SAN MATEO, CALIF. — Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization have acquired Bridgepointe Shopping Center, a 231,700-square-foot retail center in San Mateo. Tenants at the property, which was fully leased at the time of sale, include Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls. This marks the third joint-venture acquisition for CNSREIT and Sterling.
MONTCLAIR, CALIF. — Progressive Real Estate Partners has arranged the sale of a fully built-out restaurant located at 9345 Monte Vista Ave. in Montclair. A San Gabriel, Calif.-based private investor sold the asset to a local private buyer for $2.5 million. The buyer owns and operates a chain of Southern California sit-down Mexican restaurants. Built in 1981, the 6,200-square-foot restaurant features a fully equipped kitchen and bar, plenty of parking and freeway monument signage. The buyer plans to renovate the property and open a sit-down restaurant. A timeline or specific plans for the concept have not been released. Red Lobster previously occupied the asset. Paul Galmarini of Progressive Real Estate Partners and Jereme Snyder of Colliers represented the seller, while Cristina Hsieh of Sperry Van Ness represented the buyer in the deal.
HOBART, IND. — The Boulder Group has negotiated the $5.8 million sale of a 42,097-square-foot retail property net leased to O’Reilly Auto Parts in Hobart, a city in northwest Indiana. The building is located at 2881 E. 81st Ave. just west of I-65 and serves as an outparcel to The Home Depot and Target. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a Midwest-based real estate investment trust.
Marcus & Millichap Brokers $2.1M Sale of Huntington Bank-Leased Retail Asset in Southfield, Michigan
SOUTHFIELD, MICH. — Marcus & Millichap has brokered the $2.1 million sale of a 5,749-square-foot retail building net leased to Huntington Bank in Southfield. Built in 2008 and located at 24805 W. 12 Mile Road, the property features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the seller, a private developer. The asset sold to a local, all-cash buyer.
HENDERSON, N.C. — Variety Wholesalers Inc. has announced plans to acquire between 200 and 400 Big Lots stores in the midst of the latter retailer’s bankruptcy proceedings. North Carolina-based Variety Wholesalers will continue to operate the stores under the Big Lots brand. Additionally, the company plans to acquire up to two Big Lots distribution centers. According to Reuters, a bankruptcy judge approved the deal at a court hearing in Delaware. Variety Wholesalers will acquire the stores through the previously announced sales agreement between Big Lots and Boston-based Gordon Brothers Retail Partners. Gordon Brothers has entered into a sale transaction with Big Lots that will enable the transfer of assets — including stores, distribution centers and intellectual property — to other retailers and companies, including Variety Wholesalers. According to a press release issued by Big Lots, Variety Wholesalers may employ Big Lots associates at the stores and distribution centers in question, as well as certain corporate associates. A&G Real Estate Partners, a New York-based company that consults retailers looking to right-size their physical footprint, is serving as real estate advisor to Big Lots. “We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value and …
MIAMI — Locally based development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay off the project’s existing construction financing, which was provided by Apollo Global Management and Mack Real Estate Credit Strategies in 2022. A Walker & Dunlop team led by Keith Kurland and Gangemi Law Group represented Terra in the loan transactions. Joe Dewey, Brett Holland, Shawn Amuial, Shaina Kamen and Brian Piper of Holland & Knight provided legal counsel for Hudson Bay Capital. Leasing is underway for the residential component, with the first move-ins slated to begin this March. Apartments come in studio, one- and two-bedroom floor plans ranging between 500 and 1,250 square feet in size. Rents begin at approximately $2,500 per month. Residents will have access to …
SAN ANTONIO — Texas-based investment firm 35 South Capital has purchased The Collection, a 52,000-square-foot shopping center in San Antonio’s Alamo Heights neighborhood. The center is home to tenants such as SoLuna Mexican restaurant, Revolución café and juice bar, Braza Brava Pizzeria, The Union Yoga + Strength, K. Charles & Co. salon, St. John luxury women’s clothing store and several medical providers. The seller was an affiliate of Lindenmuth Realty LP.
WEST PALM BEACH, FLA. — Three new tenants have signed leases at The Nora District, a mixed-use project currently underway in West Palm Beach. IGK Salon, Indaco and ZenHippo will occupy 2,347; 2,945; and 1,369 square feet at the property, respectively. The first phase of Nora District — which is being developed by a partnership between NDT Development, Place Projects and Wheelock Street Capital — is scheduled for completion early this year. Upon completion, Phase I will feature 150,000 square feet of retail, office and hospitality space. Committed retail tenants at The Nora District include Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Sunday Motor Co., Celis Juice Bar and Café and [solidcore].
BEDMINSTER, N.J. — JLL has brokered the sale of The Hills Village Center, a 110,453-square-foot shopping center in Bedminster, about 40 miles west of Manhattan. Kings Food Market anchors the center, which was built on 13 acres in 1988 and is also home to tenants such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the undisclosed seller in the transaction and procured the buyer, Boston-based Longpoint Partners.
SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.