WACO, TEXAS — Georgia-based brokerage firm Palomar Group has negotiated the $15.4 million sale of Parkdale Commons, a 191,559-square-foot retail center in Waco. Hobby Lobby anchors the center, which was originally built in 1973. Other tenants include True Value, dd’s Discounts and Drug Emporium. All of those retailers have leases that run through at least 2026. An investment firm based in the Southeast sold the property to a West Coast-based buyer, with both parties requesting anonymity.
MONTGOMERY, ALA. — Berkeley Capital Advisors has brokered the $61 million sale of Shoppes at EastChase, a 388,700-square-foot shopping center located at 7274 Eastchase Parkway in Montgomery. Alex McDonald, Alex Quarrier and Rob Carter of Berkeley Capital represented the seller, an undisclosed institutional investor, in the transaction. The buyer was 5Rivers CRE, a shopping center owner and manager based in Houston. Built in phases in 2002 and 2010, Shoppes at EastChase was 93 percent leased at the time of sale to tenants such as Books-A-Million, Bonefish Grill, Moe’s Southwest Grill, DSW, H&M, Men’s Wearhouse, Sunglass Hut and a freestanding Starbucks Coffee. Trek, Sephora, Aldi, Ashley HomeStore Outlet, Dollar Tree, Lululemon Pop Up, Nothing Bundt Cakes and Aerie have all recently signed new leases, and Zales has signed a letter of intent. The anchor tenants and shops at Shoppes at EastChase have an average operating history at the center of 11 years, according to Berkeley Capital. The property is shadow-anchored by Dillard’s, Kohl’s, Target, Costco and Hobby Lobby. The center is situated on a 60-acre along I-85, about 10 miles east of downtown Montgomery. According to Berkeley Capital, it is the second most-trafficked power retail center in Alabama.
FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.
LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.
WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.
SIMI VALLEY, CALIF. — Woodland Hills, Calif.-based Toibb Enterprises has completed the disposition of Simi Valley Promenade, a retail center located at 5105-5197 E. Los Angeles Ave. in Simi Valley. A Chino Hills-based private investor acquired the asset for $19.5 million. Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block are tenants at the 82,366-square-foot Simi Valley Promenade, which was built in 1981 and most recently renovated in 2002. At the time of sale, the property was 92 percent occupied. Bill Ashe, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the buyer, while Avi Narang of Beverly Hills-based BRC Advisors represented the seller in the deal.
EULESS, TEXAS — California-based brokerage firm Faris Lee Investments has arranged the sale of an 11,620-square-foot retail building located in the central metroplex city of Euless. The property, which is an outparcel building to the 194-acre Glade Parks Town Center mixed-use development, was fully leased at the time of sale to Sleep Number, Salata, Jersey Mike’s, LoveSac and Total Men’s Primary Care. Jeff Conover and Scott DeYoung of Faris Lee represented the buyer, a family office based in the Midwest that acquired the asset via a 1031 exchange, in the transaction. Venture CRE represented the undisclosed seller. The all-cash deal traded at a cap rate of 5.92 percent.
PLOVER, WIS. — Colliers has brokered the $3.2 million sale of a retail center in Plover, a city in central Wisconsin. The 23,000-square-foot property was 95 percent leased at the time of sale. Adam Connor and Heather Dorfler of Colliers represented the seller, a subsidiary of MLG Capital’s Legacy Fund. The duo also procured the out-of-state buyer, which used a California-based bank for acquisition financing.
GRAND RAPIDS, MICH. — Alt City NA Bottles & Beer, a non-alcoholic bottle shop, has opened an 846-square-foot store at 434 Leonard St. NW in the West Grand neighborhood of Grand Rapids. Alt City offers a wide selection of zero-proof mixers, spirits, beer and wines. Brothers Paul and Chad Clark started the company in 2019 after realizing that there weren’t many non-alcoholic options in Grand Rapids. CityWide Real Estate Services owns the building, which is also home to Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World. Alt City also maintains a location in the Grand Rapids Downtown Market that serves non-alcoholic beverages in addition to coffees, teas and smoothies.
Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida
ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.