Retail

JLL Arranges $40M Loan for Refinancing of Target-Anchored Shopping Center in Chicago

by Kristin Harlow January 27, 2023

CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.

January 27, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 107,597 SF Shopping Center in Seekonk, Massachusetts

by Taylor Williams January 27, 2023

SEEKONK, MASS. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of Ann & Hope Plaza, a 107,597-square-foot shopping center located in Bristol County in southern Massachusetts. Harbor Freight Tools, Petco and Bed Bath & Beyond anchor the center, which was 86 percent leased at the time of sale, though Bed Bath & Beyond plans to shutter this store as part of a larger wave of closures. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the seller, Massachusetts-based Seekonk Mall Trust, in the transaction. The team also procured the undisclosed, Rhode Island-based buyer.

January 27, 2023

Acquisitions Arizona Retail Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Acquisitions Colorado Retail Western

NAI Shames Makovsky Brokers $6.3M Sale of Retail Building in Denver

by Amy Works January 27, 2023

DENVER — NAI Shames Makovsky has arranged the sale of a retail property located at 70 N. Broadway in Denver. Fleming Building LLC acquired the asset from 70 Broadway LLC for $6.3 million. The property features 17,500 square feet of retail space. Todd Snyder and Joey Gargotto of NAI Shames Makovsky represented the seller in the deal.

January 27, 2023

Acquisitions Retail Texas

STRIVE Arranges Sale of 19,333 SF Retail Strip Center in Flower Mound, Texas

by Taylor Williams January 26, 2023

FLOWER MOUND, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Cross Timbers Village, a 19,333-square-foot retail strip center in Flower Mound, located in the northern-central part of the metroplex. Anchored by grocer Tom Thumb, the center was fully leased at the time of sale. Other tenants include Great Clips, Palio’s Pizza Café, New View Optometry and Happy Pediatric Dental. Hudson Lambert of STRIVE represented the California-based seller in the deal. Other terms of sale were not disclosed.

January 26, 2023

Acquisitions California Retail Western

Progressive Real Estate Partners Arranges Sale-Leaseback of LifeStream Blood Bank Building in Ontario, California

by Amy Works January 26, 2023

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale-leaseback of a medical retail building located at 1959 E. 4th St. in Ontario. Duckett-Wilson Development Co. acquired the asset from LifeStream Blood Bank for $1.2 million. LifeStream occupies the 3,060-square-foot, single-story, freestanding building, which is an outparcel to the 85,000-square-foot Vineyard Ontario Plaza shopping center. LifeStream is a nonprofit blood donor that provides blood products and services to Southern California hospitals and medical facilities. Paul Su of Progressive Real Estate represented the buyer and the seller in the transaction.

January 26, 2023

Acquisitions Northeast Pennsylvania Retail

Agora Commercial Acquires Shopping Center in Mount Pocono, Pennsylvania, for $17M

by Taylor Williams January 26, 2023

MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.

January 26, 2023

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9.9M Sale of Shopping Center in Marshfield, Massachusetts

by Taylor Williams January 26, 2023

MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.

January 26, 2023

Acquisitions Retail Texas

NewQuest Arranges Sale of 15,750 SF Retail Property in Richmond, Texas

by Taylor Williams January 25, 2023

RICHMOND, TEXAS — Locally based brokerage firm NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were limited liability companies that requested anonymity.

January 25, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

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