FULSHEAR, TEXAS — JLL has negotiated the sale of Shops at Cross Creek, a 24,188-square-foot retail center in Fulshear, a western suburb of Houston. The center was built in 2015 and was fully leased at the time of sale to tenants such as Yen Fulshear, Rightway Dental, Marvelous Clinic, Firehouse Subs and Avis Budget Car. Ryan West, John Indelli and Gianna New of JLL represented the seller, Rycore Capital, in the transaction. The buyer was Cincinnati-based retail REIT Phillips Edison & Co.
EVERETT, WASH. — Gantry has secured $11.9 million in refinancing for Dogwood Enterprises Industrial Park, located at 3200 35th Ave. NE in Everett. Situated on 31.6 acres, the four-building property offers 106,686 square feet and direct access to I-5. The park is leased to a single tenant. Mike Wood, Demetri Koston and Tim Brown of Gantry arranged the 10-year, fixed-rate loan with a 25-year amortization schedule through a credit union for the borrower, a private real estate investor.
ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an industrial building located at 3950-3960 S. Mariposa St. in Englewood. The asset traded for $2.2 million. The 16,000-square-foot, small-bay property offers eight 2,000-square-foot units. Peter Sengelmann of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of Lake Vista Center, a 21,298-square-foot retail center in the northern Dallas suburb of Lewisville. Built on 2.4 acres in 2007, the center comprises two buildings that are home to tenants such as Lucky Smiles, Lewisville Salon Suites and Spa, USCR Taekwondo, Tiff’s Treats, 4Thirteen Kitchen & Sports Bar and Lucky Smoke Shop. Chris Gainey and Philip Levy of Marcus & Millichap represented the undisclosed seller in the 1031 exchange transaction.
CINCINNATI AND BOISE, IDAHO — A judge in the Oregon federal court has blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. U.S. District Judge Adrienne Nelson agreed with the Federal Trade Commission’s argument that Kroger would become the dominant player in traditional supermarkets if the deal passed, and rejected the companies’ counterargument that selling 579 stores to C&S Wholesale Grocers would replace the lost competition. In a press release issued today, Albertsons announced that it has exercised its right to terminate its merger agreement with Kroger. Additionally, Albertsons has filed a lawsuit against Kroger in the Delaware Court of Chancery. Albertsons states that Kroger refused to offer an adequate divesture package and repeatedly ignored regulators’ concerns, causing the merger to be blocked. Boise-based Albertsons operates 2,267 retail food and drug stores across 34 states and the District of Columbia under more than 20 banners such as Safeway, Jewel-Osco, Shaw’s, Acme and Tom Thumb. Cincinnati-based Kroger operates nearly 2,800 stores in 35 states under two dozen banners such as Mariano’s, Harris Teeter and Pick ‘n Save.
BROOK PARK, OHIO — Haslam Sports Group (HSG) and the Cleveland Browns have selected Lincoln Property Co. as the development partner for the Browns’ 176-acre mixed-use entertainment district in the suburb of Brook Park. The development, designed by HKS, will be anchored by a new enclosed stadium for the 80-year-old NFL franchise, which is owned by Haslam. Located adjacent to Cleveland Hopkins International Airport, the 67,000-seat stadium will also host concerts, sports tournaments, events and conferences year-round. The entertainment district surrounding the stadium will be developed across multiple phases and will ultimately include 300,000 square feet of retail space, two upscale hotels, 1,100 apartments and 500,000 square feet of office space. Phase I, which is planned to deliver along with the stadium in 2029, will include 450 hotel rooms, 575 apartment units, 96,000 square feet of traditional retail and 137,000 square feet of experiential retail.
MINOOKA, ILL. — MDH Partners has purchased Minooka Interstate Logistics Portfolio, a 2.2 million-square-foot industrial portfolio in Minooka, about 60 miles outside Chicago. The purchase price was undisclosed. The portfolio is comprised of three Class A facilities that are fully leased. Houston Hawley of MDH Partners sourced the deal. Adam Tyler, Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the undisclosed seller. The building at 200 International Parkway South totals 473,280 square feet and is fully leased to BMW of North America, which utilizes the facility to service hundreds of dealerships located between Colorado and Michigan. The building at 1460 Cargo Court is 705,661 square feet and is fully leased to Kellanova, which distributes Kellogg’s global snacks and international cereals. The 1 million-square-foot facility at 6225 E. Minnoka Road is fully leased by WK Kellogg, which distributes Kellogg’s U.S. breakfast cereals and is the largest distribution center for WK Kellogg in the Midwest. The buildings were constructed in 2002 and 2008.
TROY, MICH. — Continental Realty Corp. (CRC) has sold Oakland Plaza, a nearly 167,000-square-foot shopping center in Troy, for $25.6 million. Atlanta-based RCG Ventures LLC was the buyer. CRC acquired the asset as part of a two-property portfolio in 2021, signaling its entry into the Michigan real estate market and its first acquisition on behalf of Continental Realty Opportunistic Retail Fund I LP. Ben Wineman, Daniel Stern and Patrick Corrigan of Mid-America Real Estate Corp. represented CRC in the disposition. During its hold period, CRC improved occupancy of the center from 71 percent to 97 percent. New leases with DSW, Kids Empire, Rally House, Paris Banh Mi, Mochinut and Witch Topokki total 53,000 square feet. CRC also repainted the entire center, resurfaced columns, repaved the surface parking lot and replaced common area light fixtures. Completed in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of two buildings anchored by TJ Maxx, Michaels and Planet Fitness. The asset is across the street from the 1.5 million-square-foot Oakland Mall.
ST. CHARLES, ILL. — Marquette Cos. has acquired Ascend St. Charles, a 400-unit apartment community in the western Chicago suburb of St. Charles. The seller and sales price were undisclosed. Located at 100 Lakeside Drive, the property offers a mix of one-, two- and three-bedroom units with monthly rents starting around $1,600. Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes remote workspaces, an upgraded fitness center, a residents’ lounge and game room, swimming pool and sundeck. Marquette plans to reposition the property by renovating residences with modern finishes and adding upgrades to the clubhouse and amenities.
BAYONNE, N.J. — Cushman & Wakefield has arranged a $126.3 million loan for the refinancing of a 332,640-square-foot industrial building in the Northern New Jersey community of Bayonne. The speculative structure is Bayonne Logistics Center – Building 100 and features a clear height of 40 feet and 66 dock doors, as well as five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction of the building began in May 2022 and was completed earlier this year. John Alascio, T.J. Sullivan, Chuck Kohaut and Mitch Rothstein of Cushman & Wakefield arranged the floating-rate loan through Ares Management on behalf of the borrower, a partnership between Lincoln Equities and PCCP LLC.