Sunday, November 24, 2024
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DevelopmentFloridaLeasing ActivityRetailSoutheast

Nordstrom Rack to Open Two Florida Stores Totaling 51,000 SF

by John Nelson

MELBOURNE AND SARASOTA, FLA. — Nordstrom Rack has announced plans to open two new stores in Florida. Located in Melbourne and Sarasota, the stores will comprise 24,000 and 27,000 square feet, respectively. The Melbourne store will be situated within The Avenue Viera and is scheduled to open next fall. Scheduled to open spring 2026, the Sarasota store will be situated within Sarasota Pavilion. InvenTrust Properties owns and manages Sarasota Pavilion, and WS Development owns and manages The Avenue Viera. Nordstrom Rack is a discount apparel retailer and subsidiary of Nordstrom Inc. The Seattle-based retailer operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.

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DevelopmentRetailTexas

H-E-B to Open 131,000 SF Grocery Store in Forney, Texas

by Taylor Williams

FORNEY, TEXAS — Grocer H-E-B will open a 131,000-square-foot store in Forney, an eastern suburb of Dallas. The site is located at the junction of U.S. Highway 80 and Gateway Boulevard. Details on specific store features and offerings were not disclosed. Construction is underway, and the opening is scheduled for early 2026. The San Antonio-based grocer operates about 435 stores throughout Texas and Mexico.

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South-Tempe-Square_Tempe-Ariz
ArizonaDevelopmentRetailWestern

Thompson Thrift to Develop 27,119 SF Retail Center in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Thompson Thrift has announced plans to develop South Tempe Square, a 27,119-square-foot retail center, roughly 10 miles outside Phoenix in Tempe. The developer purchased a 3.7-acre site for the project and is scheduled to break ground in the first quarter of 2025. Upon completion, which is scheduled for early 2026, the center will feature four buildings ranging in size from 4,500 to 9,753 square feet. 

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52-W-84th-Ave-Thornton-CO
AcquisitionsColoradoRetailWestern

SRS Real Estate Brokers $8.3M Sale of New 7-Eleven-Occupied Retail Property in Thornton, Colorado

by Amy Works

THORNTON, COLO. — SRS Real Estate Partners has negotiated the sale of a retail property located at 52 W. 84th Ave. in Thornton, roughly 10 miles north of Denver. A California-based private investor acquired the asset from a Colorado-based developer for $8.3 million. 7-Eleven occupies the 4,050-square-foot property, which was built in 2023. The tenant has 14 years remaining on its corporate-guaranteed lease. Ryan Tomkins of SRS Capital Markets represented the seller in the deal.

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Tractor-Supply-Co-Ceres-CA
CaliforniaLoansRetailWestern

PSRS Arranges $4M in Refinancing for Tractor Supply-Occupied Retail Property in Ceres, California

by Amy Works

CERES, CALIF. — PSRS has secured $4 million in refinancing for a retail property within Ceres Gateway Center in Ceres. Tractor Supply Co. occupies the 21,702-square-foot property, which was built-to-suit in 2023. The property includes Tractor Supply’s new Fusion Garden Center and a large fenced outdoor sales area. Kostas Kavayiotidis and Matthew Farzinpour of PSRS arranged the non-recourse loan with a five-year term on behalf of the undisclosed borrower. A correspondent life insurance company provided the loan.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Simon Welcomes New Tenants to Wrentham Village Premium Outlets in Southern Massachusetts

by Taylor Williams

WRENTHAM, MASS. — Simon Property Group has welcomed several new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Apparel retailer Hollister Co. featuring Gilly Hicks is now open, and Italian luxury fashion brand Moncler plans to open a store in the coming weeks. Additionally, Shake Shack will open a restaurant in late winter.

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AcquisitionsMixed-UseMultifamilyNorth CarolinaRetailSoutheast

Berkadia Brokers $76M Sale of LangTree Lake Norman Mixed-Use Property in Metro Charlotte

by Hayden Spiess

MOORESVILLE, N.C. — Berkadia has brokered the $76 million sale of LangTree Lake Norman, a mixed-use multifamily property located in Mooresville, roughly 30 miles north of Charlotte. In addition to 300 residential units, the property features approximately 48,000 square feet of ground-floor retail space. Caleb Troop and Thomas Colaiezzi of Berkadia, with Brian Long of RL West, represented the seller, Langtree Development Co., in the transaction. An affiliate of Raleigh-based Blue Heron Asset Management was the buyer.  Residences at LangTree Lake Norman, which is situated at 150 Landing Drive, include apartments in one-, two- and three-bedroom layouts. Amenities at the community include a clubhouse, swimming pool, fitness center and a dog park.  The buyer plans to implement upgrades to the unit interiors, as well as enhancements to the community space. RL West and Langtree Development Co. originally developed the property in 2013 and retain ownership of Buildings 105 and 106 and the commercial buildings fronting Mecklynn Road. 

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AcquisitionsNew YorkNortheastRetail

Chase Properties Buys 180,000 SF Shopping Center in Ithaca, New York

by Taylor Williams

ITHACA, N.Y. — Ohio-based investment firm Chase Properties has purchased Creekside Plaza, a 180,000-square-foot shopping center located in the upstate New York community of Ithaca. The property was built in 2001 and was 95 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. The seller and sales price were not disclosed. Chase Properties acquired Creekside Plaza in conjunction with Waynesboro Town Center, a 170,810-square-foot shopping center in Virginia’s Shenandoah Valley region.

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Cottonwood-Corners_Albuquerque-N.M
AcquisitionsNew MexicoRetailWestern

SimonCRE Purchases 218,144 SF Shopping Center in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Scottsdale, Ariz.-based SimonCRE has acquired Cottonwood Corners, a 218,144-square-foot retail center located in Albuquerque. An entity doing business as Gibson-Cottonwood LLC sold the property for an undisclosed price. Tenants at the property, which was developed in two phases in 1996 and 1998, include Barnes & Noble, Best Buy, Michaels, Ross Dress for Less, Legacy Furniture, New Balance, The UPS Store, Mattress Firm, Leslie’s Poolmart, Scrub Spot, LA Luxe Nails and Firehouse Subs. The center also features 29,233 square feet of big box space and 4,679 square feet of small shop space that has been leased but is not yet occupied. Kino James and David Chavez of Base 5 Retail will manage leasing at the property on behalf of the new owner. 

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3325-N-Hunt-Hgwy-Florence-AZ
AcquisitionsArizonaNet LeaseRetailWestern

Limited Partnership Buys Safeway-Occupied Retail Property in Florence, Arizona for $10.2M

by Amy Works

FLORENCE, ARIZ. — A limited partnership has acquired a grocery store located at 3325 N. Hunt Highway in Florence, approximately 60 miles southeast of Phoenix. Mark Ruble, Scott Ruble, Chris Land and Zack House of Marcus & Millichap procured the buyer in the $10.2 million deal. The seller was not disclosed. Safeway occupies the 57,860-square-foot property on a net-lease basis. Situated on 6.3 acres, the store was built in 2008.

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