LEOMINSTER, MASS. — Marcus & Millichap has brokered the $7.2 million sale of Leominster Plaza, a 20,279-square-foot retail strip center located about 50 miles west of Boston. Urgent care provider ConvenientMD anchors the center, and other tenants include GEICO, ARA Leominster Dialysis and Kids Care+. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
By Taylor Williams The retail markets throughout the greater New York City area have been starving for more quality space in the post-pandemic era, with ground-up supply gains rarely hitting the market outside of obligatory inclusions within apartment buildings and highly curated clusters at mixed-use developments. According to JLL’s latest market report on New York City, as of the first quarter of 2025, there were approximately 200 availabilities across Manhattan’s “prime” retail submarkets — a record low. Average asking rents leapt 7.4 percent between the fourth quarter of 2024 and the ensuing period, settling at a rate of $577 per square foot. The report identified traditionally ritzy retail corridors and hotspots such as Fifth Avenue, Madison Avenue, SoHo and Times Square as recipients of the “prime” label, also designating the Williamsburg district in Brooklyn as one such area. So when well-located spaces formerly occupied by retailers that are now defunct or aggressively downsizing become available, they tend to draw major, immediate interest. “Expanding retailers have substantial opportunities to backfill big box and junior spaces vacated by bankrupt chains,” says Mitzi Flexer, managing director in the New York City office of national brokerage firm Bradford Allen. Flexer says that a notable …
GADSDEN, ALA. — RealSource Group has facilitated the $3 million sale of a newly built restaurant located at 720 Gilbert Ferry Road SE in Gadsden, about 60 miles northeast of Birmingham. Starbucks Coffee occupies the 2,500-square-foot building, which features a drive-thru and outdoor patio seating, on a 10-year initial lease with 10 percent rent increases every five years. The restaurant was built last year on a 1.2-acre site near I-59 and I-759. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented both the Ohio-based private investor and the Tampa-based private developer in the transaction. Both parties requested anonymity.
DALLAS — Partners Capital, the investment arm of Partners Real Estate, has purchased Kessler Park Shopping Center, a 102,020-square-foot retail property located southwest of downtown Dallas. The property comprises two buildings on a 10-acre site that was roughly 98 percent leased at the time of sale to tenants such as Colaw Fitness and United Education Institute. William Harrison of Harrison Property Brokerage represented both Partners Capital and the undisclosed seller in the transaction. Veritex Bank financed the acquisition.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a two-property portfolio of operating liquor stores in Castle Rock. The portfolio includes Bubbles Liquor World, a 27,395-square-foot flagship store located off Interstate 25 and Meadow Parkway in Castle Rock, and Tiny Bubbles, a 4,000-square-foot satellite store on the east side of Castle Rock. The portfolio generates around $15 million in annual revenue. Levi Saxen and Jack Eberwein of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the off-market deal. The Pinnacle team secured SBA financing for both locations and structured long-term leases for the new operators, ensuring stability and continued success for all parties involved.
CARMEL, IND. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the City of Carmel’s Arts & Design District. Located at 311-331 W. Main St., the property will encompass 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. The project, which was designed to evoke the elegance of an Italian villa, is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team includes Studio M Architecture and Planning and KBSO Consulting Engineers. Completion is slated for 2026.
TOLEDO, OHIO — Marcus & Millichap has brokered the $2.2 million sale of a 2,325-square-foot restaurant property net leased to Chipotle in Toledo. Built in 2025, the building at 3360 Glendale Ave. features a “Chipotlane” drive-thru. Scott Woodard and Derrick Dougherty of Marcus & Millichap procured the buyer, a private net-lease owner based in New York. The undisclosed seller developed the site, which is located adjacent to Southland shopping center and the University of Toledo Medical Center.
INGLEWOOD, CALIF. — Five new tenants have signed leases to join the Shops at Hollywood Park, the 390,000-square-foot retail district located within the larger Hollywood Park mixed-use development in Inglewood. The new round of leases — which total 13,000 square feet — includes food-and-beverage concepts Raising Cane’s, The Melt, Panini Kabob Grill, Lan Noodle and Rhythm Bar and Lounge. Hollywood Park is owned, developed and operated by Los Angeles Rams owner Stanley Kroenke. Hollywood Park spans 300 acres across 890,000 square feet. In addition to retail, the development features hospitality, residential, office and entertainment space, as well as public parks. Construction of Hollywood Park Studios, a film studio and Olympic broadcast facility, is scheduled to begin at the property this summer. Additional retail tenants include Cinépolis Luxury Cinemas, JD Sports, Iconix Fitness, Cosm and The Meeting Spot, with Phenix Salon Suites, Code Next Lab and Verizon Wireless opening soon.
HOUSTON — Metro Philadelphia-based CenterSquare Investment Management has acquired Shops at Aliana Trace, a 40,000-square-foot retail center in West Houston. The center, which is adjacent to a Costco, was fully leased at the time of sale to tenants such as Big Blue Swim, Salon by JC and Wayback Burgers. CBRE brokered the deal. The seller and sales price were not disclosed.
ATLANTA — Atlanta-based Lalani Ventures, in partnership with Ravine, will open a 181,000-square-foot live music and performance venue at Underground Atlanta, a shopping and entertainment district situated in the Five Points neighborhood of south downtown Atlanta. Following the closure of its former location in 2021, Ravine’s new location, Ravine at Underground, will feature two stages with covered indoor and outdoor event space. One stage will accommodate 6,000 guests, while the other stage will accommodate 2,500 patrons. Ravine at Underground will join additional entertainment venues at Underground Atlanta, including The Masquerade, a four-hall concert venue; The Frisky Whisker, a sound gallery and art space that includes a cat research and therapy center; and a 30,000-square-foot event hall.