AURORA, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $5.8 million sale of a 23,000-square-foot shopping center located at 405 N. Eola Road in Aurora. The center consists of 13 suites and is home to local, regional and national tenants. Brett Berlin of Quantum brokered the transaction. A local investor sold the property to an owner, developer and manager focused on acquiring neighborhood strip centers.
YPSILANTI, MICH. — SpurLine Holdings and Midloch Investment Partners have acquired a 45,000-square-foot store formerly occupied by JoAnn Fabrics in Ypsilanti for $5.1 million. Following a gut renovation, the property will be occupied by VASA Fitness. The asset is part of a shopping center anchored by Meijer and Target. Cory Gross of Marcus & Millichap represented the buyers. Completion and occupancy are targeted for May 2027. The transaction represents the second joint investment between SpurLine and Midloch. In May 2025, the firms acquired a vacant, former Safeway grocery store in Longmont, Colo. That space also became occupied by VASA Fitness.
Hurricane Helene was not a modest disruption. It was a disaster of historic scale. The North Carolina Office of State Budget and Management estimated total damage and recovery needs at $59.6 billion as of Dec. 2024, including damage to more than 73,000 homes, more than 100 confirmed deaths in North Carolina and a federal disaster declaration covering 39 counties. As a broker in Western North Carolina (WNC), I am often asked why the commercial real estate market has remained as strong as it has. The answer is not that the market avoided pain. It did not. The answer is that a tightly supplied market behaves very differently from a soft market after a disaster. In WNC, Hurricane Helene did not expose oversupply. It exposed scarcity. Before Helene, the Asheville-area commercial market already had very little slack. In NAI Beverly-Hanks’ second-quarter 2024 Asheville MSA commercial market report, CoStar Group-derived vacancy stood at 5.3 percent for industrial, 2.8 percent for office and 1.6 percent for retail. Earlier 2024 reporting from the same source showed similarly constrained conditions, reinforcing the same point: this was already a tight market before the storm arrived. A familiar recovery pattern That pre-storm scarcity shaped the recovery pattern. …
SAVANNAH, GA. — Madison Commercial, an affiliate of Madison Capital Group, has completed the sale of a Chick-fil-A outparcel at its mixed-use redevelopment of the former Sears and Sears Auto Center site at Oglethorpe Mall in Savannah. The transaction marks the final piece of the company’s retail component at the mixed-use development. Along with Chick-fil-A, Madison Commercial has leased and sold all three retail outparcels at the property, including Jim ‘N Nick’s Bar-B-Q and Valvoline Instant Oil Change. The outparcels are situated adjacent to Oglethorpe Mall and Madison Oaks, a new multifamily community developed by Madison Communities on the site of the former Sears anchor store. Madison Oaks opened early this year. Madison Commercial and Savannah-based engineering firm Thomas & Hutton collaborated throughout the planning, engineering and entitlement process to deliver the final retail component. Oglethorpe Mall features several restaurants, a food court and more than 120 stores. Tenants include American Eagle Outfitters, Barnes & Noble, Bath & Body Works, Belk, Claire’s, Cold Stone Creamery, Crunch Fitness, DSW Shoes, Foot Locker, Great American Cookies, H&M, JCPenney, Macy’s and Savannah Sweets, among others.
MOUNT LEBANON, PA. — Washington D.C.-based Roadside Development has acquired the Galleria at Mount Lebanon, a 168,000-square-foot shopping center located just outside of Pittsburgh. Originally constructed as a Kaufmann’s department store and converted to an indoor mall in 1988, the two-story center is home to tenants such as Anthropologie, Pottery Barn, Mitchell’s Fish Market, Panera Bread and AMC Theatres. The seller and sales price were not disclosed.
LAGUNA NIGUEL, CALIF. — JLL Capital Markets has arranged the $20.5 million sale of Crown Valley Mall, a grocery-anchored retail center located near Laguna Beach. A private family, which had owned the property since it was originally built in 1969, sold the asset to Charlotte-based Asana Partners. Tenants at the 62,627-square-foot Crown Valley Mall include Smart & Final, Baja Fish Tacos, Domino’s and Avis. The property is located at 30252 Crown Valley Parkway. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets’ Sale and Advisory represented the seller and sourced the all-cash institutional buyer in the transaction.
WICHITA, KAN. — Movement Musick has unveiled additional plans regarding its downtown Wichita development, including a new grocery store, expanded community gathering space and the project team. The planned 30,000-square-foot urban market concept is being developed in partnership with the Queen family, one of the founding owners of the Price Chopper brand. In addition to leading the capital investment for construction, Movement Musick has structured the partnership to support the store’s operations through its initial growth period. Movement Musick is evaluating a few locations for the store within a two-block radius of the adaptive reuse of the historic Shirkmere building and the new 3,000-seat music venue. The organization also announced the expansion of the planned community open space within the redevelopment project. The space is approximately 1 acre and is located both east and west of Emporia Avenue. In May, the nonprofit acquired the 75,903-square-foot Scottish Rite building, which was constructed between 1887 and 1888. Movement Musick is currently evaluating adaptive reuse strategies that allow for modern use while honoring the building’s historic character. Formal plans will be announced at a future date. The assembled project team includes Esen Development, TESSERE, Crossland Construction Co., Rockwell Group, Sasaki, HASTINGS Architecture, Fisher …
Adaptive reuse has always been an astute trend when it comes to utilizing location, existing bones, and saving a little time and money on delivery. It’s also particularly useful in submarkets like the southeast Las Vegas submarket of Henderson where strong population growth and rising household incomes outpace the availability of new retail. This long-standing unmet demand for Class A retail has inspired one developer to reshape how it views underperforming office assets. Steve Neiger, managing principal at CAST Capital Partners, is co-developing the Cliff, a 100,000-square-foot office-to-retail conversion in Henderson’s Green Valley Ranch submarket. The project involves the repositioning of a vacant, low-density suburban office property that had struggled to remain competitive as newer product and shifting workplace trends weighed on demand. Rather than pursue a traditional office lease-up or a residential conversion, the development team, which includes Partners Capital, is transforming the site into an open-air retail and dining destination designed to better align with the area’s demographics, accessibility and surrounding residential density. The repositioning reflects a broader trend in how developers are evaluating aging office assets in high-growth suburban markets, particularly where strong consumer demand is not being met by existing retail supply. Situated along Paseo Verde …
MUNDELEIN, ILL. — Marcus & Millichap has arranged the nearly $14 million sale and financing of a LA Fitness-anchored, four-suite retail property in Mundelein. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, an experienced real estate investor and developer in Chicagoland. The Sharko | Weisenbeck | Mendoza Group also procured the out-of-state buyer, which completed a 1031 exchange. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $9.8 million in acquisition financing through a regional lender. The 89,357-square-foot shopping center is situated on 7.5 acres at 1555 S. Lake St. Built in 2019, the property is home to Kids Empire, The Dog Stop and The Picklr Club. The asset is part of Townline Square Shopping Center.
JACKSON, MISS. — Newmark has arranged the sale of Highland Village, a 217,589-square-foot shopping center located at 4500 I-55 N in Jackson. Mississippi’s only Whole Foods Market anchors the 14.5-acre property, which was originally developed in 1960 and redeveloped in 2017 by the seller, WS Development. Charlotte-based Asana Partners purchased the shopping center for an undisclosed price. Conor Lalor of Newmark represented the seller in the transaction. Highland Village was approximately 90 percent leased at the time of sale to tenants including Free People, Kendra Scott, lululemon and Maison Weiss.
