Retail

HJ Red Mountain Sells 69,270 SF Red Mountain Plaza Shopping Center in Mesa, Arizona

by Amy Works January 24, 2023

MESA, ARIZ. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center at the northwest corner of Power and McKellips roads in Mesa. Red Mountain Plaza, a Washington LLC, acquired the asset for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield in Phoenix represented the seller in the deal.

January 24, 2023

Iowa Loans Midwest Northmarq Retail

Northmarq Arranges $2.6M Loan for Acquisition of KinderCare-Occupied Property in Des Moines

by Kristin Harlow January 24, 2023

DES MOINES, IOWA — Northmarq has arranged a $2.6 million loan for the acquisition of an 11,990-square-foot retail property occupied by KinderCare in Des Moines. The daycare facility, built in 2021, is located at 865 S. 51st St. Mike Padilla of Northmarq arranged the 10-year loan, which features a 30-year amortization schedule. A local bank provided the loan for the undisclosed borrower. Founded in 1969, KinderCare operates more than 1,500 centers across the country.

January 24, 2023

Acquisitions Midwest Ohio Retail

SRS Brokers $1.8M Sale of Retail Center in Parma, Ohio

by Kristin Harlow January 24, 2023

PARMA, OHIO — SRS Real Estate Partners has brokered the $1.8 million sale of Parma Shoppes, an 8,000-square-foot retail center in Parma, a suburb just south of Cleveland. Built in 2005 and located at 7406 Broadview Road, the property is 80 percent leased to Buffalo Wild Wings, Verizon, Domino’s and Bank of America. Patrick Nutt and William Wamble of SRS represented the seller, RPS Capital. A California-based private investor purchased the asset. The sales price represents a cap rate of 6.9 percent.

January 24, 2023

Acquisitions Arizona Development Mixed-Use Multifamily Retail Top Stories Western

Joint Venture Completes Acquisition of Metrocenter Mall in Phoenix, Begins $850M Redevelopment

by Jeff Shaw January 24, 2023

PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …

January 24, 2023

Florida Leasing Activity Retail Southeast

Guitar Center Opens 300th Store with 15,000 SF Location in Naples, Florida

by John Nelson January 23, 2023

NAPLES, FLA. — Guitar Center has opened a 15,000-square-foot store at the Gateway Shoppes in Naples, marking the 300th location for the brand. The location will feature Guitar Center’s latest design, including a lessons facility, rental department and hands-on DJ experience. Owned by Benderson Development, Gateway Shoppes is located at 13585 Tamiami Trail N. Bruce Shepard of TSCG arranged the lease on behalf of Guitar Center.

January 23, 2023

Development Multifamily Retail Texas

Novak Commercial to Develop 300-Unit Multifamily Project in Metro Austin

by Taylor Williams January 23, 2023

GEORGETOWN, TEXAS — Locally based firm Novak Commercial Development has acquired a six-acre tract in the northern Austin suburb of Georgetown for the development of a 300-unit multifamily project. The site is located within The Commons at Rivery mixed-use development, which will include 45,000 square feet of retail space, as well as open green space. Alex Makris of Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, internally represented the seller in the land deal. Kevin Murphy of Partners represented Novak Commercial. Completion is slated for 2025.

January 23, 2023

Loans Northmarq Retail Texas

Centergy to Develop 90,000 SF Retail Project in Frisco, Texas

by Taylor Williams January 23, 2023

FRISCO, TEXAS — Locally based firm Centergy Retail will develop Lexington Village, a 90,000-square-foot retail project that will be located on the northern outskirts of Dallas in Frisco. Grocer Tom Thumb has committed to anchoring the center with a 58,000-square-foot store that will include a pharmacy and a coffee bar. The store, which is scheduled to open in spring 2024, will be located within a larger, 600-acre master-planned development that will ultimately feature about 4,700 single-family and multifamily residences. Bobby Weinberg and Mason Brower of Northmarq arranged a $25.4 million construction loan through an undisclosed bank on behalf of Centergy Retail. The financing was structured with a five-year term with three years of interest-only payments followed by a 25-year amortization schedule.

January 23, 2023

Connecticut Leasing Activity Northeast Retail

Crate & Barrel Signs 37,253 SF Retail Lease Renewal in Westport, Connecticut

by Taylor Williams January 23, 2023

WESTPORT, CONN. — Crate & Barrel has signed a 37,253-square-foot retail lease renewal in Westport, located in southern Connecticut’s Fairfield County. The furniture and home décor retailer will continue to occupy space at a 58,196-square-foot center at 1200 Post Road E. that was recently renovated. Adam Klimek and Jim Fagan of Cushman & Wakefield represented the landlord, an entity doing business as 1200 Post Road LLC, in the lease negotiations. The representative of the tenant was not disclosed.

January 23, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 17,343 SF Retail Property in Chicago’s River North

by Kristin Harlow January 23, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.

January 23, 2023

Acquisitions Indiana Midwest Northmarq Retail

Northmarq Arranges $5.2M Sale of Retail Center in Southwest Indiana

by Kristin Harlow January 23, 2023

VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.

January 23, 2023

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