MONROE, LA.— Marcus & Millichap has brokered the $10.5 million sale of The Plaza One Shopping Center, a retail center located at 2810 Louisville Ave. in Monroe. Super 1 Foods anchors the property, which totals 96,765 square feet. The center was fully leased at the time of sale. Zach Taylor and Philip Levy of Marcus & Millichap represented the seller, a Texas-based private investor, in the transaction. Steve Greer assisted in closing the sale as the Louisiana broker of record.
PORTAGE, WIS. — Brisky Net Lease has brokered the $3.6 million sale of a Festival Foods-occupied retail property in Portage, a city in central Wisconsin. The single-tenant, net-leased grocery asset is located at 2915 New Pinery Road along US Highway 51. Brian Brisky of Brisky Net Lease represented the seller, a REIT. The buyer was also a REIT. Festival Foods, a family-owned company, operates roughly 40 locations in Wisconsin.
SOUTHGATE, MICH. — Embers Coffee Co. has signed a 4,500-square-foot retail lease at Southgate Shopping Center in Southgate, a southwest suburb of Detroit. Embers will serve coffee roasted by Rootless Coffee of Flint, Mich. The coffee shop is slated to open this fall at 13627 Eureka Road. Greg Hornby of Friedman Real Estate represented the tenant in the lease. The landlord was undisclosed.
SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.
HEMPSTEAD, N.Y. — Marcus & Millichap has brokered the $7.6 million sale of a 3,869-square-foot retail property in the Long Island community of Hempstead. The building is net leased to TD Bank and is located within Rockville Centre, an incorporated village. Scott Plasky, Michael Kook and Billy Stephan IV of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Christopher Marks and Stephen Filippo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
— By Kelly Reenders — The California coastal city of Dana Point sought to redevelop its underutilized Town Center, with the goal being to create a pedestrian-friendly live-work-play neighborhood that encouraged further reinvestment and development. Now called the Lantern District, the four-block downtown is anchored by Prado West, a three-building mixed-use complex with 109 apartments and nearly 30,000 square feet of ground-floor restaurants, shops and public outdoor space. Though the endeavor is now something the city and residents can be proud of, the project had its share of challenges. These included gaining community support for proposed changes, in addition to overcoming a leasing timeline that included a pandemic shutdown. Embracing the Local Community For Dana Point and Prado West’s developer, Raintree Partners, the solution was to embrace local entrepreneurs. Raintree recognized the value of encouraging other owners to reinvest in their properties early on as the downtown plan took shape. This caught the attention of Max Fisher, owner of the Shwack Beach Grill, which sits across the street from Prado West. Soon enough, Fisher and his partners agreed to open HomeSlice, an Italian- and pizza-focused restaurant, in Prado West across from their existing grill. As local owners, the partners felt the …
PLYMOUTH, MASS. — A partnership between New York-based retail investment firm DLC and Temerity Strategic Partners has acquired Colony Place, a 400,000-square-foot shopping center located south of Boston in Plymouth, for $86 million. Phase I of Colony Place was constructed between 2005 and 2008, and Phase II was completed in 2016. Colony Place was 94 percent leased at the time of sale. Tenants include Aldi, Best Buy, Dick’s Sporting Goods, Burlington, Bath & Body Works, Michaels, Five Below, Gamestop and Men’s Wearhouse. The seller was not disclosed.
WAUKESHA, WIS. — Mid-America Real Estate Corp. has brokered the sale of Silvernail Plaza, a 116,135-square-foot shopping center in the western Milwaukee suburb of Waukesha. The sales price was undisclosed. Major tenants at the property include grocer Metro Market and Dollar Tree. Outlots Wendy’s, Arby’s and Firestone were included in the sale. Rick Drogosz, Dan Rosenfeld and Scott Satula of Mid-America represented the seller, United Properties. Essential Growth Properties was the buyer.
BELLEFONT, PA. — Marcus & Millichap has brokered the $10.1 million sale of a retail building in Bellefont, about 120 miles northwest of Harrisburg, that is net leased to grocer Giant Food. The building was constructed in 2022 and is part of Paradise Shopping Center. Dean Zang, Brad Nathanson and David Crotts of Marcus & Millichap represented the seller, a Pennsylvania-based developer, in the transaction. JRW Realty represented the buyer, an affiliate of Exchange Right.
WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.
