Retail

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

Connecticut Leasing Activity Northeast Retail

Target to Open 126,000 SF Store at Danbury Fair Mall in Connecticut

by Taylor Williams June 23, 2022

DANBURY, CONN. — Target (NYSE: TGT) will open a 126,000-square-foot store at Danbury Fair, a regional mall located in southern Connecticut’s Fairfield County. The Minneapolis-based retailer will backfill a two-level space that was previously occupied by Sears for its first location in the city. J.C. Penney, Macy’s, Dick’s Sporting Goods and Primark are the other anchors at Danbury Fair, which is owned by Southern California-based REIT Macerich. An opening date was not disclosed. Target also recently backfilled a former J.C. Penney store at Macerich’s Kings Plaza in Brooklyn.

June 23, 2022

Loans New York Northeast Northmarq Retail

Northmarq Arranges Four Loans Totaling $12.8M for Refinancing of White Plains Retail Properties

by Taylor Williams June 23, 2022

WHITE PLAINS, N.Y. — Northmarq has arranged four loans totaling $12.8 million for the refinancing of four retail properties totaling 66,691 square feet in White Plains, a northern suburb of New York City. Tenants at the properties include The Men’s Warehouse, New Balance, Sherwin-Williams, Cycle Gear, Mattress Firm, AutoZone and Gothic Cabinet Craft. Robert Ranieri of Northmarq arranged the financing through PCSB Bank on behalf of the undisclosed borrower. Each loan carried a fixed interest rate, seven-year term and a 30-year amortization schedule.

June 23, 2022

Acquisitions Nevada Retail Western

SVN|The Equity Group Arranges $24.4M Sale of Silverado Square Retail Center in Las Vegas

by Amy Works June 23, 2022

LAS VEGAS — SVN | The Equity Group has brokered the sale of Silverado Square, a retail center situated on 6.5 acres in Las Vegas. AG Property Development LLC sold the asset to an undisclosed buyer for $24.4 million. Located at 1110-1190 E. Silverado Blvd., Silverado Square features 48,492 square feet of retail space. Sprouts Farmers Market anchors the property, which was developed in 2018 and 2019. Nolan Julseth-White of SVN | The Equity Group represented the seller, while Rob Ippolito of Newmark represented the buyer in the transaction.

June 23, 2022

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