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AcquisitionsGeorgiaRetailSoutheast

Atlantic Capital Negotiates $38.9M Sale of Publix-Anchored Shopping Center in Savannah

by John Nelson

SAVANNAH, GA. — Atlantic Capital Partners has negotiated the $38.9 million sale of Twelve Oaks, a grocery-anchored shopping center located at 5500 Abercorn St. in Savannah. Publix has anchored the 104,915-square-foot center since 1992. Fred Victor of Atlantic Capital represented the buyer and seller in the transaction. Both parties requested anonymity. Twelve Oaks was 99 percent leased at the time of sale to tenants including Bonefish Grill, J. Parker Ltd., LensCrafters, Five Guys and Starbucks Coffee.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $25M Sale of Shopping Center in Pembroke Pines, Florida

by John Nelson

PEMBROKE PINES, FLA. — Marcus & Millichap has brokered the $25 million sale of Palm Square, a 77,621-square-foot shopping center located in Pembroke Pines, a city in South Florida’s Broward County. Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller, Galium Capital, and procured the buyer, an affiliate of JBL Asset Management, in the transaction. Palm Square was 94 percent leased at the time of sale to tenants including Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care and Fordham Fitness, as well as outparcels leased to Sherwin-Williams, Dunkin’ and KFC. Built in 1987, the shopping center last sold in 2019 for nearly $20.5 million, according to Olson.

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GeorgiaRestaurantRetailSoutheast

Netherworld Haunted House Opens for 29th Season in Metro Atlanta

by John Nelson

STONE MOUNTAIN, GA. — Netherworld Haunted House has opened in Stone Mountain for its 29th season of operation. Situated at 1313 Netherworld Way on the outskirts of Stone Mountain Park, Netherworld comprises a rotation of haunted experiences, with this year’s themes including “Monster’s Attack” and “Oblivion: Return of the Mangler,” the latter of which features a “haunt within a haunt” called “Grendel’s Feast.” Beyond the self-guided haunted attractions, Netherworld features a carnival-style courtyard called Halloween Midway that features concessions, seating areas, a gift shop, interactive games, Halloween-themed décor and photo opportunities, as well as meet and greets with some of the park’s horror characters. Additionally, the park offers five year-round escape rooms and the House of Creeps Monster Museum, which displays props, artifacts and memorabilia used in horror and science fiction movies and TV shows. Netherworld first opened in 1997 off Jimmy Carter Boulevard before relocating to its 10-acre Stone Mountain complex in 2017.

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LoansNew JerseyNortheastRetail

G.S. Wilcox Arranges $26M in Financing for Blue Star Shopping Center in Watchung, New Jersey

by Taylor Williams

WATCHUNG, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged $26 million in financing for the redevelopment of the 420,000-square-foot Blue Star Shopping Center in Watchung, located in Northern New Jersey. David Fryer of G.S. Wilcox arranged the loan, which features full-term, interest-only payments, through an undisclosed life insurance company. Phase I of the project, which centered on the redevelopment and expansion of a ShopRite grocery store, was completed earlier this year. Phase II will involve transforming the former ShopRite space to welcome Burlington and the relocation of Marshalls. Levin Management Corp. manages and leases Blue Star Shopping Center.

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AcquisitionsMassachusettsNortheastRetail

Zelco Properties, AGW Partners Buy 34,000 SF Retail Condo in Belmont, Massachusetts

by Taylor Williams

BELMONT, MASS. — Zelco Properties & Development, in partnership with AGW Partners, has purchased a 34,000-square-foot retail condo in Belmont, a western suburb of Boston. The space is located within The Bradford, a newly constructed development that houses 115 apartments across three buildings in addition to the retail condo. Retail spaces range in size from 450 to nearly 20,000 square feet. Starbucks currently anchors the condo, which also includes purpose-built restaurant space. The partnership has tapped Connecticut-based Charter Realty to lead leasing efforts.

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Starbucks-Cafe-Santa-Barbara-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Hanley Investment Group Arranges $3.7M Sale of Starbucks-Occupied Retail Property in Santa Barbara

by Amy Works

SANTA BARBARA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 402 N. Milpas St. in Santa Barbara. A Los Angeles-based developer sold the asset to a San Francisco-based 1031 exchange investor for $3.7 million. Sean Cox and Bill Asher of Hanley Investment Group represented the seller, while the buyer was self-represented. The 2,149-square-foot Starbucks Coffee location, which opened in April, features the company’s new café-only prototype design.

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57990-29-Palms-Hwy-Yucca-Valley-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Partners Brokers $1.9M Sale of Retail Building in Yucca Valley, California

by Amy Works

YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at 57990 29 Palms Highway in Yucca Valley. A Los Angeles County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $1.9 million. Crazy Bargains, Luxury Nail Spa and No Limits Boutique are tenants at the 13,593-square-foot property. Lance Mordachini of Progressive Real Estate Partners represented the seller, while the buyer was self-represented in the transaction.

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AcquisitionsOfficeRetailTexas

HGIT Acquires Office, Retail Development in Houston for $137.5M

by Taylor Williams

HOUSTON — Hines Global Income Trust (HGIT) has acquired Montrose Collective, a 189,000-square-foot office and retail development located just outside of downtown Houston, for $137.5 million. Montrose Collective houses the offices of Live Nation and Pattern Energy, as well as a range of shopping and dining establishments. Montrose Collective was fully leased at the time of sale. John Mooz and Ashley Prasse-Freeman led the transaction for the new ownership on an internal basis. The seller was not disclosed.

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DevelopmentGeorgiaHospitalityMixed-UseRetailSoutheast

Selig Sells 45 Acres at LaGrange Mixed-Use Campus for Georgia’s First Professional Cricket Stadium

by John Nelson

LAGRANGE, GA. — Selig Enterprises has sold 45 acres at Sola, the Atlanta-based company’s 180-acre mixed-use campus in LaGrange. The buyer, the founders of DAS Cricket Academy and NJ Blackcaps in New Jersey, plan to develop Georgia’s first professional cricket stadium on the site. The LaGrange Cricket Stadium will be the first privately owned cricket stadium in the United States and the fourth cricket stadium in the country. The open-air stadium will break ground this fall and is slated to be completed in the first quarter of 2027. The project will have 10,500 seats, expandable to 25,000, and be designed to International Cricket Council regulations. The stadium will also have a FIFA-regulated soccer field and host various events. Additionally, a hotel with a sports-focused food-and-beverage program is planned on the 45-acre site, complementing the Marriott hotel currently under construction within Sola that Noble Investment Group is developing, as well as the Great Wolf Lodge resort that is situated on the northern end of the Sola campus. Selig plans to add offices, apartments, single-family homes and 150,000 square feet of retail at the Sola development in the near future.

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AcquisitionsLouisianaRetailSoutheast

Disney Investment Group Negotiates Sale of 157,818 SF Shopping Center in Lake Charles, Louisiana

by John Nelson

LAKE CHARLES, LA. — Disney Investment Group (DIG) has negotiated the sale of Southgate, a 157,818-square-foot shopping center located in Lake Charles. The center has been anchored by a 37,442-square-foot Market Basket grocery store for nearly 40 years. Additional tenants at the property, which was 90.8 percent leased at the time of sale, include Dollar Tree, Office Depot, Books-A-Million and Oak Street Health. David Disney and Adam Crockett of DIG represented the seller and procured the buyer in the transaction. The sales price was not released.

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