WEATHERFORD, TEXAS — The Boulder Group, a brokerage firm specializing in net-lease retail deals, has arranged the $4.4 million sale of a single-tenant building in Weatherford, a southern suburb of Dallas. Spec’s Wines, Spirits & Finer Foods occupies the building at 106 Cleburne Ave. and has approximately nine years of term left on its lease. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the Midwest-based seller in the transaction. The buyer was a private investor. Both parties requested anonymity.
SPRINGHILL, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a freestanding retail property in Springhill, a southern suburb of Nashville. Heartland Dental occupies the building, which was built in 2025, on a 12-year lease that features 10 percent rent increases in years six and 11, and at the start of each of the four five-year option periods. Don McMinn and Andrew Koriwchak of Taylor McMinn represented the seller, a preferred developer for Heartland Dental. The all-cash buyer purchased the property for an undisclosed price. “We continue to see strong buyer demand for well-located, new-construction net lease assets in Nashville’s growing suburbs,” says McMinn. “Buyer activity and offers have noticeably increased in recent months, particularly from 1031 exchange investors seeking quality real estate with long-term leases and attractive rental increases.”
CAVE CREEK, ARIZ. — Evergreen Development, on behalf of the Bullington family, has broken ground on Black Mountain Marketplace, a planned 13.3-acre neighborhood center located in Cave Creek, roughly 30 miles north of Phoenix. A 41,337-square-foot Mountainside Fitness will anchor the project, which is expected to be completed in the summer of 2027. Black Mountain Marketplace includes seven outparcel pads planned for dining, services and neighborhood-serving retail that will complement Mountainside Fitness and serve the surrounding Cave Creek and North Phoenix communities. Several transactions are currently in progress, with limited availability remaining for drive-thru pads. Evergreen is serving as the Bullington family’s development partner and is leading the planning, entitlement and construction of the project, alongside A.R. Mays Construction as general contractor, Upward Architects as architect and Hubbard Engineering as civil engineer.
GALLATIN, TENN. — GBT Realty Corp. has acquired 42.5 acres at the intersection of Green Lea Boulevard and Harris Lane in Gallatin, a city in Middle Tennessee’s Sumner County. The Brentwood, Tenn.-based developer plans to develop The Crossroads at Gallatin, a nearly 300,000-square-foot retail destination, at the site. Additionally, GBT Realty has signed leases with Academy Sports + Outdoors and Sprouts Farmers Market at the center for 55,000 square feet and 23,000 square feet, respectively. More tenants will be announced in the near future, according to GBT Realty, which is planning for construction to begin later this month.
KISSIMMEE, FLA. — Plaza Lakes, a subsidiary of a private, family-owned business group from Puerto Rico, plans to develop a 130,000-square-foot shopping center located along Simpson Road in Kissimmee, a suburb of Orlando. The company has selected SRS Real Estate Partners to oversee leasing at the development, named The Village at Hillard Isle. The property is the retail component of the Hillard Isle master-planned community that will also include 560 apartments and 2,000 single-family homes by Pulte Group. Sandi Bargfrede, Willow Ferrelli and Sammy Gabbai of SRS are actively marketing the project, which is in the planning and permitting phase. Target users include grocers, restaurants, coffee shops, fitness, specialty retailers and daily needs retailers. Infrastructure work for the retail and multifamily portions of Hillard Isle is anticipated to begin in the first quarter of 2028. Delivery of the first commercial pads is expected by the third quarter of 2028.
LAKEWOOD, COLO. — Rouler Advisors has begun the $2 million renovation of Westgate Shopping Center, a 108,867-square-foot retail center located in Lakewood, approximately eight miles southwest of downtown Denver. Improvements will include a full parking lot replacement, new monument signage, building and storefront façades and fresh stucco and siding, along with exterior paint, LED lighting and other amenities. Completion is expected in the first quarter of 2027. In connection with this project, Burn Boot Camp recently signed a 6,662-square-foot lease, joining other tenants such as Planet Fitness, Rocky Mountain Physical Therapy and MPower Dance Studio. HAMWAD Westgate LLC, an affiliate of Rouler, owns Westgate. Rouler originally acquired the property in 2023 and also operates and manages the adjoining Mission Trace Shopping Center and Mission Trace office building, where the firm previously completed a series of multimillion-dollar renovations. Together, the properties comprise more than 16 acres.
CASA GRANDE, ARIZ. — PREP Property Group has purchased Promenade at Casa Grande, a regional shopping center in Casa Grande, approximately 50 miles south of Phoenix. Terms of the acquisition were not released. Located at the northeast corner of I-10 and Florence Boulevard, Promenade at Casa Grande offers 480,000 square feet of retail space. Current tenants include Harkins Theatres, Ross Dress for Less, Marshalls, HomeGoods, Burlington, Michaels, Ashley Furniture, PetSmart, Five Below, Bath & Body Works, Shop Dept. Encore, Ulta Beauty and Dollar Tree.
By Kirk Cypel, chief development officer, CBG Real Estate Americans are still spending, but the headline numbers tell only part of the story. Federal economic data shows that the economy grew at a 3.4 percent annualized rate in the third quarter; September retail sales rose 6.3 percent from a year earlier, and the unemployment rate was at 4.2 percent. Yet inflation-adjusted disposable income fell 0.3 percent in September, the savings rate slipped to 3.8 percent and real spending was essentially flat. Consumers are spending more dollars without necessarily getting more stuff. Higher-income households account for a disproportionate share of discretionary purchases, while middle- and lower-income consumers increasingly focus on necessities, convenience and value. Even in the same trade area, some retailers thrive while others struggle. As such, the logical conclusion is that owning a shopping center is less about filling boxes than assembling a tenant mix that meets consumer needs and encourages shoppers to return. Traditionally, three retail categories drive shopping centers: general merchandise, grocery and restaurants. Other services may fill space, but most are destinations for a specific errand or appointment, with less spillover for neighboring stores. A good tenant mix needs both dependable occupants and businesses that help …
MATAWAN, N.J. — Marcus & Millichap has brokered the $14.6 million sale of Park Plaza, a 61,750-square-foot shopping center in the Northern New Jersey community of Matawan. The center was built on 5.8 acres in 1986 and comprises 20 suites. Seth Goldberg, Brent Hyldahl and Alan Cafiero of Marcus & Millichap exclusively marketed the property on behalf of the seller, and procured the buyer, both private investors from New Jersey.
DAVENPORT, IOWA AND MANSFIELD, OHIO — United Properties Corp. has acquired two retail centers in Iowa and Ohio for a total price of $34.4 million. The company now owns more than 10 million square feet. Village Shopping Center in Davenport totals 233,100 square feet. The sales price was $23.9 million. Anchored by Ross Dress for Less, Ollie’s Bargain Outlet, Five Below and Pet Supplies Plus, the property is 91 percent occupied. Appleseed Center in Mansfield totals 147,254 square feet. The purchase price was $10.5 million. Anchor tenants at the property include Ollie’s Bargain Outlet, Ace Hardware and Dollar Tree.
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