NEW BRITAIN, PA. — JLL has brokered the sale of Town Center of New Britain, a 124,262-square-foot shopping center located on the northern outskirts of Philadelphia. Giant Food anchors the center, which was built in 1990 and renovated in 2002. At the time of sale, Town Center of New Britain was 91 percent leased, and other tenants include Rite Aid, Dollar Tree, Verizon Wireless and AutoZone. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Milbrook Properties acquired the asset for an undisclosed price.
LIBERAL, KAN. — Marcus & Millichap has arranged the $2.3 million sale of a 4,743-square-foot retail property in Liberal, a city in Southwest Kansas. Starbucks and T-Mobile occupy the building, which was constructed in 2022 and is located at 1411 N. Kansas Ave. Alex Van Krevel, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer, a private 1031 exchange investor. James Litzler of Marcus & Millichap Capital Corp. arranged an acquisition loan, which featured a fixed interest rate of 5.84 percent and a 68 percent loan-to-value ratio.
PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a multi-tenant retail property located at 39178 10th St. West in Palmdale. A Texas-based owner and operator of retail properties sold the asset to a private investor for $5.4 million. At the time of sale, the 11,788-square-foot property was fully occupied by six tenants, including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-square-foot power center anchored by Target, Lowe’s Home Improvement Warehouse and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented the seller and buyer in the transaction.
Nashville’s economy experienced some of the healthiest growth in the nation in 2022, with an annual job growth rate of 5.8 percent, exceeding the U.S. growth rate of 4.1 percent, based on data from Oxford Economics. Nashville also received high marks from the Urban Land Institute and PricewaterhouseCoopers, ranking as the No. 1 Market to Watch in their 2023 Emerging Trends in Real Estate report. The report credited Nashville’s tremendous and sustained population growth, and its economic diversity. Referred to as a “Supernova,” Nashville grew by an average of 5 percent since 2019 — four times faster than the national rate — due to rapid net in-migration. These fundamentals have helped boost the retail market in Nashville over the last several years. Post-pandemic, market-wide retail vacancy decreased to 3.3 percent at the end of 2022, which is two percentage points less than the rate at year-end 2020, but in line with the 15-year record low mark set in 2018. While Nashville’s retail sector took a hit along with others across the nation, it continues to rebound and perform due to a rise in dense communities where developers and owners are being strategic and thoughtful in retail curation. As such, the …
EAGAN, MINN. — Mid-America Real Estate Corp. has brokered the sale of Cliff Lake Centre in the Minneapolis suburb of Eagan for an undisclosed price. The 74,182-square-foot shopping center is home to Dollar Tree, Davanni’s, Great Clips, The UPS Store, Snap Fitness and H&R Block. Target and Cub Foods shadow anchor the property. Joe Girardi and Amy Senn of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to MVK Capital and True North Investments. Pine Tree was the property manager.
GRAND RAPIDS, MICH. — KPOT Korean BBQ & Hot Pot has signed a long-term lease for the 6,400-square-foot former Old Chicago restaurant space at 3333 28th St. SE in Grand Rapids. The restaurant anticipates opening this fall. Bob Lotzar of NAI Wisinski of West Michigan represented the undisclosed landlord. The lease marks the first West Michigan location for KPOT.
POMPANO BEACH, FLA. — Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment. The new Topgolf will feature 102 climate-controlled hitting bays, a full-service restaurant, rooftop terrace, outdoor patio, music, private event space and family-friendly programs year-round.
OVIEDO, FLA. — Legacy Realty Group Advisors has arranged the $6.5 million sale of Lockwood Village, a shopping center located at 1021 Lockwood Blvd. in Oviedo, approximately 20 miles northeast of Orlando. Winn-Dixie anchors the 54,372-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, both of which were not disclosed, in the transaction.
SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the sale of Farmer’s Corner, a farmhouse-style indoor retail center in San Jacinto. An Orange County-based private investor sold the value-add asset to a San Diego-based private investor for $3 million. Located at 2500 S. San Jacinto Ave., the 77,000-square-foot property was 40 percent vacant at the time of sale. Built in 1980, the center is currently home to a variety of service-based tenants, including a breakfast eatery, jeweler, barber, party supply company and professional offices. The vacancy includes a 9,000-square-foot, fully equipped restaurant space, ground-floor retail space and second-story office space. Farmer’s Corner’s indoor concourse features 20-foot clear heights, exposed beams, landscaping and a water feature. The buyer plans to upgrade the property, including replacing the roof and implementing an aggressive marketing effort to lease up the asset. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the buyer and seller in the deal.
KATY, TEXAS — Activate Games, a retail concept that features tech-based physical and mental interactive competition, will open a 9,600-square-foot entertainment center in the western Houston suburb of Katy. The location at Katy Fry Center will be the fourth in the country for Activate Games, which also plans to open a center in Dallas later this year. Michael Burgower and Eric Lestin of Cushman & Wakefield represented the tenant in the lease negotiations. Dianne Rummage of SClay Management Inc. represented the landlord.