CENTERVILLE, OHIO — Oberer Realty Services Ltd. has unveiled plans to build the final retail portion of The Cornerstone of Centerville North in Centerville, a suburb of Dayton. The 10,000-square-foot development will be known as Shoppes at the Village of Cornerstone and will be situated adjacent to a Costco location as well as Cooper’s Hawk Restaurant & Winery. Oberer plans to break ground this fall and wrap up construction in the second quarter of 2023. The desired tenant mix will include restaurant and specialty retailers either not yet in the market or looking for expansion opportunities, according to Oberer.
CHATTANOOGA, TENN. — Nordstrom Inc. plans to open a new Nordstrom Rack store at The Terrace at Hamilton Place, an open-air shopping center located at the intersection of Shallowford Road and I-75 in Chattanooga. This will be the third Nordstrom Rack and fourth Nordstrom concept in Tennessee. Locally based CBL Properties owns and manages Hamilton Place, which houses retailers including Academy Sports + Outdoors, DSW, Ulta Beauty and Old Navy. CBL Properties plans to open the Nordstrom Rack store in spring 2023.
ORLANDO, FLA. — Miami-based Limestone Asset Management and Orion Real Estate Group have purchased Millenia Plaza, a 411,503-square-foot shopping center located at 4403-4467 Millenia Plaza Way in Orlando. The seller, North American Development Group (doing business as Millenia Plaza LLC), sold the property for $74.1 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Ocean Bank provided an undisclosed amount of acquisition financing in the transaction. Millenia Plaza’s tenant roster includes The Home Depot, BJ’s Wholesale Club, Ashley Furniture, Dick’s Sporting Goods, Total Wine & More and Ross Dress for Less.
BIRMINGHAM, ALA. — Red Bank, N.J.-based First National Realty Partners has acquired Inverness Corners, a 242,000-square-foot retail center located in Birmingham, for an undisclosed price. A 54,000-square-foot Winn-Dixie and a 92,600-square-foot Kohl’s anchor the property. Additional tenants include Orangetheory Fitness, Mellow Mushroom, Tropical Café, Wing Stop, H&R Block and Enterprise. Zach Taylor of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed seller in the transaction.
LAWRENCE, KAN. — Marcus & Millichap has brokered the sale of Lawrence Marketplace in Lawrence for $10.5 million. The 90,982-square-foot retail center is located at 2525 Iowa St. Anchor tenants at the fully occupied property include Planet Fitness and Office Depot. Zach Turner, Scott Wiles, Mark Ruble, Erin Patton, Craig Fuller and Chris Lind of Marcus & Millichap represented the seller, a Kansas-based limited liability company. The team also secured the buyer, a New York-based limited liability company.
LAKEVILLE, MINN. — Upland Real Estate Group has arranged the $4.5 million sale of a retail property occupied by KinderCare Learning Center in the Minneapolis suburb of Lakeville. The building is part of Crossroads of Lakeville, a 127,070-square-foot shopping center anchored by Cub Foods. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland brokered the sale. A local buyer purchased the asset while completing a 1031 exchange. KinderCare operates more than 1,500 early childcare centers in 40 states.
SEATTLE — CBRE has arranged joint-venture equity and $196.2 million in construction financing for Chapter Buildings I and II, two mixed-use buildings in Seattle’s University District. Seattle-based Touchstone, Atlanta-based Portman Holdings and Houston-based Lionstone Investments comprise the development team. Tom Pehl, Charles Safley, Todd Tydlaska of CBRE Capital Markets West Coast, along with James Scott and Brian Myers of CBRE Capital Advisors, arranged the equity. Brad Zampa, Mike Walker and Megan Woodring of CBRE Debt & Structured Finance arranged the financing. Construction of Building I commenced earlier in 2022 and construction of Building II will begin in late 2022, with expected delivery in 2024. Totaling more than 400,000 square feet, the Chapter Buildings will consist of two assets. Chapter Building I, located at 4530 12th Ave. NE, will rise 12 stories featuring 240,000 square feet of office space and 9,000 square feet of ground-floor retail. The 10-story Chapter Building II will feature 154,000 square feet of life sciences and research & development space above 4,000 square feet of retail space. Greg Inglin, David Abbott and Laura Ford of CBRE are marketing the buildings for lease.
YORKTOWN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the sale of Boulevard Crossing, a 12,600-square-foot retail strip center located in the Hampton Roads city of Yorktown. An out-of-town 1031 buyer purchased the property from an entity doing business as Boulevard Crossing LLC for $4.6 million. Clark Simpson and Erik Conradi of Thalhimer represented the seller in the transaction. Built in 2016 at 8135 George Washington Highway, Boulevard Crossing was fully leased at the time of sale to tenants including Starbucks, Tropical Smoothie Café and Verizon Wireless, as well as service-oriented retailers and restaurants.
BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.
MILWAUKEE — The Boulder Group has brokered the sale of a 120,000-square-foot property occupied by grocer Pick ’n Save in Milwaukee. Retailers in the surrounding area include Starbucks, Domino’s Pizza, U.S. Bank, Dunkin’, McDonald’s, Napa Auto Parts and Culver’s. Jimmy Goodman and John Feeney of Boulder represented the seller, a Milwaukee-based real estate investor, and the buyer, a national private real estate company. There are more than eight years remaining on the Pick ’n Save lease.