Retail

Ziff Real Estate Acquires Promenade at Northwoods Retail Center in North Charleston for $30.8M

by John Nelson March 3, 2025

NORTH CHARLESTON, S.C. — South Carolina-based Ziff Real Estate Partners (ZRP) has acquired Promenade at Northwoods, a 253,308-square-foot retail center in North Charleston, for $30.8 million. The seller and sales price were not disclosed, but The Post and Courier reports the seller was an affiliate of Charlotte-based Big V Property Group. Situated on 7800 Rivers Ave. across from Northwoods Mall, the property is anchored by Hobby Lobby and Ollie’s Bargain Outlet. Christian Chamblee, Brooke Frey and Paige Tompkins led the ZRP deal team in the transaction. This acquisition brings ZRP’s metro Charleston portfolio to 640,000 square feet across six properties.

March 3, 2025

Acquisitions Indiana Midwest Retail

Greenstone Partners Brokers $2M Sale of Two-Tenant Retail Property in Portage, Indiana

by Kristin Harlow March 3, 2025

PORTAGE, IND. — Greenstone Partners has brokered the sale of Starbucks Center at AmeriPlex at the Port, a two-tenant retail property in Portage, for nearly $2 million. The 5,251-square-foot asset is located just off I-94 at the entrance of AmeriPlex at the Port, a 387-acre mixed-use business park. Tenants include Starbucks, which has occupied space for over 17 years and recently extended its lease through 2033, and El Salto/Fairway Indoor Golf, a regional restaurant group that recently introduced high-tech golf simulators. Jason St. John of Greenstone represented the seller and developer in the transaction. Buyer information was not provided.

March 3, 2025

Development Midwest Missouri Restaurant Retail

Starbucks Opens at MILA Apartments in Ellisville, Missouri

by Kristin Harlow March 3, 2025

ELLISVILLE, MO. — Starbucks has opened its first location in Ellisville, a western suburb of St. Louis. The standalone property totals 2,300 square feet and serves as the newest amenity for the 227-unit MILA Apartments, which is slated to open in June. The development team for MILA, which includes Midas Hospitality and Balke Brown with its affiliates Double Eagle Development and Diamond Income Fund, also developed the building for Starbucks. The four-story MILA features units that range in size from 552 to 1,363 square feet. Work is currently focused on finalizing interior spaces. Amenities include a courtyard, pool, bocce ball, mini golf, dog park, business center and fitness room. Rosemann & Associates designed the building, and MBG is the general contractor. Leasing will begin in April and is being managed by 2B Residential.

March 3, 2025

Acquisitions Retail Southeast Top Stories

JLL Arranges $467M Sale-Leaseback of SouthState Bank Retail Branches Throughout Southeast US

by Taylor Williams March 3, 2025

WINTER HAVEN, FLA. AND NEW YORK CITY — JLL has arranged the sale-leaseback of 165 retail branches in six states that are occupied by SouthState Bank, a regional lender based in the Tampa area, in a transaction valued at approximately $467 million. The buyer is Blue Owl Capital (NYSE: OWL), and the transaction was executed through various funds managed by the New York City-based asset management firm. The bank branches are located throughout Alabama, Georgia, Florida, North Carolina, South Carolina and Virginia and total approximately 1.2 million square feet. Terms of the sale-leaseback call for SouthState Bank to continue to occupy the branches on 15-year, triple-net leases with 2 percent annual rent increases. SouthState Bank will also continue to operate the branches without any changes to its product or service offerings. Alex Sharrin, Coler Yoakam, Brian Shanfeld, Jeffrey Cicurel, Josh Katlin, Michael Roberts, Josh Hirsch and Andrew Weir of JLL structured the transaction on behalf of SouthState Bank. The lender did not specify what the proceeds from the sale might be allocated toward, saying only that funds would “enhance its balance sheet.” Others involved in the deal commented on the appeal of the structure itself in today’s market. “Sale-leaseback transactions continue …

March 3, 2025

Acquisitions California Retail Western

Brixton Capital Purchases 215,506 SF Washington Square Shopping Center in Petaluma, California

by Amy Works February 28, 2025

PETALUMA, CALIF. — Brixton Capital has acquired Washington Square, a retail property in Petaluma, from El Segundo, Calif.-based Paragon Commercial Group for $67.5 million. Bryan Ley, Eric Kathrein and Warren McClean of JLL represented the seller, while Brixton was self-represented in the deal. Located at 301 S. McDowell Blvd., the eight-building property features 215,506 square feet that is more than 99 percent leased. Current tenants include Safeway, Staples, Harbor Freight Tools, Planet Fitness, Five Below and Marin Health. Originally built in 1971 and renovated in 1996, Brixton Capital plans to renovate the property with parking lot improvements, roof replacements, exterior painting, HVAC upgrades and façade enhancements. Additionally, the company plans to renovate the landscaping and update the signage to enhance curb appeal.

February 28, 2025

Leasing Activity Midwest Ohio Restaurant Retail

Noble Chicken to Open Flagship Restaurant This March in Cincinnati

by Kristin Harlow February 28, 2025

CINCINNATI — Noble Chicken, a new fast-casual restaurant concept from the creators of Wings and Rings, is set to open its flagship location in Cincinnati in March. The idea for Noble Chicken began in 2019 as an entry into a local wing competition in Cincinnati. The concept evolved via a ghost kitchen and a licensed, non-traditional food court location that opened in 2020. Noble Chicken is now backed by a franchise with over 40 years of experience in growing restaurants and supporting franchisees. In addition to chicken sandwiches, tenders and wings, Noble Chicken’s menu includes Nashville hot slaw, hatch chile queso mac & cheese, hush puppies and carnival-inspired deep-fried cookie dough. All main and side items are designed with portions significantly larger than those found at competitors. For franchisees, the initial investment ranges from $449,750 to $698,342. Restaurant sizes range from roughly 1,400 to 1,800 square feet. The brand is targeting growth in the Midwest, South and Southwest, with immediate focus on Ohio, Indiana, Kentucky, Florida and Texas.

February 28, 2025

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Negotiates Sale of 124,405 SF Shopping Center in Stow, Massachusetts

by Taylor Williams February 28, 2025

STOW, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Stow Shopping Center, a 124,405-square-foot retail property in Central Massachusetts. Grocer Shaw’s anchors the center, which was 90 percent leased at the time of sale via the recent new leases with a dentistry practice and spa operator. Justin Smith, Chris Peterson, Sam Koonce, Danielle Donovan and Matt Austin of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 28, 2025

Development Restaurant Retail Texas

Trademark to Develop 25-Acre Retail, Restaurant District at Dunham Pointe in Cypress, Texas

by Taylor Williams February 27, 2025

CYPRESS, TEXAS — Fort Worth-based Trademark Property Co. will develop a 25-acre retail and restaurant district within Dunham Pointe, a 1,300-acre master-planned community located in the northwestern Houston suburb of Cypress. The new district will total 205,000 square feet, and roughly 50 retail and food-and-beverage operators have already submitted preliminary lease offers for the property, according to Trademark. Construction is expected to begin in the fourth quarter, with the first openings slated for early 2027. At full build-out, Dunham Pointe will also feature more than 2,000 single-family homes and a school.

February 27, 2025

Loans New York Northeast Retail

MMCC Arranges $12.9M Loan for Refinancing of Upstate New York Shopping Center

by Taylor Williams February 27, 2025

SCHENECTADY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.9 million loan for the refinancing of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center in Schenectady, located just north of Albany. According to LoopNet Inc., Crosstown Plaza was built in 1978 and renovated in 2018). Tenants include grocer Price Rite, Harbor Freight Tools and Ocean State Job Lot. Steven Rock of MMCC arranged the loan, which carried a three-year term and a 25-year amortization schedule, through an undisclosed bank. The sponsor was also not disclosed.

February 27, 2025

Acquisitions California Retail Western

Federal Realty Acquires 674,000 SF Retail Center in Monterey, California for $123.5M

by Amy Works February 27, 2025

MONTEREY, CALIF. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn and Anthropologie. According to Placer.ai, the development ranks among the top 5 percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.

February 27, 2025

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