Retail

World Premier Investments Buys 219,902 SF Fullerton Town Center in Orange County

by Amy Works June 30, 2022

FULLERTON, CALIF. — A group led by World Premier Investments has acquired Fullerton Town Center, a grocery-anchored neighborhood retail center in Fullerton. Terms of the transaction were not disclosed. Located at the intersection of Harbor Boulevard and Orangethorpe Avenue, Fullerton Town Center features 219,902 square feet of retail space. The property boasts a 98 percent national tenant base, including Amazon Fresh, Ross Dress for Less, Five Below, WSS and an AMC Theatrea dine-in location with food, beverage and elevated service offerings. NewMark Merrill represented the buyer, while Reza Investment Group represented the seller in the deal.

June 30, 2022

Development Kentucky Retail Southeast

Skilken Gold Breaks Ground on First Kentucky Publix Grocery Store in Louisville

by John Nelson June 29, 2022

LOUISVILLE, KY. — Skilken Gold has broken ground on Terra Crossing, a shopping center located on 10 acres at 2500 Terra Crossing Blvd. in Louisville. The grocery anchor, a 55,071-square-foot Publix, represents the first Publix location in Kentucky, the Lakeland, Fla.-based grocer’s eighth state of operation. The adjacent 3,200-square-foot Publix Liquors store at Terra Crossing is also the first location outside the state of Florida. Publix plans to open a second Publix grocery store and Publix Liquors store in Louisville in early 2024 at the northeast corner of Ballardsville and Brownsboro roads. In addition to the Terra Crossing groundbreaking, Publix announced it has signed a lease to anchor The Fountains at Palomar shopping center in Lexington, marking the third location announced in Kentucky for Publix. The 55,701-square-foot Publix store and 3,200-square-foot Publix Liquors store are set to open in late 2024.

June 29, 2022

Acquisitions Georgia Retail Southeast

SRS Arranges $26.1M Sale of North Macon Plaza Shopping Center in Central Georgia

by John Nelson June 29, 2022

MACON, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of North Macon Plaza, a newly built, 151,987-square-foot shopping center in Macon. Chase Acquisitions LLC purchased the center from a joint venture between The Sembler Co. and Berkeley Development for $26.1 million. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2019, North Macon Plaza’s tenant roster includes Marshalls/HomeGoods, Michaels, Old Navy and Bealls Outlet. Situated on 18.8 acres along the Bass Road exit of I-75, the shopping center is located across the street from the only Bass Pro Shops in 100 miles, according to SRS.

June 29, 2022

Acquisitions Retail Washington Western

CBRE Negotiates $32.7M Sale of Alderwood Towne Center in Lynnwood, Washington

by Amy Works June 29, 2022

LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. Located at 3105-3225 Alderwood Mall Blvd., Alderwood Towne Center features 105,357 square feet of retail space leased to 20 businesses, including anchor tenants Marshalls and Michaels. Other retailers include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness. The property was constructed in 1986.

June 29, 2022

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona

by Amy Works June 29, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million. Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining. Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the deal.

June 29, 2022

Acquisitions Florida Retail Southeast

JLL Brokers $16M Sale of Village Oaks Shopping Center in Pensacola, Florida

by John Nelson June 28, 2022

PENSACOLA, FLA. — JLL has brokered the $16 million sale of Village Oaks, a 166,245-square-foot shopping center located at 6241 N. Davis Highway in Pensacola. A South Florida-based family office purchased Village Oaks from an affiliate of Atlanta-based RCG Ventures. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Built in 1988 and renovated in 2014, the property’s tenant roster includes Bealls, PetSmart, Planet Fitness, Party City, Breeze Nutrition, Cato, Once Upon a Child, Thai 54 and Pensacola ATA Martial Arts.

June 28, 2022

Colorado Development Mixed-Use Multifamily Retail Western

Carson Development Plans 200-Acre Ledge Rock Center Mixed-Use Community in Johnstown, Colorado

by Amy Works June 28, 2022

JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.

June 28, 2022

Acquisitions Illinois Midwest 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

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