CHARLOTTE, N.C. — Providence Group Capital (PGC) has acquired two parcels located at 2429 and 2511 South Tryon St. in Charlotte’s South End neighborhood. Totaling roughly 1.3 acres, the sites feature three existing buildings comprising more than 17,500 square feet. Tenants at the buildings include Euro Cars South End, A&T Auto Body Shop and Paws Whiskers & Wags. PGC has purchased 15 sites in the same section of South End over the past 18 months. Hayes Faulkenberry of Land Advisors represented PGC in the acquisition of 2429 South Tryon St., and Lauren Bremer of The Nichols Co. represented the seller in the sale of 2501 South Tryon St. Providence Group Management Services will manage both properties.
RALEIGH, N.C. — Colliers has arranged the $3.5 million sale of Lynwood Plaza, a retail strip center located at 4800 Grove Barton Road in Raleigh. Tenants at the 8,943-square-foot property include Little Caesars, Nail Image Salon, Board & Brush and Salt & Lime Cabo Grill. David Stowe of Colliers represented the seller in the transaction, and Rikky Goswami of Insight Property Group represented the buyer. Both parties requested anonymity.
INDIANAPOLIS — Indianapolis-based mall owner Simon has expanded its relationship with retailer Five Below, which will open at least seven different locations within Simon’s Premium Outlets. The new stores will begin opening this spring and summer in Albertville, Minn.; Pleasant Prairie, Wis.; Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa. Additionally, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and Miller Hill Mall in Duluth, Minn. this year as well as undergoing a full remodel at Arundel Mills in Hanover, Md. Currently, Five Below operates 21 stores within the Simon portfolio.
SOUTHFIELD, MICH. — Costco has purchased 13.4 acres within the Northland City Center development in Southfield for an undisclosed price. Alan Stern and Rich Deptula of Friedman Real Estate represented the undisclosed seller. The retailer plans to build Michigan’s first Costco Business Center. The property will be different from Costco’s standard consumer retail warehouses in that products will be offered in greater quantities and won’t include the bakery and pharmacy that are in current Michigan locations. The project will total 160,000 square feet. Northland City Center is the redevelopment of the former Northland Mall and will include office, retail, medical and multifamily space. No construction timeline was provided.
GLENVIEW, ILL. — Marcus & Millichap has arranged the sale of a 75,649-square-foot retail center in the Chicago suburb of Glenview for $18.1 million. Anchored by Advocate Medical, the property is 97 percent leased, with 21 of the tenants operating at the center for 16 to 30 years. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in Chicagoland. Adrian Mendoza of Marcus & Millichap secured and represented the buyer, a Chicagoland-based limited liability company.
WOODLAND PARK, N.J. — JLL has negotiated the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in the Northern New Jersey community of Woodland Park. Cost Plus World Market and Christmas Tree Shops anchor the property. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction and procured the buyer, an affiliate of New York-based Northeast Capital Group.
WAUKEE, IOWA — General contractor DCI Group Inc. has broken ground on Waukee Towne Center in suburban Des Moines. Pierson Cos. is developing the 62-acre project, and Ryan Cos. is building the 148,000-square-foot Target store that will anchor the development. Corell Contractor Inc. is currently performing earthwork. Located at the intersection of Hickman and Alice’s roads, the development will include retail, entertainment and restaurant space overlooking an eight-acre lake with a fountain. Seasonal amenities will include a winter ice skating rink, summer game area, playground and amphitheater. A timeline for completion was not provided.
CUMMING AND KENNESAW, GA. — The Aubuchon Realty Co. (ARC) has acquired two retail properties in metro Atlanta in separate transactions totaling $15.1 million. ARC purchased Town Center Esplanade — a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta — from an entity doing business as MC Promenade LLC for $9.5 million. Tenants at the property, which was built in 1988 and comprises 39,108 square feet, include Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. ARC also acquired a single-tenant property located in Cumming, approximately 40 miles northeast of Atlanta. CVS/pharmacy occupies the property on a triple-net-lease basis. Hemisphere Limited sold the building for $5.6 million.
Sprouts to Open 25,000 SF Grocery Store at North Hills Shopping Center in Greenville, South Carolina
GREENVILLE, S.C. — Sprouts Farmers Market will open a 25,000-square-foot grocery store at North Hills Shopping Center in Greenville. Charlotte-based Aston Properties is the landlord. Originally built in 1975, the retail center is currently undergoing renovations that include updates to facades, landscaping, patios, storefronts and parking lot repairs. Construction of the Sprouts is scheduled to begin this year, with the opening planned for 2024. This marks the second location for the brand in the Greenville market.
JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …