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FloridaLoansRetailSoutheast

CBRE Secures $17M Refinancing for Grocery-Anchored Shopping Center in South Florida

by John Nelson

FORT LAUDERDALE, FLA. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 N. Ocean Blvd. in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonald’s. Palm Beach Gardens, Fla.-based Kitson & Partners acquired the property in 2006. Paul Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.

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AcquisitionsNet LeaseRetailTexas

Secure Net Lease Negotiates Sale of Retail Building Leased to Shake Shack in Grand Prairie, Texas

by Taylor Williams

GRAND PRAIRIE, TEXAS — Secure Net Lease, a brokerage firm with offices in Dallas and Los Angeles, has negotiated the sale of a retail building in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property is triple-net-leased to Shake Shack. According to LoopNet Inc., the double drive-thru building totals 3,380 square feet. Matthew Scow of Secure Net Lease represented the undisclosed seller in the transaction. Sandi Hunter of Retail Link Associates represented the buyer, which acquired the property via a 1031 exchange.

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Manchester-Parkade
AcquisitionsConnecticutNortheastRetail

Marcus & Millichap Brokers $19.2M Sale of Shopping Center in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — Marcus & Millichap has brokered the $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center located on the eastern outskirts of Hartford. Tenants at the center, which originally opened in 1962, include Dollar Tree, Planet Fitness, Kidzone and the State of Connecticut Department of Children’s Services. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, the estate of Leon Charney, in the transaction. The buyer was not disclosed. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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LoansNew JerseyNortheastRetail

JLL Arranges $8.3M Loan for Refinancing of Jersey Shore Shopping Center

by Taylor Williams

BARNEGAT, N.J. — JLL has arranged an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center on the Jersey Shore. The center was built in 1998 and was 97 percent leased at the time of the loan closing, with grocer ACME Markets serving as the anchor tenant. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.

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AcquisitionsIllinoisMidwestRetail

Mid-America Real Estate Brokers Sale of 41,455 SF Spoerlein Commons Retail Center in Suburban Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Spoerlein Commons, a 41,455-square-foot retail center in the Chicago suburb of Buffalo Grove. The sales price was undisclosed. The property features a variety of medical, wellness, restaurant, retail and service tenants along with second-floor offices. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.

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AcquisitionsRetailTexas

EDGE Realty Partners Arranges Sale of 70,227 SF Shopping Center in Metro Houston

by Taylor Williams

THE WOODLANDS, TEXAS — EDGE Realty Partners has arranged the sale of College Park Plaza, a 70,227-square-foot shopping center in The Woodlands, about 30 miles north of Houston. The center was built in 2004 and is home to tenants such as Uptown Salons, Café Express, The Blood Center, Amerejuve MedSpa and Woof Gang Bakery & Grooming. Chace Henke and Micha van Marcke of EDGE represented the buyer, Last Mile Investments, in the transaction. The seller and sales price were not disclosed.

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AcquisitionsMarylandRetailSoutheast

Synergy Investment Fund Acquires 147,668 SF Shopping Center in Easton, Maryland

by John Nelson

EASTON, MD. — Synergy Investment Fund has acquired Tred Avon Square, a 147,668-square-foot retail center located in Easton, a city on east side of Chesapeake Bay near the Maryland-Delaware border. ACME, Big Lots, Easton Cinemas, Rent-A-Center, Sherwin-Williams, My Eye Dr., Osteria Alfredo, Ship and Print, Subway, Hong Kong Kitchen, Nails & Spa, Lendmark, Chincheck Sports Locker, T-Mobile, Admiral Cleaners, Rusty Hook Bait and Tackle, Spin Groove Records and Dunkin’ are tenants at the property. SVN | Miller Commercial Real Estate represented the buyer in the transaction. Ross Benincasa and Ryan Finnegan of SVN | Miller will oversee leasing at the center.

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AcquisitionsRetailSoutheastTennessee

SRS Brokers $7.2M Sale of Alcoa Commons Retail Center in Alcoa, Tennessee

by John Nelson

ALCOA, TENN. — SRS Real Estate Partners has brokered the $7.2 million sale of Alcoa Commons, a newly built retail center in Alcoa, a city roughly 14.5 miles south of Knoxville, Tenn. Situated at 1010-1020 Alcoa Market St., the 13,890-square-foot property was fully leased at the time of sale to tenants including Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased Alcoa Commons in a 1031 exchange.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Arranges $9.1M Sale of Fogo de Chao-Occupied Property in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Marcus & Millichap has arranged the $9.1 million sale of an 11,857-square-foot restaurant property occupied by Fogo de Chao in the Chicago suburb of Oak Brook. Constructed in 2021 and located at 1204 W. 22nd St., the Brazilian steakhouse anchors the new Oak Brook Commons mixed-use development that is located on the former McDonald’s headquarters site. Oak Brook Commons currently features a 17-story apartment building, a medical office building and three freestanding restaurants. Future construction plans call for creative office space, condos and a hotel. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.

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GeorgiaLeasing ActivityRestaurantRetailSoutheast

Poag Signs Six New Tenants to Join Avenue West Cobb Retail Development in Marietta, Georgia

by John Nelson

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.

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