OKLAHOMA CITY — Veritas Development has added three new retailers to the tenant roster at OAK, a 20-acre mixed-use project in Oklahoma City. Kitchenware and home furnishings retailer Williams Sonoma will open a 5,500-square-foot store. Tommy Bahama Marlin Bar will open an 8,000-square-foot restaurant and bar, and Pottery Barn has committed to a 12,420-square-foot space. The retailers, which join tenants such as Mesero, RH, Arhaus and Capital Grille, all plan to debut in fall 2024.
NEWTOWN, CONN. — Arrowhead Properties has purchased a 17,557-square-foot shopping center that is situated along Church Hill Road in Newtown, located in the southern coastal part of Connecticut. An entity doing business as Church Hill & Queen LLC sold the property for $3.4 million. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. Joe Wrinn and Garett Palmer of Coldwell Banker Commercial represented Arrowhead Properties.
SUN CITY, ARIZ. — Gantry has secured a $7.5 million permanent loan to refinance Sun Shadow Square, a neighborhood retail center in Sun City, a suburb of Phoenix. Tim Storey of Gantry arranged the financing for the borrower, a private real estate entity. One of Gantry’s correspondent life companies provided the 10-year loan. Situated on 8.8 acres at 10050 W. Bell Road, Sun Shadow Square features 84,000 square feet of retail space. Current tenants include Ace Hardware, H&R Block and Archwell Health.
NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.
ROUND ROCK, TEXAS — Desi Brothers Farmers Market will open a 47,814-square-foot grocery store at Round Rock Crossing on the northern outskirts of Austin. Britt Morrison and Nick Naumann of Weitzman represented the undisclosed landlord in the lease negotiations. Michael DuBois of Dallas-based Pride Commercial Properties represented Desi Brothers. Other tenants at Round Rock Crossing include Target, Best Buy, Michaels and Salons by JC. The opening is slated for some time next year.
HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated the sale of a 13,585-square-foot retail building in West Houston. According to LoopNet Inc., the single-tenant property at 5226 Elm St. was originally built in 1998. George Montes of Cypressbrook represented the seller, a limited liability company, in the transaction. Craig Appleby of Remax Fine Properties represented the seller, Redfish Management LLC.
BEACHWOOD, OHIO — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. “The convenience sector offers attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures,” states SITE Centers. There are more than 68,000 unanchored assets in the U.S., according to ICSC, with over $40 billion of assets traded between 2018 and 2022. The median asset size of the CURB portfolio as of Sept. 30 was 20,000 square feet, with 91 percent of base rent generated by units less than 10,000 square feet. Since launching its convenience strategy in 2019, the company has amassed a portfolio of 61 wholly owned properties. As of Sept. 30, the CURB portfolio was …
SAN ANTONIO — Partners Real Estate has brokered the sale of a 12,790-square-foot retail building in San Antonio. According to LoopNet Inc., the building at 2714 West Ave. was originally constructed in 1978. Landan Dory of Partners represented the seller, an entity doing business as HW West Ave LP, in the transaction. Roxana Tofan of Clear Integrity Group represented the undisclosed buyer.
PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.
WAREHAM, MASS. — Regional brokerage firm Horvath & Tremblay has negotiated the $7.6 million sale of three retail pad sites in Wareham, located south of Boston at the base of Cape Cod. The sites are home to Starbucks, U.S. Air National Guard, Aspen Dental, Chipotle Mexican Grill, Crumbl Cookies and Wareham Animal Hospital. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller in the transaction. The buyer was also not disclosed.