Retail

PREIT Obtains $150M Loan to Recapitalize Springfield Town Center in Northern Virginia

by John Nelson June 26, 2025

SPRINGFIELD, VA. — PREIT has closed on a $150 million loan for Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia. The property includes more than 1 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target, among others. Springfield Town Center will also include a 460-unit apartment community that is underway, along with a hotel and public park. The property will also house another 400 apartments that are in the planning stages and expanded parking that will have skybridge connectivity between the development’s various components. Goldman Sachs and Barclays Bank were the lead lenders for the five-year loan, which features interest-only payments and a fixed interest rate of 7.1 percent. With the new financing, PREIT expects to realize more than $5.1 million in annual interest savings.

June 26, 2025

Acquisitions Mississippi North Carolina Retail Southeast

Marcus & Millichap Brokers $6.8M Sale of Two-Property Retail Center Portfolio in North Carolina, Mississippi

by John Nelson June 26, 2025

SPRING LAKE, N.C. AND JACKSON, MISS. — Marcus & Millichap has arranged the $6.8 million portfolio sale of two retail properties totaling 53,000 square feet in Spring Lake and Jackson. Walmart shadow-anchors both centers. Built in 2004, Spring Lake Town Center totals 29,841 square feet and was 85 percent leased at the time of sale to tenants including Dollar Tree, AT&T, GameStop, Cricket Wireless, Cato, Papa Murphy’s and OneMain Financial. The second property is a 24,069-square-foot retail center located at 4882-4898 Highway 18 W in Jackson. Tenants include Humana, It’s Fashion and Shoe Show. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a private real estate company, and procured the buyer, a private 1031 exchange investor, in the transaction. Both parties requested anonymity. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina, while Mickey Davis was the firm’s broker of record in Mississippi.

June 26, 2025

Acquisitions Michigan Midwest Retail

SPERRY Negotiates Sale of Two Grocery-Anchored Shopping Centers in Southeast Michigan

by Kristin Harlow June 26, 2025

ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has negotiated the sale of two grocery-anchored shopping centers in southeast Michigan. One property totals 73,253 square feet in Ortonville while the other spans 67,248 square feet in Flushing. Robert Pliska of SPERRY represented the seller, the Bueche family, who will continue to operate the grocery stores while selling the real estate. Laurencelle Properties was the buyer.

June 26, 2025

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $12.4M Sale of Retail Center in Valparaiso, Indiana

by Kristin Harlow June 26, 2025

VALPARAISO, IND. — Marcus & Millichap has brokered the $12.4 million sale of Coolwood Plaza in Valparaiso. Anchored by a Strack & Van Til grocery store, the property is home to 11 tenants. The center is also home to a separately leased commissary space operated by Strack & Van Til that supports food preparation and distribution for 21 regional locations. Mitchell Kiven and Nicolas Kanich of Marcus & Millichap represented the seller, an entity affiliated with Chicago-based developer Weiss Entities LLC. Kiven procured the buyer, BC Wood Properties.

June 26, 2025

Acquisitions Oklahoma Retail Texas

Bain Capital, 11North Buy Three Oklahoma City Shopping Centers for $212M

by Taylor Williams June 25, 2025

OKLAHOMA CITY — A partnership between Boston-based Bain Capital Real Estate and New York City-based 11North Partners has purchased three open-air shopping centers in the Nichols Hills submarket of Oklahoma City for $212 million. Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve collectively comprise nearly 40 acres and have a combined occupancy rate of approximately 97 percent. Whole Foods Market and Trader Joe’s anchor the centers, which are also home to tenants such as Lululemon, Warby Parker, West Elm, Anthropologie, Sephora and Kendra Scott. The seller was not disclosed. The new ownership has tapped JLL to manage the properties.

June 25, 2025

Leasing Activity Retail Texas

EōS Fitness to Open 40,000 SF Gym in Texas City, Texas

by Taylor Williams June 25, 2025

TEXAS CITY, TEXAS — Dallas-based EōS Fitness will open a 40,000-square-foot gym in Texas City, located southeast of Houston in Galveston County. The space is located adjacent to I-45 within a site that will be anchored by an H-E-B grocery store in the near future. NewQuest represented EōS Fitness in the lease negotiations. The landlord, First Hartford Realty Corp., was self-represented. The opening is scheduled for 2027.

June 25, 2025

Development Leasing Activity Louisiana Retail Southeast

Feil Organization to Deliver First Trader Joe’s Grocery Store in New Orleans

by John Nelson June 25, 2025

NEW ORLEANS — The Feil Organization plans to deliver a new Trader Joe’s grocery store at 2501 Tulane Ave. in New Orleans. The new 13,368-square-foot store will be the first location in New Orleans for the Monrovia, Calif.-based specialty grocer. Feil began assembling sites along Tulane Avenue in 2016 and executed the lease with Trader Joe’s in 2023. Colette Wharton and Katina Spera represented Feil internally in the lease negotiations, and Rich Lobkowicz of District Real Estate Advisors and Chris Ross of NAI Latter & Blum (now NAI Rampart) represented Trader Joe’s. The design-build team includes Sherman Strategies, SCNZ Architects and Landis Construction. Metairie Bank provided an undisclosed amount of construction financing for the project. The new Trader Joe’s is set to this summer, according to NOLA.com.

June 25, 2025

Acquisitions New Jersey Northeast Retail

CBRE Negotiates $37.5M Sale of Newark Shopping Center

by Taylor Williams June 25, 2025

NEWARK, N.J. — CBRE has negotiated the $37.5 million sale of Springfield Avenue Marketplace, a 110,551-square-foot shopping center in Newark. A 71,000-square-foot Shoprite grocery store anchors the property, which was completed in 2016 and was 97 percent leased at the time of sale. Additional tenants include McDonald’s, Taco Bell, Popeyes and T-Mobile. Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer of CBRE represented the seller, Goldman Sachs Alternatives, in the transaction. The team also procured the buyer, Medipower, a publicly traded Israeli investment firm. Jim Cadranell, Jon Mikula and Christian Badalamenti of JLL arranged $24.4 million in fixed-rate acquisition financing for the deal through Protective Life Corp.

June 25, 2025

Acquisitions Colorado Retail Western

Sidford Capital Buys 115,461 SF Aurora Plaza Shopping Center in Colorado

by Amy Works June 25, 2025

AURORA, COLO. — Sidford Capital has acquired Aurora Plaza, a shopping center located at 15001-15293 E. Mississippi Ave. in Aurora, from an undisclosed seller for $16 million. Built in 1982 and renovated in 2001, Aurora Plaza offers 115,461 square feet of retail space on 10.6 acres. The property, which is 80 percent occupied, is leased to 27 tenants, including Hero Dental, Kid to Kid, Rent-A-Center and Domino’s Pizza. Jason Schmidt and Austin Snedden of JLL Capital Market’s Investment Sales and Advisory team represented the seller in the deal.

June 25, 2025

Development Illinois Midwest Office Retail

Inspired by Somerset Development Breaks Ground on Phase II of Bell Works Chicagoland

by Kristin Harlow June 25, 2025

HOFFMAN ESTATES, ILL. — Inspired by Somerset Development has broken ground on the West Side of Bell Works Chicagoland, marking the second phase of transformation of the former AT&T campus in Hoffman Estates into a “metroburb” with office, retail, dining and hospitality space. As the East Side of the project nears 95 percent occupancy, the West Side will bring more than 500,000 square feet of new space. The redeveloped West Side will include 430,000 square feet of traditional office space with approximately 35,000 square feet dedicated to fully furnished “Ready-to-Wear” suites for flexible short- and long-term leases, as well as 70,000 square feet of retail space. Completion is slated for the third quarter of 2026. Wight & Co. is the architect and npz studio+ is designing interiors. At the core of the West Side is its atrium, serving as a “Main Street” lined with storefronts, eateries and community gathering space. A skylight runs the length of the corridor, providing natural light. In tandem with the groundbreaking is the opening of Bell Market, a new culinary destination offering a selection of food-and-beverage options alongside a hub for weekly entertainment and private gatherings. The concept first debuted at Bell Works New Jersey.

June 25, 2025

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