INDIANAPOLIS — Northmarq has brokered the sale of the Clearwater Springs shopping center in Indianapolis for an undisclosed price. The 132,156-square-foot shopping center is located at 5151 E. 82nd St. Anchor tenants include Aldi, Haverty’s Furniture and Michaels. Additional retailers include Starbucks, Athletico, David’s Bridal and AT&T. Blaise Bennett of Northmarq represented the buyer, a Cincinnati-based private equity firm. Wes Podell of Podell Partners represented the undisclosed seller.
EVANSTON, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Church Street Plaza in Evanston for an undisclosed price. The 9,589-square-foot retail center is located on Church Street and his home to Semper Laser, Pure Barre, Noodles & Co., CycleBar and Big Wig Tacos. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, GW Properties. The buyer was SW Neighborhood Centers II, an affiliate of Shannon Waltchack, an Alabama-based commercial real estate investment firm.
NEW BRAUNFELS, TEXAS — Prudent Development has sold a 4,821-square-foot retail building in New Braunfels, a northeastern suburb of San Antonio, for $6.3 million. At the time of sale, the single-tenant building was leased on a triple-net basis to 7-Eleven. The store also features a Laredo Taco restaurant. Matthew Scow of Secure Net Lease represented the seller in the transaction. Mitch Stokes of Avison Young represented the buyer, a California-based investor that purchased the asset via a 1031 exchange.
OVERLAND PARK, KAN. — Flying Cow Gelato and Made in KC have inked retail leases to open at the Edison District in Overland Park. The tenants will occupy 1,400 and 1,575 square feet, respectively. The transactions mark Flying Cow Gelato’s third location and Made in KC’s 12th location in the area. Made in KC is scheduled to open in July, with Flying Cow Gelato opening in the fall. The Edison District, owned by Overland Park Real Estate, features a mix of office, retail, restaurant and outdoor space. JLL negotiated the leases on behalf of ownership. The retail space at the Edison District is now fully leased. Made in KC sells local goods, gifts and apparel. Flying Cow Gelato makes fresh gelato every day and is the sister store to Annedore’s Fine Chocolates.
IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Irvingate Center, a 29,962-square-foot retail center in Irving. The property was 86 percent leased at the time of sale. Hudson Lambert and Jason Vitorino of STRIVE exclusively represented the Dallas-based seller and procured the buyer, a California-based investor, in the transaction. Additional terms of sale were not disclosed.
GILBERT, ARIZ. — The Town of Gilbert, a suburb southeast of Phoenix, has approved the zoning request for a 311-acre mixed-use development called The Ranch. Indicap, Colmena Group and Langley Properties are leading the project and estimate that development costs exceed $1 billion. Upon completion, The Ranch will offer 221 acres of light industrial space, 39 acres of commercial space, 39 acres of multifamily space and 16 acres of public green space. The industrial portion could total up to 3 million square feet of mid-bay and cross-dock buildings. The commercial space is slated to include restaurants, storage, convenience stores, office space, a fitness center, small grocer and dental office, among other uses. Plans for Residences at the Ranch, the multifamily component of the project, including two- and three-story rental homes with ground-floor retail. The 16-acre green space will include trails and landscaping for the community to use. The developers also plan to make $20 million in offsite improvements. The zoning approval marks the conclusion of 18 months of negotiations between the developers and the town government. A timeline for construction was not disclosed. — Channing Hamilton
ROCKY MOUNT, N.C. — Marcus & Millichap has arranged the $11.8 million sale of Sutter’s Creek Plaza, a 210,482-square-foot shopping center located at 506 Sutter’s Creek Blvd. in Rocky Mount. Tenants at the property include Big Lots, Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools. French Traver and Kodi Traver of Marcus & Millichap represented the seller, a Florida-based private investor, in the transaction. Ben Yelm assisted in closing the sale as Marcus & Millichap’s North Carolina broker of record. A New York-based private investor acquired the center.
FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $15.8 million sale of Ash Tree Square, a retail center in Fresno. Tenants at the property, which totals 80,877 square feet situated on 7.5 acres, include Ross Dress for Less, Starbucks Coffee, Wing Stop and Mountain Mike’s Pizza. Alexander Moore, Sean Cox and Kevin Fryman of Hanley represented the private, California-based seller in the transaction. A California-based private investor acquired the property.
BREA, CALIF. — Wood Investments Cos. has signed UFC GYM to open within a 30,000-square-foot retail property formerly occupied by Tower Records in Brea, roughly 30 miles southeast of Los Angeles. Scheduled to open in the third quarter of this year, UFC GYM will fully occupy the two-story, single-tenant building. Jim Manarino and Tracey Zimmerman of Manarino & Associates represented Wood Investments in the leasing negotiation.
BROCKTON, MASS. — Urban Air Adventure Park, an entertainment concept centered on trampolines, has signed a 52,900-square-foot retail lease in the southern Boston suburb of Brockton. The freestanding building sits on four acres across the street from Westgate Mall. Rob Robledo and John Ferris of CBRE represented the landlord, locally based investment firm The Bulfinch Cos., in the lease negotiations. The opening is slated for spring 2024.
