REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.
MONTGOMERY, ALA. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located at 2423 Eastern Blvd. in Montgomery. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The buyer and sales price were not disclosed. Promenade North was 97.3 percent leased at the time of sale to tenants such as Harbor Freight Tools, AutoZone and ArchWell Health. The Home Depot shadow-anchors the center.
CHARLOTTE, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s Soul Food and Nothing Bundt Cake. The seller and sales price were not disclosed.
TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …
GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.
BLUFFTON, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.8 million sale of Bluffton Target Center, a shopping center located in Bluffton, approximately seven miles west of Hilton Head Island. Built in 2001, the property totals 100,314 square feet and was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Staples and Starbucks Coffee. Zach Taylor of IPA represented the seller, an entity doing business as Stafford Bluffton LLC, in the transaction and procured the buyer, Tarantino Properties Inc.
CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.
BIRMINGHAM, ALA. — Ballard Designs has opened its first Alabama location in downtown Birmingham. Situated along the city’s Rotary Trail, Ballard’s newest location occupies the street level of the historic Hardwick Building, with restaurants and offices filling the remaining floors and spaces of the former steel factory. Locally based Bayer Properties owns the Hardwick Building and will soon welcome restaurants Epice and Lapeer Steak and Seafood to the property, according to Bham Now. The new Ballard Designs store is set up with several vignettes staged with the brand’s living room and dining room furniture, lighting, rugs, bedding and home décor. The store also includes a fully staffed design center where patrons can meet with one of the retailer’s design consultants. Additionally, Ballard designed and furnished the Hardwick Building’s shared entryway to serve as a waiting area for restaurant goers.
SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Sherman Centre, a 170,722-square-foot shopping center located near the Texas-Oklahoma border. The center was 60 percent leased at the time of sale to tenants such as Bomgaars, Nautilus Family Fitness and Texas Roadhouse. The property also includes an undeveloped, 1.9-acre pad site. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a private owner-developer based in Texas, in the transaction. The duo also procured the buyer, an out-of-state private investor.
CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. Completion is slated for January 2026. The indoor and outdoor sports facility will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 kids and 45 teams in metro St. Louis. The 325,000-square-foot project will be situated on 33 acres at 530 N. Eatherton Road. The development will include four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. The project team includes civil engineer Stock & Associates and architect Gray Design Group.