CYPRESS, TEXAS — JLL has brokered the sale of a 39,912-square-foot shopping center in Cypress, located on the northwestern outskirts of Houston. The Shops at Fry & Tuckerton comprises three multi-tenant buildings that were fully leased at the time of sale. Tenants include Five Guys, Einsteins Bros. Bagels, VIA 313 and Charleys Cheesesteaks. Ryan West, John Indelli and Michael King of JLL represented the seller, Gulf Coast Commercial Group, in the transaction.
COSTA MESA, CALIF. — Newmark has arranged the sale of Stonemill Design Center, a flex office campus on 8.3 acres at 2915 Red Hill Ave. in Costa Mesa. Kevin Shannon, Paul Jones, Ken White, Brandon White, Chris Benton and Anthony Muhlstein of Newmark represented the undisclosed seller, an institutional investor, in the transaction. A private investor acquired the asset for an undisclosed price. Totaling 127,753 square feet, the campus features seven flex office buildings that are 94 percent leased by a diverse mix of commercial, industrial and office tenants. Situated in the Greater Airport Area submarket, the property is adjacent to SR-73 Freeway and offers proximity to South Coast Plaza.
SCOTTSDALE, ARIZ. — Salt River Pima-Maricopa Indian Community (SRPMIC) and Scottsdale-based Mullin 360 have received approval to develop a Costco at 4499 N. Pima Road in Scottsdale. The project will be the first-ever Costco store on tribal land in the United States. Spanning 21.5 acres, the project will include a 162,000-square-foot retail building and approximately 994 parking stalls. The store will include an expanded ready-to-eat section with a wide selection of grab-and-go meals, as well as a food court. A formal groundbreaking will be planned for June 2026.
CHARLOTTESVILLE, VA. — JLL Capital Markets has arranged a $74.5 million loan for the refinancing of the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, just two miles north of the University of Virginia. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and a 14-screen Regal Cinema. Other tenants include L.L. Bean, lululemon and Sephora. The center is currently 98 percent leased but only 92 percent occupied, according to JLL. Shops at Stonefield is part of a 43.5-acre master-planned community that includes a 137-room hotel, 455,000-square-foot manufacturing facility occupied by aerospace giant Northrop Grumman Corp. and three residential properties totaling 686 units, including a recently delivered, 227-unit luxury multifamily community.
APOPKA, FLA. — SRS Real Estate Partners has brokered the $5.3 million sale of the Shoppes at Hunt Club, an 8,211-square-foot retail property located in Apopka, approximately 12 miles northwest of Orlando. William Wamble and Patrick Nutt of SRS represented the seller, a Florida-based national investor and developer, in the transaction. The 1031 exchange buyer was a Florida-based private investor. Built in 2006 on nearly 1.5 acres, the Shoppes at Hunt Club was fully leased at the time of sale to tenants including Firehouse Subs, Smoothie King, Spectrum and MUV Dispensary. The property is situated adjacent to Club Corners, a 105,000-square-foot, Publix-anchored neighborhood center.
CHICAGO — The Boulder Group has arranged the $5.3 million sale of a single-tenant retail property net leased to CVS in Chicago. Constructed in 2002, the 15,414-square-foot building is located at 3951 W. 103rd St. CVS recently executed a long-term lease extension through January 2039. The lease features 10 five-year renewal options with 5 percent rental escalations in each option period. Portions of the property are master leased by CVS to Subway and CD One Price Cleaners, both of which have been operating at the location since 2002 and 2003, respectively. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, a Northeast-based real estate investment company. The buyer was a self-represented real estate trust.
DERBY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.4 million sale of Derby Shopping Center, a 170,683-square-foot shopping center located about eight miles west of New Haven. Built in phases from 1985 to 2023 and anchored by Lowe’s Home Improvement, the center is also home to tenants such as Splash Car Wash, Webster Bank and Dunkin.’ Jim Koury of IPA, along with Henry McKenney and John Krueger of Marcus & Millichap, represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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Mid-Atlantic Retail Market Is Experiencing Methodical Growth
Retail real estate across the Mid-Atlantic is having a moment — but it’s a disciplined one. As fundamentals remain healthy in Virginia, Maryland and Washington, D.C., the region is seeing a notably more selective approach to retail growth. Years of limited new development, zoning constraints and rising construction costs have tightened supply, pushing owners, investors and municipalities to be far more intentional about what gets built — and where. Sources interviewed for this article point to the sustained demand for well-located shopping centers, such as those anchored by strong tenants, daily-needs retailers and dense surrounding populations.“Retail today is about durability,” states Mike Castellitto, chief operating officer of Broad Reach Retail Partners. “Assets that serve essential, repeat-use visitors continue to outperform and attract both tenants and investors.” Shifting consumer preferences in VirginiaFrom Washington, D.C.’s dense suburban corridors to fast-growing secondary markets, Virginia’s retail real estate landscape remains one of the Mid-Atlantic’s steadiest performers. The Commonwealth’s strongest retail fundamentals are often seen in Northern Virginia and select regional hubs like metro Philadelphia, Virginia Beach and Richmond, where household income growth and population density create robust demand. Jim Ashby, senior vice president of the Retail Services Group at Cushman & Wakefield | Thalhimer, …
MONTGOMERY, ALA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and the buyer was an all-cash, out-of-state, 1031 exchange buyer that closed in under 30 days from going under contract.”
NEW YORK CITY — Hero’s Journey, a technology-driven fitness concept, will open a 19,500-square-foot flagship gym in Midtown Manhattan. The space spans 1,500 square feet on the ground floor and 18,000 square feet on the lower level of the retail condo at 225 Fifth Ave. Jesse Wolff and Matthew Schuss of JLL represented the landlord, CIM Group, in the lease negotiations in conjunction with the owner’s in-house leasing team. Cassie Durand and Aylin Gucalp of CBRE represented Hero’s Journey. An opening date was not announced.
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