Retail

WS Development Purchases 100,000 SF Plaza del Lago Shopping Center in Suburban Chicago

by Kristin Harlow June 28, 2022

WILMETTE, ILL. — Massachusetts-based developer WS Development has purchased Plaza del Lago in the Chicago suburb of Wilmette for an undisclosed price. The roughly 100,000-square-foot, open-air shopping center is situated along the shore of Lake Michigan. The property was originally built in the 1920s and is the nation’s second-oldest shopping destination, according to WS, which purchased the center in partnership with CrossHarbor Capital Partners. Joe Girardi of Mid-America Real Estate brokered the transaction. The seller was undisclosed.

June 28, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 47,000 SF LA Fitness-Occupied Property in Suburban Chicago

by Kristin Harlow June 28, 2022

WESTMONT, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 47,000-square-foot property occupied by LA Fitness in the Chicago suburb of Westmont. The sales price was undisclosed. LA Fitness recently executed a new 15-year lease. Joe Girardi and Matt McParland of Mid-America represented the sellers, Kensington Development and IM Properties Plc. A 1031 exchange investor was the buyer.

June 28, 2022

Acquisitions California Industrial Leasing Activity Retail Top Stories Western

Prologis Buys California’s Great America Amusement Park Site in Silicon Valley from Cedar Fair for $310M

by John Nelson June 28, 2022

SANTA CLARA, CALIF. — Cedar Fair LP (NYSE: FUN), an amusement and water parks owner and operator based in Sandusky, Ohio, has sold the land at California’s Great America amusement park in the Silicon Valley town of Santa Clara. Prologis (NYSE: PLD), an industrial REIT based in San Francisco, purchased the 112 acres for $310 million and executed a lease with Cedar Fair to continue operating the park. Cedar Fair plans to eventually close Great America, which was built in 1976 by Marriott International Inc. (NASDAQ: MAR). The park features more than 60 rides and rollercoasters, as well as the Planet Snoopy children’s park and South Bay Shores waterpark, according to the property website. Cedar Fair will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term. After 40 years of leasing Great America, Cedar Fair purchased the land from the City of Santa Clara in 2019 per an order from the State of California. The city purchased the park from Marriott in 1985. Following company-wide park closures from the COVID-19 pandemic, Cedar Fair explored options to raise revenue within its existing portfolio. …

June 28, 2022

Acquisitions Maryland Retail Southeast

IPA Arranges $24.5M Sale of Gaitherstowne Plaza Shopping Center in Metro D.C.

by John Nelson June 27, 2022

GAITHERSBURG, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gaitherstowne Plaza, a 71,329-square-foot shopping center in the Washington, D.C., suburb of Gaithersburg. Manhasset, N.Y.-based Millbrook Properties purchased the center from an affiliate of the U.S. division of Israel-based BIG Shopping Centers Ltd., BIG Shopping Centers USA, for $24.5 million. Dean Zang, David Crotts and Josh Ein of IPA represented the seller in the transaction. According to IPA, the property was fully leased at the time of sale and the average tenure of tenants is over 10 years, with the tenant roster including national brands Gabe’s, AutoZone, Sherwin-Williams and IHOP on an outparcel.

June 27, 2022

Florida Loans Retail Southeast

Northmarq Arranges $16.7M Refinancing of Metro Tampa Retail Portfolio

by John Nelson June 24, 2022

TAMPA, FLA. — Northmarq’s Tampa office has arranged four loans totaling approximately $16.7 million for the refinancing of a retail portfolio in the metro Tampa area. The four assets include Carrollwood Regency Plaza and The Pointe at Tampa Palms in Tampa, North Tampa Shores in Oldsmar and Triple Crown Plaza in Ocala. Together the centers span 115,309 square feet of retail space. Robert Hernandez of Northmarq arranged the loans, each of which were underwritten with 10-year terms and 30-year amortization schedules. An unnamed life insurance company provided the loans on behalf of the undisclosed borrower.

June 24, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $5.7M Sale of Sherwin Williams-Anchored Retail Center in El Centro, California

by Amy Works June 24, 2022

EL CENTRO, CALIF. — Faris Lee Investments has arranged the sale of a retail strip center in El Centro. A Los Angeles-based family office sold the property to an undisclosed buyer for $5.7 million. Sherwin-Williams anchors the property, which is located at 1950 S. 4th St. Matt Brooks and Joe Chichester of Faris Lee Investments represented the seller and sourced the buyer in the deal.

June 24, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Cinergy Dine-In Cinemas to Open at Former CMX Location at Wheeling Town Center in Suburban Chicago

by Kristin Harlow June 24, 2022

WHEELING, ILL. — Cinergy Dine-In Cinemas is slated to open in July at the former CMX CinéBistro location at Wheeling Town Center in the Chicago suburb of Wheeling. The 40,000-square-foot, seven-screen theater will offer a dine-in theater experience. Wheeling Town Center, developed by The Lynmark Group, is now fully leased. This is the ninth location nationwide for Cinergy, which is operated by Dallas-based Cinergy Entertainment Group Inc. Other tenants at Wheeling Town Center include 312 Nails, Artic Spoon, AT&T, City Works, Inland Bank, Meat & Potato Urban Kitchen, Mia’s Cantina, Starbucks and The Learning Experience.

June 24, 2022

Acquisitions Massachusetts Northeast Retail

CBRE Brokers $26.2M Sale-Leaseback of Two Honda Dealerships in Central Massachusetts

by Taylor Williams June 24, 2022

AUBURN AND GREENFIELD, MASS. — CBRE has brokered the $26.2 million sale of the Lundgren Honda dealerships located in the Central Massachusetts cities of Auburn and Greenfield. The Auburn property was built in 2012 and spans 55,870 square feet. The Greenfield property was constructed in 2005 and totals 12,807 square feet. The family-owned and -operated dealership and its affiliate real estate company, Lundgren Equity Partners, sold the sites to Pennsylvania-based Legacy Automotive Capital. Karly Iacono of CBRE represented both parties in the transactions.

June 24, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Triple Five Group to Open 10,000 SF Food Hall at American Dream in East Rutherford, New Jersey

by Taylor Williams June 24, 2022

EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.

June 24, 2022

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 174,063 SF Shopping Center in Chambersburg, Pennsylvania

by Taylor Williams June 23, 2022

CHAMBERSBURG, PA. — JLL has negotiated the sale of Franklin Center, a 174,063-square-foot shopping center in Chambersburg, located in the southern central part of the state. Built in 1990 and renovated in 2015, Franklin Center was 91.5 percent leased at the time of sale. Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollie’s Bargain Outlet are the anchor tenants. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Florida-based investment firm Coastal Equities, in the transaction. Milbrook Properties Ltd. acquired the asset for an undisclosed price.

June 23, 2022

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