Wednesday, May 21, 2025
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AcquisitionsIllinoisMidwestRetail

Core Acquisitions Buys Rice Lake Square Shopping Center in Suburban Chicago for $34.2M

by Kristin Harlow

WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.  

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AcquisitionsFloridaRetailSoutheast

SRS Negotiates $6.1M Sale of Retail Strip Center in Ocala, Florida

by John Nelson

OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $1.5M Sale of Former Walgreens Building in Fort Wayne, Indiana

by Kristin Harlow

FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

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AcquisitionsArizonaFloridaMidwestOhioOregonRetailSoutheastTop StoriesWestern

Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton

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AcquisitionsRestaurantRetailTexas

Marcus & Millichap Brokers Sale of 5,677 SF Retail Building Leased to IHOP in Spring, Texas

by Taylor Williams

SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 5,677-square-foot retail building in the northern Houston suburb of Spring. The building is located along the I-45 corridor and is leased to breakfast eatery IHOP, which has 15 years remaining on its lease. John Paine of Marcus & Millichap represented the seller, metro Atlanta-based investment firm Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.

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AcquisitionsGeorgiaRetailSoutheast

ShopOne, Pantheon Acquire Publix-Anchored Retail Center in Metro Atlanta

by John Nelson

MORROW, GA. — ShopOne Centers REIT and Pantheon, along with an unnamed global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the metro Atlanta area, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw.

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AcquisitionsMassachusettsNortheastOfficeRetail

Newmark Brokers Sale of Three Office, Retail Buildings Totaling 40,860 SF in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the sale of three office and retail buildings totaling 40,860 square feet in Wellesley, a western suburb of Boston. Retail owner-operator EDENS sold the buildings at 34-50 Central St., which were 73 percent leased at the time of sale, to locally based developer Taymil Partners for an undisclosed price. Robert Griffin, Jonathan Martin and Paul Penman of Newmark brokered the deal. David Douvadjian Sr., Timonthy O’Donnell and David Douvadjian Jr. of Newmark arranged acquisition financing.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $6.5M Sale of Retail Building in Lakehurst, New Jersey

by Taylor Williams

LAKEHURST, N.J. — Marcus & Millichap has brokered the $6.5 million sale of a retail building in Lakehurst, about 60 miles east of Philadelphia, that is net leased to convenience store Wawa. The building at 604 Pine St. was completed in 2023 and totals 5,000 square feet, according to LoopNet Inc. Derrick Dougherty, Scott Woodard, Mark Krantz and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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2201-E-Willow-St-Signal-Hill-CA
AcquisitionsCaliforniaRetailWestern

Tova Capital Acquires 18,600 SF East Willow Village Retail Center in Signal Hill, California

by Amy Works

SIGNAL HILL, CALIF. — Tova Capital has purchased East Willow Village, an inline shop and pad space in Signal Hill, for $6.7 million in an off-market transaction. Signal Hill is approximately 20 miles south of Los Angeles. Located at 2201 E. Willow St., East Willow Village features 18,600 square feet of retail space. Turner’s Outdoorsman anchors the center on a 5,600-square-foot pad. Additional tenants include food, health, wellness and community-serving retail users. Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell of Ally Commercial Real Estate represented Tova Capital in the deal. The seller was not disclosed.

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InterFace-San-Antonio-Retail
Conference CoverageMarket ReportsRetailTexasTexas Market Reports

InterFace Panel: San Antonio Retail Market Rises on Radars of Major Tenants

by Taylor Williams

By Taylor Williams Industry professionals who hail from and work in San Antonio often describe the city’s economy and real estate scene as steady and healthy in a sort of unspectacular way. Rarely does any commercial sector in San Antonio achieve the high highs and low lows of gateway coastal markets. Further, the market’s quiet consistency has come to stand out as its neighbor up the road, Austin, has exploded as a tech hub in the past decade, bringing with it fervent building booms that still can’t put a dent in the skyrocketing cost of living. Yet this same quality that in years past caused major retailers and restaurants — and investors — to pass on San Antonio is now a primary force that attracts them to the Alamo City, at least according to some local industry experts. Some of these individuals elaborated on the trend at the inaugural InterFace San Antonio retail conference, which took place on April 4 at the Hilton Palacio Del Rio hotel. Bethany Babcock, principal and co-owner of full-service firm Foresite Commercial Real Estate, was the first industry expert who addressed the market’s evolution in the post-COVID era. “We noticed at the last couple trade …

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