Sunday, May 18, 2025
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AcquisitionsFloridaRetailSoutheast

Matthews Brokers $6.8M Sale of Retail Center on Florida’s Space Coast

by John Nelson

INDIALANTIC, FLA. — Matthews Real Estate Investment Services has brokered the $6.8 million sale of The Shoppes at Paradise Beach, a retail center located in the Space Coast beachside town of Indialantic. Originally built in 1981 and renovated in 2005, the property totals 29,650 square feet at 2324 N. Highway A1A, roughly three miles from Melbourne, Fla. The Shoppes at Paradise Beach was fully leased to 12 tenants at the time of sale to users including a nail salon, local restaurants, a sporting goods store and a florist. A Miami-based private investor acquired the property from the original developer. Brandon Senia and Robert Goldberg of Matthews represented the seller in the transaction.

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AcquisitionsNew YorkNortheastRetail

Time Equities Buys Upstate New York Shopping Center for $6.5M

by Taylor Williams

ELMIRA, N.Y. — Time Equities Inc. (TEI) has purchased Big Flats Commons, a 44,635-square-foot shopping center located in the upstate New York community of Elmira. Target anchors the property, which was built in 2007. Other tenants include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI in the transaction on an in-house basis. Kenneth Brownwell of Vanguard-Fine represented the seller, NNN REIT.

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Stop&Shop
Company NewsConnecticutMassachusettsNew JerseyNew YorkNortheastProperty TypeRetailRhode IslandTop Stories

Stop & Shop to Close 32 Stores in the Northeast

by Hayden Spiess

QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year.  Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company.  “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop.  The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …

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DevelopmentLoansRetailSoutheastTennessee

CBRE Secures Construction Financing for Publix-Anchored Shopping Center in Metro Nashville

by John Nelson

NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.

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DevelopmentRestaurantRetailSouth CarolinaSoutheast

North America Sekisui House Breaks Ground on 35,000 SF Retail, Restaurant Development in Metro Charleston

by John Nelson

SUMMERVILLE, S.C. — An affiliate of North America Sekisui House (NASH) has broken ground on Marketplace at Nexton, a new retail and restaurant project at the company’s Nexton master-planned community in the Charleston suburb of Summerville. Upon completion, the development will total 35,000 square feet of retail and restaurant space across six one-story buildings ranging from 3,500 to 10,000 square feet in size. Tenants at Marketplace at Nexton will include Dunkin’, sweetFrog, El Patron, Rotolo’s Craft and Crust Pizza, Dance Moves of Charleston, Shimmer and a liquor store. SL Shaw & Associates is the project designer and builder. Bridge Commercial manages leasing for the project, which is scheduled to open in 2025.

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Leasing ActivityRetailSouth CarolinaSoutheast

Three New Retailers Open at Beaufort Station in Coastal South Carolina

by John Nelson

BEAUFORT, S.C. — Three new tenants have opened at Beaufort Station, a shopping center situated about 30 miles north of Hilton Head Island in Beaufort. Hobby Lobby, Five Below and Rack Room Shoes have opened stores at the property, which is anchored by T.J. Maxx and HomeGoods. Additionally, Ross Dress for Less, PetSmart, Ulta Beauty, Old Navy, Aldi, Mattress Firm, Surcheros, Panda Express, Americas Best and Chicken Salad Chick have signed leases at the center. The Morgan Cos. is the landlord.

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Leasing ActivityRetailTexas

AA Gymnastics Academy Signs 10,355 SF Retail Lease in Metro Houston

by Taylor Williams

FRIENDSWOOD, TEXAS — AA Gymnastics Academy has signed a 10,355-square-foot retail lease at Baywood Plaza Shopping Center in Friendswood, a southwestern suburb of Houston. The tenant is backfilling a space formerly occupied by CVS. Kelly Hutchinson of Colliers represented the landlord, MDDS Properties, in the lease negotiations. The tenant was self-represented.

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AcquisitionsIndianaMidwestRestaurantRetail

Faris Lee Investments Arranges $2.4M Sale of Hardee’s-Occupied Restaurant Property in Bloomington, Indiana

by Kristin Harlow

BLOOMINGTON, IND. — Faris Lee Investments has arranged the sale of a Hardee’s-occupied restaurant property in Bloomington for $2.4 million. The sales price represents a cap rate of 5.95 percent. The deal included a long-term triple net lease with Hardee’s, a subsidiary of CKE Restaurant Holdings Inc. Nick Miller of Faris Lee represented the buyer, a California-based 1031 exchange investor. The transaction closed simultaneously with a Longhorn Steakhouse-occupied property in Marietta, Ga.

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Leasing ActivityNew YorkNortheastRetail

Rooftop Hospitality Group Signs 12-Year Retail Lease Extension in Manhattan

by Taylor Williams

NEW YORK CITY — Rooftop Hospitality Group has signed a 12-year retail lease extension at 230 Fifth Ave. in Manhattan. The tenant occupies the roof of the New York Market Center building, where it operates the 230 Fifth Avenue Rooftop Bar concept. The bar originally opened in 2006 and comprises 32,050 square feet of indoor and outdoor space. Jane Gural-Senders, David Kaye and Harvey Richer internally represented the landlord, GFP Real Estate, which has owned the building since 1958, in the lease negotiations.

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Bally's-Chicago-Casino
DevelopmentHospitalityIllinoisMidwestMixed-UseRetailTop Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago 

by Hayden Spiess

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar.  In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings.  In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

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