CHESTER SPRINGS, PA. — Marcus & Millichap has brokered sale of a retail pad site that is leased to CVS and an affiliated outparcel building in Chester Springs, about 35 miles northwest of Philadelphia, for a combined $6.1 million. Dean Zang and David Crotts of Marcus & Millichap represented the seller, an affiliate of the Zukin Family, in the transaction and procured an undisclosed, publicly traded REIT as the buyer. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …
HOUSTON — Lowe’s Outlet has opened a 41,453-square-foot store at Champions Village, a 383,346-square-foot retail power center in northwest Houston. The North Carolina-based home improvement retailer backfilled a space previously occupied by Stein Mart. The opening precedes the 2024 debuts of Hibbett Sports and soul food restaurant The Greasy Spoon at the center. The owner of Champions Village, First National Realty Partners, also recently reached long-term extension agreements with two anchor tenants, grocer Randalls and Barnes & Noble.
RIALTO, CALIF. — Calabasas-based NewMark Merrill Cos. has completed the development of Rialto Village, a 96,011-square-foot, grocery-anchored retail center at the corner of Riverside Avenue and San Bernardino Boulevard in Rialto. Rialto Village is 100 percent leased. Current tenants include Sprouts Farmers Market, Burlington, In-N-Out Burger and Quick Quack Car Wash. Other tenants slated to open in the coming months include Ulta Beauty, Five Below, Mochinut, Red Phoenix Nail Salon, West Coast Dental, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractor, AhiPoki Bowl, Every Table, Arrowhead Credit Union and Mattress Firm. Greg Giacopuzzi and Darren Bovard of NewMark Merrill, along with Brian McDonald, Walter Pagel and Hannah Curran of CBRE, secured the leases and are overseeing leasing at the center.
NASHVILLE, TENN. — Tanger Factory Outlet Centers (NYSE: SKT) has completed Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. The property is Tanger’s first new development since 2019. The open-air development consists of seven retail buildings and The Green, a central outdoor community space for programming and activations. The mall is currently 96.5 percent occupied by 60 retailers and restaurants, including Nike, Polo Ralph Lauren, Coach, Ulta Beauty, Michael Kors, Pottery Barn, Under Armour, Crocs, American Eagle, Journeys, Old Navy, Victoria’s Secret and Adidas. The property also features 15 murals by artists from across the U.S., and food and beverage offerings including Shake Shack, Crumbl Cookies, Tailgate Brewery, Red Bicycle Coffee, Prince’s Hot Chicken and Eggspectation. The development incorporated a number of sustainability efforts, including the addition of a honeybee hive with 30,000 bees; 12 electric vehicle charging stations; 2,800 rooftop solar panels; and the planting of over 500 trees and 10,000 shrubs and ground-covering plants. The development led to approximately 700 people employed during the center’s construction and another 1,100 part-time and permanent jobs created through its retail operations. The grand opening for Tanger Outlets Nashville will be tomorrow, Oct. 27. To celebrate, the company will offer prizes …
MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.
SPARTANBURG, S.C. — Two entities of SVN | Blackstream — Reedy River Retail and Second Story Real Estate Management — have been retained to offer for sale the leasehold interest of WestGate Mall, an enclosed regional shopping mall in Spartanburg. The mall’s anchor tenants include Belk, Dillards, JC Penney and Costco, which is located on a separate parcel and not included in the sale. The sale includes 431,306 square feet of gross leasable area as part of a ground lease that has extension options through 2084. WestGate Mall, which is the only enclosed mall in Spartanburg County, is located on a 52-acre site along I-26. The asset is currently 82 percent occupied. The mall’s former owner, Chattanooga-based CBL Properties, filed for bankruptcy in 2020 and the mall is now in receivership, according to local media outlets.
DETROIT — Detroit Music Hall has unveiled plans for a $122 million expansion project designed by Tod Williams Billie Tsien Architects. At seven stories and 100,000 square feet, the expansion is the culmination of an extensive 2023 feasibility study. The multipurpose music center will occupy the lot adjacent to the classic 1928 Music Hall, a landmarked facility in the heart of downtown Detroit at the corner of Brush and Madison streets. The new facility will feature a state-of-the-art 24,000-square-foot concert hall, 1,800-square-foot recital hall, recording and practice studios, leasable office space for industry professionals and a public welcome center offering box office access to arts and cultural programming across the city. The project is slated to open in fall 2026. Enclosed aerial walkways will bridge the gap between the historic Music Hall and the new Music Hall Center. The 4,000-square-foot alley between the two buildings will feature outdoor seating, areas for public performances and art installations, and spaces for the community to gather. The new Music Hall Center will house a music academy for students as well as a rooftop restaurant. Funding for the project is built on a base of $80 million in tax-exempt 501(c)3 bonds, issued by the …
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the acquisition of five retail outparcels located at Citrus Landing, a 124,904-square-foot retail center in the Inland Empire city of Riverside. Tenants at the outparcels, which total 25,916 square feet, include Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega, Pacific Dental and Chick-fil-A, which is scheduled to open next year. Stater Bros. anchors Citrus Landing, which was fully occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the 1031-exchange buyers in the transaction. REZA Investment Group represented the seller, Paragon Commercial Group.
DALLAS — Newmark has brokered the sale of Plaza of the Americas, a 1.2 million-square-foot office and retail asset located in the Arts District of downtown Dallas. The sales price was not disclosed, but the brokerage states that the transaction marks the largest office sale in Dallas so far this year. New York-based Shelbourne Global Solutions was the buyer, according to The Dallas Morning News. Located at 600 and 700 N. Pearl St., Plaza of the Americas comprises two 25-story office towers connected by a glass atrium. There are 120,000 square feet of retail and dining spaces on the first and second floors as well as an eight-story parking garage. Constructed in 1980, the buildings have undergone $26 million in capital improvements over the last decade. Recent renovations to the atrium replaced an under-utilized ice-skating rink with an urban garden area equipped with water features, food pavilions and retail shops. The new ownership plans to start a multi-million-dollar renovation later this year. Plaza of the Americas is situated adjacent to DART Pearl Street Station. The property is within walking distance of Klyde Warren Park, the 400-room Dallas Marriott Downtown hotel and several entertainment options such as the Dallas Museum of …