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AcquisitionsMidwestMinnesotaRestaurantRetail

Boulder Group Arranges $3.4M Sale of Outback Steakhouse-Occupied Retail Property in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.

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DevelopmentRestaurantRetailTexas

MLSA Ventures to Redevelop La Villita Assembly Hall in San Antonio

by Taylor Williams

SAN ANTONIO — MLSA Ventures will redevelop the historic La Villita Assembly Hall in San Antonio into a 49,993-square-foot food-and-beverage destination. Renovations to the building, which was originally constructed in 1958, will begin during the second quarter of 2025. In addition to space for food and beverage concepts, the redevelopment will include public patios and a large outdoor bar with a beer garden. Completion is expected for 2027. Ford, Powell & Carson is the project’s architect of record, and Kopplow Construction is the general contractor. JLL is the leasing agent.

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Leasing ActivityRestaurantRetailTexas

Poag Development Welcomes Three New Tenants to Shopping Center Near Denton

by Taylor Williams

HIGHLAND VILLAGE, TEXAS — Memphis-based Poag Development Group has welcomed three new tenants to The Shops at Highland Village, an 359,781-square-foot retail property located near the North Texas city of Denton. Chinese restaurant Dragon House will open a 5,200-square-foot space next to AMC Theatres in October. Athleisure apparel provider lululemon has leased a 5,590-square-foot space next to The Cheesecake Factory, and wellness concept iCRYO has taken a 2,587-square-foot space adjacent to Boardroom Salon for Men. JLL manages Shops at Highland Village on behalf of Poag.

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Arbor Realty TrustRetailTexas

Woodmont Co., Hanley Arrange Sale of 6,038 SF Retail Strip Center in Irving

by Taylor Williams

IRVING, TEXAS — Two brokerage firms, Fort Worth-based The Woodmont Co. and California-based Hanley Investment Group, have arranged the sale of Story Crossing, a 6,038-square-foot retail strip center in Irving. The center was fully leased at the time of sale to tenants such as Starbucks, T-Mobile and CBD Kratom. Russel Wehsener of Woodmont and Jeff Lefko of Hanley represented the undisclosed seller in the transaction. Compass Group represented the buyer, which also requested anonymity.

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AcquisitionsFloridaRetailSoutheast

Benderson Development Acquires 347,740 SF Shops at Midtown Miami

by John Nelson

MIAMI — Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp. is the seller. Built in 2006, Shops at Midtown Miami spans more than 18 acres and is leased to tenants including Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods. The property also features 2,860 structured garage parking spaces.

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LoansMassachusettsNortheastRetail

Cronheim Mortgage Arranges $7.4M Refinancing of Shopping Center in Pittsfield, Massachusetts

by Taylor Williams

PITTSFIELD, MASS. — New Jersey-based intermediary Cronheim Mortgage has arranged a $7.4 million refinancing of Merrill Road Retail Plaza in the western Massachusetts city of Pittsfield. Built in 1971, the property was fully leased at the time of the loan closing to tenants such as T.J. Maxx, HomeGoods, Harbor Freight, Aspen Dental, Sally Beauty Supply and Planet Fitness. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan on behalf of the borrower, Phoenix Realty Management.

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AcquisitionsGeorgiaRetailSoutheast

Cohen & Steers, Sterling Purchase 142,000 SF Shopping Center Near Savannah

by John Nelson

POOLER, GA. — Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s. 

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Keizer-Village-Shopping-Center-Keizer-OR
AcquisitionsOregonRetailWestern

Cumberland Holdings Closes Sale of 76,785 SF Keizer Village Shopping Center in Oregon

by Amy Works

KEIZER, ORE. — Rolling Hills Estate, Calif.-based Cumberland Holdings LLC has completed the disposition of Keizer Village Shopping Center, a neighborhood shopping center in Keizer. A Eugene, Ore.-based private investor acquired the asset for $13 million. Located at 3830-3860 River Road N, Keizer Village Shopping Center offers 76,785 square feet of retail space. At the time of sale, the property was 99 percent occupied. Current tenants include Physiq Fitness, The Thrift Store, Little Caesars Pizza, Metro by T-Mobile, Subway and US Market. Kevin Fryman of Hanley Investment Group, in association with ParaSell Inc., represented the seller, while James Kim of Windermere Real Estate/Lane County represented the buyer in the transaction.

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Tires-Plus_Davenport-Fla
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Negotiates Sale of Retail Property in Davenport, Florida Leased to Tires Plus

by Hayden Spiess

DAVENPORT, FLA. — Taylor McMinn Retail Group of Marcus & Millichap has negotiated the sale of a new construction, single-tenant retail property located in Davenport, roughly 30 miles southwest of Orlando. Tires Plus occupies the building, which totals 6,262 square feet, on a 15-year lease corporately guaranteed by Bridgestone. Don McMinn of the Taylor McMinn Retail Group arranged the transaction between the seller, a developer, and the buyer, a local 1031-exchange investor.  “This our 16th Firestone closing, and we are marketing four more in Florida, North Carolina, South Carolina and Virginia,” says McMinn. “Due to the strong credit, quality of the locations and limited inventory, we continue to see high demand and low cap rates for Bridgestones.”

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