EL CENTRO, CALIF. — CBL Properties has completed the all-cash, $38.1 million disposition of Imperial Valley Mall in El Centro. The property served as collateral under CBL’s nonrecourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million. The name of the buyer was not disclosed.
MIDDLETOWN, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a 29,411-square-foot retail strip center in Middletown, located along the Jersey Shore. Painting retailer Benjamin Moore anchors the center, which sits on 1.9 acres and is home to a total of 10 tenants. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LAKE GROVE, N.Y. — Fashion retailer Nordstrom Inc. will open a new 25,000-square-foot in Lake Grove, a hamlet located on Long Island, under its Nordstrom Rack brand. Scheduled to open in fall 2025, the store will be situated within the 150,000-square-foot Smith Haven Plaza. Other tenants at the shopping center include Trader Joe’s, Old Navy, Athleta and Ulta Beauty. A partnership between Breslin Realty Development Corp. and Colin Development LLC owns Smith Haven Plaza.
— Scott Hintze and Marti Weinstein of Diversified Partners Commercial Real Estate — Phoenix’s retail development market is seeing a surge in optimism as the city benefits from a growing economy and a shift in political leadership. With the new administration coming into power, the outlook for the Phoenix retail market has become increasingly positive, promising a wave of new projects and investment opportunities in the coming years. The city’s rapid population growth, expanding infrastructure and bustling job market have positioned Phoenix as one of the most attractive cities in the U.S. for retail development. The new administration has brought a renewed focus on urban development, job creation and business-friendly policies, which is expected to help stimulate both demand for retail spaces and the construction of new commercial properties. Government support, including incentives for developers and tax breaks for businesses, is anticipated to foster a thriving retail sector that will benefit both local residents and national retailers looking to expand into the area. Several projects we have been working on have seen unprecedented demand from tenants. We recently completed a 25,000-square-foot building across from Gilbert Mercy Hospital that includes a two-story Starbucks, the first in the market. In addition to …
HUDSON OAKS, TEXAS — Marcus & Millichap has brokered the sale of a 35,000-square-foot retail building in Hudson Oaks, a western suburb of Fort Worth. The building at 2010 Cinema Drive sits on a 3.6-acre site off I-10 and was fully leased at the time of sale to Urban Air Adventure Park. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, T&J Realty Holdings, in the transaction. The buyer and sales price were not disclosed.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $4.3 million sale of 6400 Georgia Ave. NW, a 13-suite mixed-used property located in Washington, D.C. Situated in the northwestern neighborhood of Brightwood, the property totals 20,680 square feet across two floors. The first floor is fully leased with seven retail suites — including Subway and other long-term local businesses — that operate on a triple-net lease basis. The second floor features six office suites, all of which were vacant at the time of sale. According to LoopNet Inc., the property was built in 1952 and renovated in 2024 to include a new roof, sump pump and other building improvements. Lorenzo Wooten and Jacob Krens of Marcus & Millichap’s D.C. office marketed the property on behalf of the family that owned the property. The buyer was not disclosed.
LOS ANGELES — A partnership between the City of Los Angeles, the Port of Los Angeles, Jerico Development and The Ratkovich Co. has received $61.5 million for the recapitalization of West Harbor, a waterfront retail development at 612-1422 S. Harbor Blvd. in Los Angeles’ San Pedro neighborhood. The recapitalization will fund the completion and stabilization of the dining, entertainment and retail project, which is adjacent to the Port of Los Angeles and more than 80 percent pre-leased. Spanning 42 acres, West Harbor offers over one mile of water frontage, 117,205 square feet of leasable building area and 204,000 square feet of ground area, as well as a proposed 6,200-seat amphitheater. West Harbor is slated to open in phases beginning in late 2025. Bill Fishel, Wyatt Strahan, Alethia Halamandaris, Broderick Flagg and Anna Sporrong of Newmark arranged the financing that was structured with both a senior loan and subordinate C-PACE financing, which will fund sequentially behind the existing C-PACE lender. The new lender for the project is Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management.
DENVER — Pinnacle Real Estate Advisors, on behalf of Sharing Connexion Inc., a Colorado-based nonprofit, has arranged the sale of a 1,378-square-foot retail property located at 472 N. Broadway in Denver. SCI – 472 Broadway LLC sold the asset to an undisclosed buyer for $1.2 million. Corey Sandberg of Pinnacle represented the seller in the deal.
BLOOMINGDALE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 25,000-square-foot retail center in Bloomingdale for $4.2 million. The property at 125 E. Lake St. was 95 percent leased at the time of sale to a mix of local tenants. Brett Berlin of Quantum represented the undisclosed seller. The private buyer was based in Illinois.
The secret is getting out about Apex, a western suburb of Raleigh that also lies 20 miles south of Chapel Hill. In 2018, Realtor.com ranked the city as the No. 1 fastest growing suburb in the United States. This was aided by the master planning of local homebuilder/developer ExperienceOne Homes, which debuted its large-scale Sweetwater residential development in 2016. The allure of Apex didn’t stop there as the local schools within the Wake County Public School System have long been considered top-notch. As more and more families moved to the once-sleepy town, the need for community-serving retail became apparent. And not just any sprawling shopping center would suffice. Retail Strategies of N.C. Inc., on behalf of development partner The Kalikow Group, a multifamily and mixed-use development firm based in Westbury, New York, and the aforementioned ExperienceOne, set out to create a sense of place that would resemble village towns in Northeast states such as Maine and Massachusetts. What all of these hamlets have in common is they are built up over decades around a town center, thus the idea of Sweetwater Town Center was established. East Side The “hard part” was essentially in the rearview mirror as ExperienceOne had already …