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AcquisitionsArizonaRetailWestern

RA Centers Buys 232,573 SF Palm Valley Pavilions West Retail Property in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Raymond Arjmand of RA Centers has acquired Palm Valley Pavilions West, a power retail center in Goodyear, and named Vestar as the manager for the 232,573-square-foot property. Palm Valley Pavilions West is 99 percent occupied by national tenants, including Best Buy, Total Wine & More, Barnes & Noble, Ulta Beauty and Ross Dress for Less. Vestar operates a total of 63 open-air shopping centers across the Western United States totaling more than 30 million square feet. Vestar oversees Desert Ridge Marketplace, Tempe Marketplace and Scottsdale Promenade in the Phoenix metro area. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction and facilitated the sale. Terms of the transaction were not released.

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9723-Federal-Dr-Colorado-Springs-CO
AcquisitionsColoradoNet LeaseRestaurantRetailWestern

1031 Exchange Buyer Acquires Shake Shack-Occupied Property in Colorado Springs for $5.3M

by Amy Works

COLORADO SPRINGS, COLO. — An Oregon-based 1031 exchange buyer has purchased the ground lease of a restaurant asset located at 9723 Federal Drive in Colorado Springs. An undisclosed developer sold the asset for $5.3 million. A new double-drive-thru Shake Shack occupies the asset on a 15-year absolute triple-net ground lease. The property is adjacent to a 115,000-square-foot Scheels at the intersection of Interstate 5 and Interquest Parkway. Drew Isaac, James Rassenfoss and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal.

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4475-Forrest-Hill-Rd-Colorado-Springs-CO
AcquisitionsColoradoNet LeaseRetailWestern

Marcus & Millichap Brokers $3.3M Sale of Retail Building in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail building located at 4475 Forrest Hill Road in Colorado Springs. A developer sold the asset to an individual/personal trust for $3.3 million. Bank of America occupies the building on a 13-year absolute triple-net ground lease. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver office represented the seller, while Rich Merryman, Ryan Wilmer and Bill Schofield of Marcus & Millichap’s San Francisco office represented the buyer in transaction.

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AcquisitionsRetailTexas

NewQuest Properties Sells 14,487 SF Retail Strip Center in Manvel, Texas

by Taylor Williams

MANVEL, TEXAS — Locally based owner-operator NewQuest Properties has sold The Shops at Sedona Lakes, a 14,487-square-foot retail strip center located in the southern Houston suburb of Manvel. The center was built on 1.6 acres in 2020 and was 91.5 percent leased at the time of sale. Marc Peeler, Rick Ragan, Thomas Turner and Dakota Workman represented NewQuest in the transaction on an internal basis. Johnny Yun represented the buyer, HousKor Realty & Management LLC, also on an internal basis.

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DelawareDevelopmentNortheastRetail

Reybold Group Provides Updates on 17.2-Acre Retail Development in Newark, Delaware

by Taylor Williams

NEWARK, DEL. — Locally based developer Reybold Group has provided updates on Pencader Corporate Center, a 17.2-acre retail development in Newark. Wawa recently opened a 5,000-square-foot store at the property, and Great New Beginnings will open a 10,000-square-foot early learning center next fall. Pencader Corporate Center will also feature a 12,000-square-foot, multi-tenant retail building, construction of which is expected to begin in March.

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IndianaLeasing ActivityMidwestRetail

Nordstrom Rack to Open 25,000 SF Store in Noblesville, Indiana

by Kristin Harlow

NOBLESVILLE, IND. — Nordstrom Inc. has unveiled plans to open a new Nordstrom Rack store in Noblesville, a northeast suburb of Indianapolis. The 25,000-square-foot store is slated to open in fall 2024 and will be situated within Hamilton Town Center, a shopping center that is home to Ulta, Ross Dress for Less, Dick’s Sporting Goods and Total Wine & More. Simon Property Group owns and manages the center. Nordstrom Rack is the off-price retail division of Nordstrom. With this new location, the company operates three Nordstrom Rack stores and one Nordstrom store in Indiana.

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IllinoisLeasing ActivityMidwestRetail

AXIS 360 Negotiates Two Retail Leases for Cannabis Dispensaries in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has negotiated two retail leases for cannabis dispensaries in Normal, just north of Bloomington. Revolution Cannabis signed a lease for 3,700 square feet at 1609 Northbrook Road and expects to open before the end of the year. AYR Wellness signed a lease for 3,200 square feet at 1730 Bradford Lane within the Constitution Trail Centre shopping center. AYR Wellness is slated to open in spring 2024. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the undisclosed landlords in both leases.

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DevelopmentLoansMassachusettsMixed-UseMultifamilyNortheastRestaurantRetailTop Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

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DevelopmentFloridaLeasing ActivityMixed-UseMultifamilyRetailSoutheast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

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AcquisitionsAlabamaRetailSoutheast

SRS Negotiates $6M Portfolio Sale of Two Gas Stations in Alabama Leased to Circle-K

by John Nelson

MADISON AND HUNTSVILLE, ALA. — SRS Real Estate Partners has negotiated the $6 million portfolio sale of two newly developed gas station/convenience stores in Alabama. The assets are located at 8464 Madison Blvd. in Madison and 11010 Highway 231-431 N in Huntsville. Both properties span 5,200 square feet and have 15-year triple-net ground leases with Circle-K in place. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in the Southeast, in the transaction. The California-based private buyer purchased the assets in a 1031 exchange. The unnamed investor purchased the fee-simple ownership of the land, which span about 2 acres for both locations, in both deals.

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