Retail

ALEXANDRIA, VA. — Foulger-Pratt, The Howard Hughes Corp. and Seritage Growth Properties have broken ground on their 4 million-square-foot WestEnd Alexandria project with the demolition of Landmark Mall. Built in 1965 as an open-air shopping center, the 715,520-square-foot Landmark was converted to an enclosed shopping mall in 1990. The mall officially closed its doors in 2017 following Howard Hughes Corp.’s purchase of the former Macy’s store, but the Sears department store remained open until 2020. Last year the Sears owner, the City of Alexandria, signed Inova Health to a 99-year ground lease at the site where the health system is building a $1 billion hospital campus will span 11 acres. At full buildout, WestEnd Alexandria will span 52 acres and comprise 2,500 apartments, including 200 affordable housing units; parks and open space; approximately 125,000 square feet of medical office buildings; nearly 235,000 square feet of retail and restaurant uses; and a new facility for Alexandria Fire-EMS Station 208. Foulger-Pratt, Howard Hughes and Seritage plan to begin Phase I of WestEnd Alexandria in 2023 with the first residential buildings delivering in 2025.

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LEE’S SUMMIT, MO. — The Rainier Cos. has acquired SummitWoods Crossing in Lee’s Summit within metro Kansas City for an undisclosed price. The 545,204-square-foot, Class A shopping center opened in 2001. Some of the tenants include T.J. Maxx, Bed Bath & Beyond, Old Navy, Kohl’s, Petco and Ulta. The transaction marks Rainier’s 13th shopping center acquisition in the last five years and grows its retail portfolio to more than 5 million square feet nationally. Sunny Sajnani of Institutional Property Advisors, a division of Marcus & Millichap, arranged a five-year acquisition loan. Rainier will provide property management and leasing services for SummitWoods Crossing.

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UNION, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Greenleaf at Union, a 109,828-square-foot shopping center in Northern New Jersey. Built in 2017 and anchored by LA Fitness and Bob’s Discount Furniture, the property was fully leased at the time of sale. Other tenants include Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. Brad Nathanson and Steven Siegel of IPA represented the seller, Sun Equity Partners LLC, in the transaction. The duo also procured the buyer, Prestige Properties.

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Market-Station-Denver-CO

DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.

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LAGUNA NIGUEL, CALIF. — Faris Lee Investments has brokered the $10.3 million sale of Shops at Crown Valley, a grocery- and pharmacy-anchored retail center in Laguna Niguel. A Los Angeles-based private family office sold the asset to a Riverside-based buyer. Located at 30262-30272 Crown Valley Parkway, Shops at Crown Valley features 23,315 square feet of retail space. Planet Fitness, Smart & Final, Rite Aid and The UPS Store are tenants at the fully occupied property. Sean Cox, Alex Moore, Chris DePierro, Matt Brooks and Joe Chichester of Faris Lee represented the seller and procured the buyer for the transaction.

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DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented the seller in the transaction, says Doraville Plaza has future redevelopment potential. “CMBS debt assumptions are difficult and typically shrink the buyer pool. However, rising interest rates and the demand for well-located retail assets centers like Doraville Plaza worked in our favor,” says Taylor. “The location and future redevelopment potential of the underlying real estate created a competitive bidding environment.”

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BONITA SPRINGS, FLA. — TSCG has brokered the sale of Bay Landing, a grocery-anchored shopping center totaling nearly 63,000 square feet in the southwest Florida city of Bonita Springs. Illinois-based InvenTrust Properties purchased the property for approximately $10.4 million. Anthony Blanco led the TSCG team that included Mallory Silva and Nick Ureta in representing the seller, an affiliate of Barron Collier Cos. Built in 1998 along U.S. Highway 41, Bay Landing was fully leased at the time of sale to The Fresh Market and HomeGoods. The site is entitled for an additional 10,000 square feet of retail development, according to Blanco.

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GRAPEVINE, TEXAS — A joint venture between two locally based firms, 2GR Equity and SHOP Development, has purchased Southlake Marketplace, a 132,000-square-foot shopping center in Grapevine, located in the northern central part of the metroplex. Hobby Lobby and Urban Air anchor the center, which was 92 percent leased at the time of sale, although the latter tenant owns its space. The new ownership plans to upgrade the center’s landscaping, signage and parking areas. The seller was not disclosed.

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Whole-Foods-at-Westbury

GARDEN CITY, N.Y. — Midwood Investment & Development has sold Whole Foods at Westbury, a 55,109-square-foot shopping center located in the Long Island community of Garden City, for $65.3 million. Whole Foods Market anchors the property, which is also home to a 4,818-square-foot, freestanding pad site occupied by HSBC Bank and Bond Vet. Jim Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr and J.B. Bruno of JLL represented Midwood in the disposition of the property to an undisclosed private family investment firm.

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ANSONIA, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Ansonia Landing, a 91,460-square-foot shopping center located in Connecticut’s New Haven County. The property, which was built in 1979 and was 91.5 percent leased at the time of sale, consists of a 60,000-square-foot Stop & Shop grocery store and a 31,460-square-foot strip center. Jim Koury of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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