NEW YORK CITY — Newmark has brokered the $425 million sale of The Shops at Skyview, a 555,000-square-foot grocery-anchored retail center located in the Flushing neighborhood of Queens. Anchored by BJ’s Wholesale Club and Sky Foods, The Shops at Skyview was 97 percent leased at the time of sale. Additional tenants include Target, Nordstrom Rack, Bath & Body Works, Burlington, Adidas, Converse, Marshalls, Foot Locker, Old Navy, Sephora and Swarovski. Adam Spies, Adam Doneger, Conor Lalor and Ben Lushing of Newmark represented the seller, Perform Properties, in the transaction. Jordan Roeschlaub, Nick Scribani, John Caraviello and Tim Polglase, also with Newmark secured a $289 million acquisition loan through Mizuho on behalf of the buyer, a joint venture between Acadia Realty Trust and TPG Real Estate.
CLARKSVILLE, TENN. — The Dowd Cos. has brokered the $5.6 million sale of Clarksville Square, an 89,924-square-foot shopping center located at 1041 Riverside Drive in Clarksville, approximately 50 miles north of Nashville. John Dowd and Theresa Johnson of Dowd Cos. represented the undisclosed seller in the transaction. The buyer was a locally based investor. Built in 1967, Clarksville Square was fully leased at the time of sale to tenants including Dollar Tree, Big Lots and Farmers Home Furniture. The shopping center includes a retail outparcel leased to O’Reilly’s Auto Parts that was included in the sale.
LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.
IRVINE, CALIF. — New York Life Real Estate Investors has completed the sale of Centerstone Plaza, a suburban office campus in Irvine, to LCBC Development for $32 million. Located on 6.8 acres at 4000, 4010 and 4040 Barranca Parkway, the 107,028-square-foot Centerstone Plaza features two onsite restaurants and is surrounded by three retail centers offering more than 30 restaurants, three grocery stores, three gyms and an in-line shops. Additionally, Centerstone Plaza is proximate to the San Diego Freeway and the John Wayne Airport. Michael Leggett, Will Poulsen and Tim Donald of JLL represented the seller and procured the buyer in the deal.
BALTIMORE AND AUSTIN, TEXAS — MCB Real Estate, a privately held commercial real estate investment management and development firm based in Baltimore with more than $4 billion in assets under management (AUM), has completed the acquisition of Austin-based Epic Real Estate Partners. The transaction includes the operation of 15 grocery-anchored shopping centers totaling just over 2 million square feet of retail space across 10 states, with a total portfolio value exceeding $575 million, as well as the operating company encompassing 13 professionals. The assets were cumulatively 92 percent leased and occupied at the time of the merger, and the ownership structure of all property-level limited partnerships stayed intact as part of the transaction. The new AUM, which average 150,000 square feet in size, include: “The Epic Real Estate Partners portfolio, consisting of institutional-quality and high-performing grocery-anchored retail shopping centers, aligns perfectly with our existing national portfolio, while also providing a strong foothold and strategic presence into new submarkets with extremely favorable long-term growth opportunities,” says P. David Bramble, co-founder and managing partner of MCB. “We have known and respected the Epic team for years, and it was extremely important to retain the professional talent at Epic as part of this transaction, …
CHINO, CALIF. — MetLife Investment Management, the institutional asset management business of MetLife Inc., has completed the disposition of Chino Spectrum Towne Center, a power center in Chino. Brixmor Property Group, a New York-based public REIT, purchased the asset for $138 million. Jimmy Slusher, Preston Fetrow, James Tyrrell, Mark Damiani and Shaya Northrup of CBRE’s National Retail Partners – West represented the seller in the deal. Located at 3801-4097 Grand Ave., Chino Spectrum Towne Center features 461,269 square feet of retail space that was 95 percent leased at the time of sale. Current tenants include H Mart, Kohl’s, Five Below, Best Buy and Nordstrom Rack, as well as regional and local retailers, service providers and restaurants. The property is also shadow anchored by Walmart Supercenter and Sam’s Club.
CHICAGO — Mavrek has acquired 12-16 W. Maple Avenue, a 20,000-square-foot, four-story retail building in Chicago’s Gold Coast neighborhood. Mavrek plans to renovate the building into flexible space for retail and office tenants. The property offers 75 feet of frontage along Maple Street and is partly occupied by CorePower Yoga on the fourth floor. Paul Bryant and Brendan Reedy of Mid-America Real Estate Corp. will handle leasing efforts.
KENT, OHIO — The Boulder Group has brokered the $2.3 million sale of a single-tenant retail property occupied by Dollar General in Kent. Located at 1154 Tallmadge Road, the asset totals 10,566 square feet. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a preferred Dollar General developer. The buyer was a Delaware Statutory Trust. Dollar General operates more than 20,000 stores in 48 states.
NEW YORK CITY — Saks Global Holdings LLC, the owner of luxury retailers such as Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The company secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the company’s senior secured bondholders and roughly $240 million of incremental liquidity from its asset-based lenders. Saks Global says the financing package will strengthen its balance sheet and position the company for “a strong and stable future.” In addition, Saks Global has appointed Geoffroy van Raemdonck as CEO, effective immediately. Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as executive chairman and CEO of Saks Global, effective Jan. 13. Van Raemdonck is expanding Saks Global’s senior leadership team, appointing industry veterans and former Neiman Marcus Group leaders. “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” says van …
POUGHKEEPSIE, N.Y. — Basis Investment Group has provided a $27.5 million bridge loan for the refinancing of Plaza 44, a 168,000-square-foot, grocery-anchored shopping center in Poughkeepsie, located north of New York City. Regional grocer Stop & Shop anchors the center, and Ross Dress for Less plans to open a 23,000-square-foot store at Plaza 44 before the end of the year. The borrower, Capstone Realty Group, plans to reposition the center and market the property for sale over the course of the ensuing 24-month period.
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