HIALEAH, MIAMI AND WEST PALM BEACH, FLA. — Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group represented Dollar Tree in the lease negotiations.
DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.
WALNUT CREEK, CALIF. — Asia Pacific Capital Co. has arranged the purchase of Olympia Place, a retail center in Walnut Creek. Kimco Realty Corp. sold the asset to an undisclosed buyer. Terms of the transaction were not released. Olympia Place features 114,000 square feet of rentable space. Current tenants include Century Theatres, Planet Fitness, Starbucks Coffee and Fleming’s Steak House. At the time of acquisition, the property was about 90 percent occupied. Tina Yeung and Roger Li of Asia Pacific Capital Co. represented the buyer, while JLL represented the seller in the transaction.
VOORHEES, N.J. — CBRE has brokered the $13 million sale of three standalone retail buildings totaling 62,358 square feet and an undeveloped land parcel in the Southern New Jersey community of Voorhees. The buildings are situated within the 366,000-square-foot Cedar Hill Shopping Center and are leased to tenants such as Starbucks Coffee, The Vitamin Shoppe, AT&T and Savers Thrift Store. Lowe’s, BJ’s Wholesale Club and Aldi anchor Cedar Hill Shopping Center. Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson of CBRE represented the seller and procured the buyer in the transaction.
CUMMING, GA — Publix Super Markets Inc. has purchased Matt Town Center, an 81,077-square-foot shopping center located at 5310 Matt Highway in Cumming, roughly 40 miles northeast of Atlanta. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Marietta, Ga.-based Retail Planning Corp., in the $30 million transaction. Publix anchors the property, which was built in 2020. Matt Town Center was 95 percent leased at the time of sale to tenants including Domino’s, Great Clips, North Shore Dry Cleaners, Grand Nails, Sage Dental, Reveille Café, The UPS Store, EasyVet, Dunkin’ and Zaxby’s. The sale also included roughly 3.9 acres of adjacent, undeveloped land that is zoned for retail and office space.
APOLLO BEACH, FLA. — SRS Real Estate Partners has arranged the sale of Apollo Beach Shoppes, a retail strip center situated on 1.9 acres at 6588 N. U.S. Highway 41 in Apollo Beach, a city in the Tampa Bay metro area. A Florida-based private investor acquired the 9,000-square-foot property for $6.2 million. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based investment and development group, in the transaction. Retailers at the three-tenant property include Trulieve, AT&T and Tijuana Flats.
GOODYEAR, ARIZ. — Raymond Arjmand of RA Centers has acquired Palm Valley Pavilions West, a power retail center in Goodyear, and named Vestar as the manager for the 232,573-square-foot property. Palm Valley Pavilions West is 99 percent occupied by national tenants, including Best Buy, Total Wine & More, Barnes & Noble, Ulta Beauty and Ross Dress for Less. Vestar operates a total of 63 open-air shopping centers across the Western United States totaling more than 30 million square feet. Vestar oversees Desert Ridge Marketplace, Tempe Marketplace and Scottsdale Promenade in the Phoenix metro area. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction and facilitated the sale. Terms of the transaction were not released.
COLORADO SPRINGS, COLO. — An Oregon-based 1031 exchange buyer has purchased the ground lease of a restaurant asset located at 9723 Federal Drive in Colorado Springs. An undisclosed developer sold the asset for $5.3 million. A new double-drive-thru Shake Shack occupies the asset on a 15-year absolute triple-net ground lease. The property is adjacent to a 115,000-square-foot Scheels at the intersection of Interstate 5 and Interquest Parkway. Drew Isaac, James Rassenfoss and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal.
COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a retail building located at 4475 Forrest Hill Road in Colorado Springs. A developer sold the asset to an individual/personal trust for $3.3 million. Bank of America occupies the building on a 13-year absolute triple-net ground lease. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver office represented the seller, while Rich Merryman, Ryan Wilmer and Bill Schofield of Marcus & Millichap’s San Francisco office represented the buyer in transaction.
MANVEL, TEXAS — Locally based owner-operator NewQuest Properties has sold The Shops at Sedona Lakes, a 14,487-square-foot retail strip center located in the southern Houston suburb of Manvel. The center was built on 1.6 acres in 2020 and was 91.5 percent leased at the time of sale. Marc Peeler, Rick Ragan, Thomas Turner and Dakota Workman represented NewQuest in the transaction on an internal basis. Johnny Yun represented the buyer, HousKor Realty & Management LLC, also on an internal basis.
