Retail

MIAMI — SRS Real Estate Partners’ National Net Lease Group (NNLG) has facilitated the $14.4 million sale of a single-tenant retail property located 3595 Coral Way in Miami. Comprising 16,285 square feet, the property is occupied by the seller, Walgreens, which has signed a new 15-year, corporate guaranteed, triple-net lease. Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a Nevada-based private investor, in the 1031, all-cash transaction.

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PARKVILLE, MD. — Neuman Commercial Group has arranged the sale of a 21,200-square-foot shopping center located at 1901‐7 E. Joppa Rd. in Parkville, roughly 10 miles northeast of Baltimore. Gil Neuman of Neuman represented the seller, Besche Realty, in the $4.5 million transaction. Originally built in 1965, the property was fully occupied by three tenants at the time of sale. The buyer was not disclosed.

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WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) projects that total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion in 2023, a 5 percent decline from an expected volume of $740 billion in 2022. Multifamily lending volume alone is expected to drop to $393 billion in 2023, an 11 percent decline from an expected total of $439 billion in 2022. The projected drop in borrowing and lending reflects current market conditions. Jamie Woodwell, head of commercial real estate research for MBA, which is based in Washington, D.C., underlined that the forecast matched what the association had been hearing from commercial and multifamily mortgage finance professionals, with many indicating the Federal Reserve’s multiple interest rate increases in rapid succession have been a key factor in the projected decline in lending and borrowing activity. At its December meeting, the Federal Reserve raised the benchmark federal funds rate by half a percentage point, a smaller increase than the four consecutive three-quarter-point hikes earlier in 2022. The Fed is showing no sign of slowing rate hikes in 2023, with Chairman Jerome Powell announcing after the meeting that the central bank will continue to raise rates for quite some …

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PEARLAND, TEXAS — Floor & Décor has opened an approximately 75,000-square-foot store at 3350 Business Center Drive in Pearland, a southern suburb of Houston. The store, which opened with a team of 50 full- and part-time employees, is the 12th in the greater Houston area for the Atlanta-based home improvement retailer. Founded in 2000, Floor & Décor operates 178 warehouse-style stores and five design studios across 35 states.

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DENVER — Riverfront Shops LLC has completed the disposition of The Shops at Riverfront Park located in the Riverfront Park neighborhood of downtown Denver. A local private partnership acquired the property for $11.8 million, or $370 per square foot. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. The Shops at Riverfront Park features 31,898 square feet of retail space along the ground floors of Riverfront Tower, Park Place Lofts and Promenade Lofts, all of which are at the base of the Millennium Bridge.

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Ashbridge-Square-Downingtown-Pennsylvania

DOWNINGTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms E. Kahn Development Corp. and J. Loew & Associates.

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BURNHAM, PA. — Axiom Realty Services, a metro Philadelphia-based investment firm, has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham, located in the central part of the Keystone State. Regional grocer Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction. The buyer and sales price were not disclosed.

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OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Applewood Centre, a 112,005-square-foot shopping center in Omaha, for $17.2 million. Anchored by Hy-Vee, the property is nearly 99 percent leased and was built in 1989. Hy-Vee has occupied space at the center ever since it was built and has expanded and renovated its store over the last 10 years, including a drive-thru for the pharmacy, an interior Starbucks and Wahlburgers, and a full wine and spirits section. Additional tenants at the property include Edward Jones, Great Clips, H&R Block, Papa John’s, Pet Supplies Plus and Sun Tan City. Jeff Lefko and Bill Asher of Hanley represented the seller, Omaha-based Woodsonia Real Estate Inc. The all-cash buyer was a family office based in Oregon.

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CHICAGO HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the $3.5 million sale of American Plaza, a 63,148-square-foot retail center in Chicago Heights, a southern suburb of Chicago. The property sits on over four acres on Chicago Road and is home to both national and local tenants. Karen Kulczycki of SVN brokered the sale and assisted in leasing the property to 94 percent occupancy. The asset sold to an out-of-state buyer.

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MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

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