CHICAGO — Chicago-based real estate investor and operator Northpond Partners has partnered with a southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 square feet per tenant.
SAN JOSE, CALIF. — Brixton Capital has purchased Monterey Plaza, a shopping center in southeast San Jose, from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount. A FoodMaxx grocery store anchors the 178,204-square-foot, open-air property. Additional tenants include City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell, as well as other restaurants, retailers, entertainment companies and medical-service providers. Brixton plans to re-tenant a former Walmart storefront and revitalize the shopping center, including new exterior aesthetics and landscaping. Nicholas Bicardo of Newmark represented the New York-based seller, while Brixton Capital was self-represented in the deal.
MARLTON, N.J. — Norman’s Hallmark has opened a 6,200-square-foot store at Marlton Crossing in Southern New Jersey. The store offers a complete line of Hallmark products, cards and Keepsake Ornaments, as well as apparel, accessories, books, stationery, games, home décor, candy and gourmet foods. Norman’s Hallmark, which operates 75 stores nationwide, also recently opened a 7,280-square-foot store in nearby Plymouth Meeting.
MISSION, KAN. — The Other Place, an American sports grill and pizzeria, has opened at Mission West Shopping Center in Mission, a southern suburb of Kansas City. The tenant occupies the 4,050-square-foot space at 6522 Martway St. that was formerly home to Italian Delight. David Block, Max Kosoglad and Darren Siegel of Block & Co. Inc. Realtors represented ownership in the lease. The Other Place was founded in 1970 in Cedar Falls, Iowa. This location marks the fourth in the greater Kansas City area. There are also eight locations in Iowa. Mission West totals approximately 87,000 square feet.
EL PASO, TEXAS — CBRE has brokered the sale of 5 Points Plaza Shopping Center, a 23,300-square-foot retail property in El Paso. The center, which was vacant for the previous two decades, is currently in the midst of being renovated and will have a new anchor tenant, Mexican restaurant Morra Mia, beginning in the second quarter of next year. Rebecca Rojas of CBRE, who serves as the leasing agent, represented the buyer, an entity doing business as 2900 Pershing LLC, in the transaction. The seller was not disclosed.
HOUSTON — Locally based developer Levcor has added five new tenants at MarqE Entertainment Center in West Houston. Experiential concepts Sloomoo Institute and Immersive Gamebox now occupy 23,000 square feet and 3,404 square feet, respectively. Glownar Aesthetics has signed a 1,200-square-foot lease, while restaurants Aviator Pizza & Drafthouse and Seaside Poke have committed to 4,504 and 1,600-square-foot spaces, respectively. Regal Cinemas also recently completed renovations to its 23-screen cinema at the center.
SAN DIEGO — Family Health Centers has acquired a retail property, located at 4650 Mission Bay Drive in San Diego, from an undisclosed seller for $11 million. Located on the corner of Garnet Avenue and Mission Bay Drive, the two-story building features 20,987 square feet of retail space. The building was built in 1977 on a 1.7-acre lot. Reg Kobzi, Michael Peterson, Joel Wilson and Rosie Cooper of CBRE represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal.
SKOKIE, ILL. — Home furnishing retailer Pottery Barn is relocating its store at Westfield Old Orchard, joining Arhaus, Puttshack and Zara in the former Lord & Taylor space set to open in summer 2024. Unibail-Rodamco-Westfield owns Westfield Old Orchard shopping mall, which is undergoing redevelopment. The center is set to welcome six new retailers over the next year. Jewelry brand Little Words Project and Canadian women’s fashion brand Aritzia are opening in December. Urban Outfitters is opening in January, and Italian intimates store Intimissimi is slated to open in the spring. Westfield Old Orchard will also welcome new dining options next year, including local all-day lounge Cupitol and Cafe Castemila, an independently owned café and bakery. The redevelopment of the former Lord & Taylor department store is part of a multi-phase plan at Westfield Old Orchard that was first announced in 2022. Plans also call for new residences, dining establishments, wellness facilities and outdoor amenities such as a public park and event space. More detailed plans will be unveiled in 2024.
WEST CHICAGO, ILL. — SVN Chicago Commercial has brokered the sale of Tower Station Center in West Chicago for $2.4 million. The 11-unit retail center, located at 956 N. Neltnor Blvd., is 73 percent occupied. Aldi shadow anchors the property. Ron Weissenhofer and Karen Kulczycki of SVN represented the undisclosed seller. After six months of negotiations, the property sold to an out-of-state buyer completing a 1031 exchange.
SARCOXIE, MO. — Marcus & Millichap has arranged the $2.4 million sale of a 5,118-square-foot property net leased to Kum & Go in Sarcoxie, a city in Southwest Missouri. The gas station and convenience store has operated at the property for 16 years. The triple-net lease features annual rental increases and a corporate guarantee. Austin Weisenbeck, Sean Sharko and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the buyer, an out-of-state private investor.