NEW YORK CITY —New Jersey-based financial intermediary Progress Capital has arranged a $42.5 million loan for the refinancing of Bridgemarket, a 100,000-square-foot retail property located at the intersection of East 59th Street and First Avenue in Manhattan. Tenants at Bridgemarket include Gustavino’s, T.J. Maxx, Ship Essentials and Trader Joe’s. Brad Domenico of Progress Capital arranged the loan on behalf of the borrower, MADD Equities. The direct lender was not disclosed.
SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a two-tenant retail property in South Holland, a southern suburb of Chicago. The center is home to Chase Bank, which recently executed a lease extension, and CD One Price Cleaners. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. The buyer completed a 1031 exchange.
FORT WAYNE, IND. — Mega Markdowns has signed a 14,814-square-foot retail lease in Gateway Plaza in Fort Wayne. Dave Horacek of Bradley Co. represented the landlord, an entity doing business as FSCM Gateway LLC. The property is located at 1551 Goshen Road.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.9 million sale of Cedar Lakes Center, a retail center located at 561-565 Cedar Road in Chesapeake. Sola Salon Studios anchors the property, which totals 35,659 square feet and was 97 percent leased at the time of sale. Dean Martin of Thalhimer represented the undisclosed seller in the transaction. An entity doing business as Cedar Lakes Associates LLC acquired the property.
DURHAM, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres at 2223 NC Highway 54, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was also not disclosed.
MIDDLEBOROUGH, MASS. — Massachusetts-based Christmas Tree Shops will close all of its roughly 70 stores, according to reports from multiple mainstream news outlets including CNN and USA Today. Previously, the chain planned to sell, following filing for Chapter 11 bankruptcy in May. Now, all stores will be closed, unless a last-minute buyer comes forward. Formerly, the brand was owned by Bed Bath & Beyond, which sold the concept to Handil Holdings in 2020 and filed for bankruptcy itself earlier this year.
HIGHLAND, IND. — Mid-America Real Estate Corp. has negotiated the sale of Highland Grove in Highland, a northwest suburb of Indianapolis. The sales price was undisclosed. The 312,406-square-foot shopping center is fully leased. Tenants include Kohl’s, Burlington, Macy’s, Michaels, Petco, Ulta, Five Below, Famous Footwear, Potbelly, Torrid and Olive Garden. Target, Best Buy and Ashley Furniture shadow anchor the property. Ben Wineman, Joe Girardi and Rick Drogosz of Mid-America represented the undisclosed seller. Bridge33 Capital was the buyer.
LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.
AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.
MCALLEN, TEXAS — Partners Real Estate has arranged the sale of a 14,000-square-foot retail building in the Rio Grande Valley city of McAllen. The building at 220 S. 15th St. is located in the downtown area. Evan Altemus of Partners represented the buyer, Johnny Carson Family Trust, in the transaction. Cindy Hopkins of Hopkins Real Estate represented the seller, a local family that had owned the property for 70-plus years.