ROANOKE, TEXAS — Marcus & Millichap has brokered the sale of an 11,320-square-foot retail strip center in Roanoke, located in North Texas’ Denton County. Roanoke Shopping Center was fully leased at the time of sale to Oak and Main Craft Food + Spirits, Inzo Italian Kitchen and Baja Cantina. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW SMYRNA BEACH, FLA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a freestanding restaurant in New Smyrna Beach, about 14 miles south of Daytona Beach. Built in 2022, the building is occupied by Wendy’s, which has 16 years left on a triple-net lease that features 7.5 percent rental increases every five years in the initial term. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group brokered the transaction. The buyer and seller requested anonymity. The sales price was also not released. “We were able to generate multiple offers and ultimately close with an out-of-state, all-cash buyer in under 30 days,” says McMinn. “The combination of a 16-year corporate triple-net lease, scheduled rent increases and a strong Daytona Beach-area location created significant investor demand for the property.”
WARWICK, R.I. — Regional brokerage firm Atlantic Capital Partners has negotiated the $20.5 million sale of Midland Commons, a 160,448-square-foot shopping center located just south of Providence in Warwick. Tenants at the 23.2-acre center include Dick’s Sporting Goods, Burlington and Planet Fitness. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin, Stephen Joseph, Stephen Hassenflu and Matt Ericson of Atlantic Capital Partners represented the seller and the buyer in the transaction. Both parties requested anonymity.
KANSAS CITY, MO. — Commerce Bank of Kansas City and FNBO have opened at The Shops on Blue Parkway in Kansas City. Community Builders of Kansas City (CBKC) developed the 25-acre, 150,000-square-foot property, which is now 98 percent leased. Commerce Bank opened a nearly 4,000-square-foot, full-service branch featuring personal and commercial banking, in-person teller services, private banking offices and a drive-up ATM. FNBO opened a 1,650-square-foot, full-service banking center focused on relationship banking. The branch offers personal and business checking and savings accounts, mortgages, consumer and small business loans, investment and wealth management referrals, financial education, digital banking support and teller services. Additionally, the Kansas City Election Board (KCEB) extended its lease at the property. The organization opened its 20,000-square-foot headquarters space in September 2023. The new lease runs through 2037. KCEB offers in-person absentee voting, voter registration, poll worker training and election operations. These groups join 19 other tenants at The Shops, including KC Sun Fresh, Hibbett, T-Mobile and Wingstop. The center opened in 2005. The Shops are situated on a campus of CBKC properties, including a 69,200-square-foot office building that opened in 2001 and is fully leased as well as The Rochester, a 64-unit multifamily development that opened …
NEW YORK CITY — Cushman & Wakefield has arranged the $450 million sale of a four-property commercial portfolio located throughout the greater New York City area. The portfolio comprises existing multifamily, retail, healthcare and industrial buildings spanning roughly 4 million square feet, as well as multiple development sites totaling roughly 300 acres, in the following markets: East Fishkill, N.Y., Edgewater, N.J., Norwalk, Conn. and Yonkers, N.Y. Specifically, the portfolio includes iPark 84, a 270-acre, 1.8 million-square-foot industrial campus in East Fishkill that was originally built to be IBM’s flagship semiconductor manufacturing plant and can support another 1.5 million square feet of new development. Other properties within the portfolio include Edgewater Harbor, a 262-unit waterfront apartment complex with 60,000 square feet of retail space; a 400,000-square-foot mixed-use development in Norwalk that is anchored by a Northwell Health medical outpatient facility; and Trilogy Lofts, a newly constructed, 97-unit apartment building in Yonkers. Andy Merin, Frank DiTommaso and Ryan Dowd of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership between New York-based Saber-Hightower, Waterfall Asset Management and Dallas-based Lincoln Property Co. John Alascio, Alex Hernanez, Brad Domenico, Chuck Kohaut and Mitch Rothstein, also with Cushman …
CORONA DEL MAR, CALIF. — Poole Properties (formerly John Poole Radio Properties) has divested of a retail property at located at 2515 E. Coast Highway in Corona del Mar, part of the Newport Beach metro area. An entity doing business as Shops at CDM LLC acquired the property, which features 13,883 square feet of multi-tenant retail space, for $13.7 million. Nathan Holthouser of Coastal Commercial and Ron Duong of Marcus & Millichap handled the transaction.
UNIVERSITY PARK, FLA. — Benderson Development has acquired three retail properties on the Gulf Coast side of Florida totaling 400,000 square feet. The first acquisition is Granada Plaza, a Publix-anchored retail center located in the Tampa suburb of Dunedin at the intersection of Main Street and Keene Road. The second acquisition is Venice Market Place, a shopping center located where Tamiami Trail meets Center Road in Venice. Benderson also purchased a retail building leased to Lowe’s Home Improvement at 10070 Estero Town Commons Place in Estero. The sellers and sales prices were not released. Benderson is based in University Park and has more than 4.5 million square feet of retail space in its development pipeline in Florida.
VALPARAISO, IND. — Marcus & Millichap has brokered the $3.1 million sale of a newly built retail property net leased to Dutch Bros in Valparaiso. The 2,495-square-foot building is located at 2510 Laporte Ave. as a Target outlot within Valparaiso Market Place. It operates under a new 15-year absolute triple-net lease and is corporately guaranteed by Boersma Bros LLC. The property is roughly one mile from the Valparaiso University campus. Austin Weisenbeck, Sean Sharko, Adrian Mendoza and Phoebe Klein of Marcus & Millichap, in association with Julia Evinger, the firm’s Indiana broker of record, represented the seller, a Midwest developer. The team secured an Indiana-based buyer. The transaction closed at more than 96 percent of the listing price.
SCOTTSDALE, ARIZ. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a 168,090-square-foot power center located at 15444 N. Frank Lloyd Wright Blvd. in Scottsdale. The center is nearly 100 percent leased and is anchored by TJ Maxx, Ross and Mountainside Fitness and shadow-anchored by Target. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance team secured a five-year, fixed-rate, full-term interest-only loan on behalf of the owner, who acquired the property in 2021.
YORK, PENN. — CBL Properties, along with its 50 percent joint venture partner, has sold York Town Center, an open-air regional retail center located in the southern Pennsylvania town of York for $50.6 million. The transaction was completed at an 8.5 percent capitalization rate. York Town Center features 14 stores, including DICK’S Sporting Goods, Boot Barn, Best Buy and ULTA, and spans more than 297,000 square feet. The buyer was not disclosed.
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