PHILADELPHIA — JLL has negotiated the $30.8 million sale of Shoppes at Wissinoming, a roughly 98,000-square-foot shopping center in northeast Philadelphia. Grocer ShopRite anchors the center, which was built on 11.3 acres in 2008, with a 67,846-square-foot store. Additional tenants include Wawa, Popeyes, AT&T, Elite Dental and Wissinoming Laundromat. Jim Galbally, Patrick Higgins and JP Colussi of JLL represented the seller, ARCTRUST, in the transaction. The buyer was an affiliate of Brown’s Real Estate. Shoppes at Wissinoming was 98 percent leased at the time of sale.
POUGHKEEPSIE, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $11.5 million in financing for Poughkeepsie Plaza, a 181,746-square-foot shopping center located north of New York City. Marshalls and TJX/HomeGoods anchor the property, which is also home to tenants such as Sierra Trading Post, Mattress Firm, Famous Footwear, J. Crew, Wendy’s and Chase Bank. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the debt on behalf of the borrower, regional owner-operator Mehlich Associates. The direct lender was not disclosed.
TOPEKA, KAN. — The International Hot Rod Association (IHRA) has acquired Heartland Motorsports Park in Topeka. Originally opened in 1963 as Topeka Dragway, the facility later evolved into Heartland Motorsports Park. Over the decades, the park has hosted major national drag racing events, road racing, karting, motocross and grassroots competitions. Planned restoration and redevelopment efforts will focus on creating a year-round destination that blends motorsports with live entertainment and community engagement. Specifically, plans call for: revitalized drag racing operations with improved racer and fan amenities; expanded motorsports and special event programming; live music, concerts and festival experiences; enhanced hospitality, vendor and fan experience areas; community-focused events designed to drive tourism and economic impact. Renovation planning will begin immediately, with additional announcements regarding redevelopment phases, event schedules and community partnerships expected in the coming months.
PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.8 million sale of a newly constructed, single-tenant retail property located in the Inland Empire city of Perris. A Starbucks café and drive-thru occupies the 2,200-square-foot building on a 10-year triple-net corporate lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Yellow Rose Ranch LLC, an affiliate of The Lynch Group. Betty Gulezyan of I.D.L. Home represented the buyer, a private investor based in Newport Beach, Calif. Hanley Investment Group has sold 18 single-tenant Starbucks properties totaling $55 million in the past 18 months.
NEW YORK CITY — Newmark has brokered the $425 million sale of The Shops at Skyview, a 555,000-square-foot grocery-anchored retail center located in the Flushing neighborhood of Queens. Anchored by BJ’s Wholesale Club and Sky Foods, The Shops at Skyview was 97 percent leased at the time of sale. Additional tenants include Target, Nordstrom Rack, Bath & Body Works, Burlington, Adidas, Converse, Marshalls, Foot Locker, Old Navy, Sephora and Swarovski. Adam Spies, Adam Doneger, Conor Lalor and Ben Lushing of Newmark represented the seller, Perform Properties, in the transaction. Jordan Roeschlaub, Nick Scribani, John Caraviello and Tim Polglase, also with Newmark secured a $289 million acquisition loan through Mizuho on behalf of the buyer, a joint venture between Acadia Realty Trust and TPG Real Estate.
CLARKSVILLE, TENN. — The Dowd Cos. has brokered the $5.6 million sale of Clarksville Square, an 89,924-square-foot shopping center located at 1041 Riverside Drive in Clarksville, approximately 50 miles north of Nashville. John Dowd and Theresa Johnson of Dowd Cos. represented the undisclosed seller in the transaction. The buyer was a locally based investor. Built in 1967, Clarksville Square was fully leased at the time of sale to tenants including Dollar Tree, Big Lots and Farmers Home Furniture. The shopping center includes a retail outparcel leased to O’Reilly’s Auto Parts that was included in the sale.
LA MESA, CALIF. — Federal Realty Investment Trust is underway on the redevelopment of Grossmont Center, a 925,000-square-foot shopping center located in the San Diego suburb of La Mesa. The first phase of the multi-year renovation will include façade upgrades for storefronts; updated landscaping and greenery; enhanced common areas with new outdoor seating; and improvements to pedestrian foot traffic routes, lighting and overall visibility. Completion of Phase I is anticipated for October 2026. All existing businesses will remain open throughout construction. Federal Realty Investment Trust acquired Grossmont Center in 2021. Tenants at the 64-acre property consist of Barnes & Noble, Bath & Body Works, BJ’s Restaurant & Brewhouse, Chuck E. Cheese’s, Chuze Fitness, Cold Stone Creamery, CVS Pharmacy, Famous Footwear and Jamba Juice.
IRVINE, CALIF. — New York Life Real Estate Investors has completed the sale of Centerstone Plaza, a suburban office campus in Irvine, to LCBC Development for $32 million. Located on 6.8 acres at 4000, 4010 and 4040 Barranca Parkway, the 107,028-square-foot Centerstone Plaza features two onsite restaurants and is surrounded by three retail centers offering more than 30 restaurants, three grocery stores, three gyms and an in-line shops. Additionally, Centerstone Plaza is proximate to the San Diego Freeway and the John Wayne Airport. Michael Leggett, Will Poulsen and Tim Donald of JLL represented the seller and procured the buyer in the deal.
BALTIMORE AND AUSTIN, TEXAS — MCB Real Estate, a privately held commercial real estate investment management and development firm based in Baltimore with more than $4 billion in assets under management (AUM), has completed the acquisition of Austin-based Epic Real Estate Partners. The transaction includes the operation of 15 grocery-anchored shopping centers totaling just over 2 million square feet of retail space across 10 states, with a total portfolio value exceeding $575 million, as well as the operating company encompassing 13 professionals. The assets were cumulatively 92 percent leased and occupied at the time of the merger, and the ownership structure of all property-level limited partnerships stayed intact as part of the transaction. The new AUM, which average 150,000 square feet in size, include: “The Epic Real Estate Partners portfolio, consisting of institutional-quality and high-performing grocery-anchored retail shopping centers, aligns perfectly with our existing national portfolio, while also providing a strong foothold and strategic presence into new submarkets with extremely favorable long-term growth opportunities,” says P. David Bramble, co-founder and managing partner of MCB. “We have known and respected the Epic team for years, and it was extremely important to retain the professional talent at Epic as part of this transaction, …
CHINO, CALIF. — MetLife Investment Management, the institutional asset management business of MetLife Inc., has completed the disposition of Chino Spectrum Towne Center, a power center in Chino. Brixmor Property Group, a New York-based public REIT, purchased the asset for $138 million. Jimmy Slusher, Preston Fetrow, James Tyrrell, Mark Damiani and Shaya Northrup of CBRE’s National Retail Partners – West represented the seller in the deal. Located at 3801-4097 Grand Ave., Chino Spectrum Towne Center features 461,269 square feet of retail space that was 95 percent leased at the time of sale. Current tenants include H Mart, Kohl’s, Five Below, Best Buy and Nordstrom Rack, as well as regional and local retailers, service providers and restaurants. The property is also shadow anchored by Walmart Supercenter and Sam’s Club.