LITTLE ROCK, ARK. — Inland Real Estate Income Trust Inc. has acquired the 126,288-square-foot MidTowne Shopping Center in Little Rock. The property, located at the corner of University Avenue and Markham Street, is located across the street from Park Avenue Shopping Center, which Inland purchased in February. MidTowne is 95.6 percent leased to 22 tenants, including The Container Store, Pottery Barn, Ulta Beauty and Williams-Sonoma. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Inland in the transaction.
Retail
CAIRO, GA. — Franklin Street Real Estate Services has arranged the $2.8 million sale of Cairo Corners, a grocery-anchored shopping center in Cairo, a town in southwest Georgia along the Florida border. Built in 2008, the property is located at 1000 First Ave. N.E. Harveys Supermarket anchors the shopping center and has 13 years remaining on its lease through its parent company BI-LO LLC. An unnamed company based in Delaware purchased the shopping center from Cairo Sun Properties Ltd. LLP, a Boca Raton, Fla.-based limited liability company. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller in the transaction.
PHOENIX — Coldwater Plaza, a 10,017-square-foot shopping center in Avondale, has sold to Sparty Holdings for $2 million. The plaza is located at 1461 North Dysart Road, just west of Scottsdale. It is fully leased to tenants like Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing and Checkmate Loans. Sparty was represented by Ken Gatt of Evergreen. The seller, a partnership between North Dysart SG LLC and Coldwater Dysart Partners LLC, was represented by Joseph Compagno, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 1,600-square-foot retail space for a tanning salon in Indianapolis. Fast Tans will occupy space in the George Thomas Plaza located at 1016 N. Shadeland Ave. Cindy Hoskinson of Lee & Associates represented the tenant and the landlord, Ladywood Apartments LLC, in the transaction.
BOSTON — David Barton Gym has signed a long-term lease for 19,000 square feet of space at Boston Park Plaza Hotel and Towers, which is located at 50 Park Plaza in Boston. The gym will feature a ground-floor entrance and below-grade retail space. This location is the company’s first gym in Massachusetts. Scott Edlitz of Colliers International’s New York office represented David Barton Gym in the transaction.
LAKEWOOD, COLO. – An 8,019-square-foot retail building in Lakewood that is occupied by Modmarket and Five Guys Burgers and Fries, among other tenants, has sold to a private buyer for $5 million. The building is located at 14630 West Colfax at The Promenade at Denver West. It sits adjacent to the Colorado Mills Mall. Additional tenants include Magic Nails and Caribou Coffee. Tom Ethington and Rob Edwards of Pinnacle Real Estate Advisors represented both the buyer and seller, another private party, in this transaction.
OLATHE, KAN. — Lee & Associates has arranged the $2.8 million sale of a 21,260-square-foot retail facility in Olathe, a suburb of Kansas City. The property is situated on approximately 4.3 acres of land at 800 N. Rogers St. Arizona-based powersports equipment retailer RideNow Powersports purchased the property and will occupy the space. This is RideNow’s first Kansas location. John Nolan and Russell Pearson of Lee & Associates represented the buyer. Van Wall Equipment sold the property.
MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $1.6 million sale of a 9,600-square-foot retail property in Maplewood, a suburb of St. Paul. The shopping center, anchored by AutoZone, is located at 2420 White Bear Ave. The property was fully occupied by two tenants at the time of sale. Sean Doyle and Cory Villaume of Marcus & Millichap represented the seller, a limited liability company. Doyle and Villaume also represented the buyer, another limited liability company.
WASHINGTON, ILL. — The Boulder Group has arranged the $1.2 million sale of a single tenant PNC Bank ground lease in Washington, a suburb of Peoria. The property is located at 1996 Freedom Pkwy. PNC Bank is the sole occupant of the 3,501-square-foot building, which is situated on a 1.3-acre outparcel. There are more than 14 years remaining on the ground lease, which expires in December 2028. The lease includes 14 percent rental escalations every five years throughout the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based individual. A private investor from the West Coast purchased the property.
NEW YORK CITY — A joint venture between Witkoff Group, Winthrop Realty Trust, New Valley LLC, Maefield Development and Ian Schrager Company has named CBRE Group as the exclusive leasing agent for the retail portion of 20 Times Square. The 76,000-square-foot retail component features 200 linear feet of wraparound frontage at the corner of 47th Street and Seventh Avenue and a 25-foot tall glass storefront, as well as flexible floor sizes ranging from 10,700 to 14,700 square feet. The retail space will be one component of 20 Times Square, a mixed-use development that will include a 425-room Times Square EDITION hotel and 40,000 square feet of dining, entertainment and event space. Stephen Siegel, Andrew Goldberg and Susan Kurland of CBRE will oversee the leasing efforts for the property.