HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center in northern Maryland, for $36.3 million. The buyer was not disclosed. JLL brokered the transaction. Baltimore-based CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Located at the intersection of I-81 and National Pike at 17850 Garland Groh Blvd., Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.
HARRISON, ARK. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 145,588-square-foot shopping center located at 605-627 U.S. Highway 62 in Harrison, about 72 miles east of Fayetteville in north Arkansas. Built on 13.8 acres in 1978, the property was 95 percent leased at the time of sale to tenants including Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Five of the six tenants have signed new leases or extensions recently. The undisclosed buyer, which is based in Fayetteville, purchased the retail center from a consortium of multiple partners for an undisclosed price. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley Investment, in association with ParaSell Inc., represented the seller in the transaction.
TOPEKA, KAN. — Advisors Excel has acquired the West Ridge Mall in Topeka with plans to convert it into a mixed-use destination with dining, event, entertainment, green and corporate spaces. Advisors Excel is a Topeka-based financial and investment services company. West Ridge Mall, totaling 992,000 square feet, is the third-largest enclosed mall in Kansas. Upon completion of the renovation project, the property will serve as Advisors Excel’s new headquarters, accommodating more than 1,000 employees. Originally opened in 1988, West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively. By 2021, the mall’s occupancy rate had dropped to 39 percent. Renovation plans call for a fresh urban design and layout. The new center will incorporate uses such as coworking spaces, theaters, fitness spaces, spas, breweries and cafes. Advisors Excel selected Texas-based investment and development firm Russell Glen to assist with the redevelopment. Architectural firm RDC will be responsible for the design of the retail, entertainment and restaurant components, while Hufft will focus on the design of Advisors Excel’s new headquarters. The mall redevelopment is currently in its initial stages, with Advisors Excel working to …
LOS ANGELES — Reliable Properties has acquired a portion of Barnsdall Square, a grocery/drug store-anchored retail center in Los Angeles’ Los Feliz neighborhood. DMDE Properties sold the asset for an undisclosed price. The transaction includes the acquisition of a 2.86-acre parcel on 1625 N. Vermont Ave. and a partial interest in the 1.39-acre parcel on 1533 N. Vermont Ave. Spanning 6.3 acres, Barnsdall Square offers 92,000 square feet of leasable space. Current tenants include Jons Marketplace Grocery Store, Rite Aid Pharmacy and 22 other tenants. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL Retail Capital Markets represented the seller in the deal.
WHITE HILLS, ARIZ. — SRS Real Estate Partners Capital Markets has arranged the sales of two quick-service restaurants in White Hills for a total consideration of $7.5 million. The newly constructed, adjacent properties are occupied by Carl’s Jr. and Del Taco, both of which have 20-year, absolute triple-net leases in place. White Hills is located in the Mojave Desert, approximately 70 miles southeast of Las Vegas. The Carl’s Jr. property, located at 19360 U.S. Highway 93, sold for $3.8 million. The 2,586-square-foot asset was built in 2022. Located at 19312 U.S. Highway 93, the Del Taco asset sold for $3.7 million. The 2,304-square-foot property was built in 2023. Matthew Mousavi, Patrick Luther and Winston Guest of SRS Capital Markets represented the seller, a multi-unit franchisee. The properties were acquired by individual out-of-state 1031 buyers.
CONROE, TEXAS — Dallas-based investment sales brokerage firm STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants such as Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031 exchange investor.
CHESTERFIELD, MO. — Brinkmann Constructors, in partnership with indiGO Auto Group, has completed a 25,000-square-foot Porsche service facility in the St. Louis suburb of Chesterfield. The project marks the first Porsche-dedicated service center in Missouri, according to Brinkmann. PGAL served as the project architect.
MESA, ARIZ. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, Superstition Marketplace offers 54,837 rentable square feet. Current tenants include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan with a 30-year amortization schedule through one of its correspondent life insurance companies.
LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.
GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a retail property located in Gallup, a small city near the Arizona border approximately 150 miles west of Albuquerque. The asset traded for $12.9 million, or $126 per square foot. Situated on 6.3 acres, Zecca Plaza offers 110,593 square feet of retail space. Current tenants include Albertsons, Goodwill, O’Reilly Auto Parts and Aaron Rents. Don MacLellan and Chris DePierro of Faris Lee Investments represented the undisclosed seller and undisclosed buyer in the transaction.