Fashion District of Los Angeles. Mark Schuessler, Sean Fulp and Ryan Plummer of Colliers represented the undisclosed seller, while Mark Hong of KORUS Real Estate represented the buyer, a local private individual, in the transaction. The four-story building offers 43,700 square feet of retail and office space in suites ranging in size from 481 square feet to 4,843 square feet. At the time of sale, the property was 82 percent leased to a mix of retail and wholesale apparel businesses.

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Epic-Self-Storage-Las-Vegas-NV
IndustrialLoansNevadaSelf-StorageWestern

Gantry Secures $7M Loan for Self-Storage Facility in Las Vegas

by Amy Works

LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.

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Summerdale-Apts-Anaheim-CA
CaliforniaLoansMultifamilyWestern

PSRS Arranges $3M Refinancing for Summerdale Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.

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AcquisitionsCaliforniaIndustrialWestern

Marcus & Millichap Brokers Sale of 4,800 SF Industrial Building in Redwood City, California

by Amy Works

REDWOOD CITY, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 2549 Middlefield Road in Redwood City, located in the southern Bay Area. An individual sold the asset to an undisclosed buyer for $1.7 million. Built in 1975, the 4,800-square-foot building features two grade-level roll-up doors, office space and two bathrooms. The property is currently undergoing significant street improvements, which will add to traffic counts. Carlos Azucena and Joshua Johnson of Marcus & Millichap represented the seller in the deal.

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RetailSoutheastTop StoriesVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

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