BRICK, N.J. — Locally based investment firm TFE Properties has purchased The Shops at Brick, a 103,832-square-foot shopping center located near the Jersey Shore. The center is currently home to Bonefish Grill and McDonald’s, and both anchor and junior anchor spaces are available for lease. Kevin O’Hearn and Joseph Lopresti of JLL represented the undisclosed seller in the transaction and procured TFE Properties as the buyer. The new ownership plans to implement a value-add program.
WEST FARGO, N.D. — Kraus-Anderson has begun a $2.8 million renovation at West Fargo Park District’s Veterans Memorial Arena located at 1201 7th Ave. East in West Fargo. Designed by ICON Architectural Group, the 80,000-square-foot project consists of HVAC upgrades to both ice arenas, including new air conditioning at the Vet’s 1 Arena for non-ice event use during the summer. Additional improvements include renovations to the four locker rooms, modifying bleachers for handicap access and the addition of surveillance and access control systems. Completion is slated for October.
SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …
BRENTWOOD, TENN. — Regency Centers Corp. has acquired Brentwood Place, a 320,000-square-foot power retail center located in the south Nashville suburb of Brentwood. According to the Nashville Business Journal, the center sold for $118.5 million. The property was 95 percent leased at the time of sale and comprises more than 100,000 square feet of anchor retail space leased to Nordstrom Rack, Total Wine & More, T.J. Maxx/HomeGoods and Golf Galaxy. Originally developed in 1973, Brentwood Place is adjacent to the site of the future 350,000-square-foot Vanderbilt Medical Campus.
HUTTO, TEXAS — Jack Allen’s Kitchen, a food-and-beverage concept that specializes in Texas-based cuisine, has opened a 7,000-square-foot restaurant in Hutto, a northern suburb of Austin. The restaurant was built from the ground up within the 35-acre Hutto Co-Op District and will be able to house about 275 patrons between its indoor and patio dining spaces. Designtrait Architects designed the restaurant.
BRAINTREE, MASS. — Atlantic Capital Partners, the debt and capital advisory arm of regional firm Atlantic Retail, has arranged a $22.2 million acquisition loan for Marketplace at Braintree, an 85,134-square-foot retail property located on the southern outskirts of Boston. The property is a three-suite condo that is currently leased to Nordstrom Rack and Ulta Beauty, and an undisclosed grocery operator has committed to leasing the third space. Stephen Joseph and Stephen Hassenflu led the Atlantic Capital team that placed the debt on behalf of the borrower, local investment firm Waterstone Properties Group. The direct lender was not disclosed.
Ardent Acquires 1.1 MSF Seminole Towne Center Mall in Central Florida, Plans Mixed-Use Redevelopment
SANFORD, FLA. — The Ardent Co. has acquired Seminole Towne Center Mall, a 1.1 million-square-foot regional mall located in Sanford, roughly 28 miles northeast of Orlando. The Atlanta-based investor plans to develop the property into a mixed-use development. According to several local media outlets, Ardent purchased the mall from Hollywood, Fla.-based 4th Dimension Properties for roughly $17.5 million. While plans for the 76-acre property will include the addition of new retailers, multifamily housing and a hotel, the center’s four anchor tenants — Dillard’s, JC Penney, Dick’s Sporting Goods and Elev8 — will remain at the property. Seminole Towne Center Mall originally opened in 1995 and officially closed for redevelopment in January.
SMITHFIELD, N.C. — Legacy Realty Group Advisors LLC has arranged the sale of Centre Pointe Plaza, a 159,259-square-foot shopping center in Smithfield, approximately 30 miles southeast of Raleigh. An undisclosed buyer purchased the property for $11.6 million. Originally built in 1989, the shopping center is anchored by Belk. Additional tenants at the property include Bealls, Dollar Tree, Hibbett Sports, Subway and T-Mobile. Daniel Baruch of Legacy Realty represented the buyer, and Steve Shields of CBRE represented the undisclosed seller in the transaction.
GLENSIDE, PA. — Marcus & Millichap has brokered the $7.2 million sale of a single-tenant retail building in Glenside, located just north of Philadelphia, that is net leased to local convenience store operator Wawa. The site spans 1.3 acres at 200 S. Easton Road, and the facility, which opened in 2022, includes a fuel station. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HONOLULU — Ala Moana Center, a 2.4-million-square-foot shopping center located in Honolulu, has announced the expansion of 10 new tenants this year. A mix of restaurant and retail businesses — Amaterasu; Coconut Ave; Baskin Robbins; Eve Ala Moana; fanfancy+; Lovisa; NOHO HOME; Skinceuticals Skin Lab; and ZEGNA — have already opened at the property. Dave & Buster’s, the final tenant to join the roster, is scheduled to open in mid-April. Brookfield Properties of Chicago owns and operates the center. Ala Moana Center is anchored by Bloomingdale’s, Neiman Marcus, Nordstrom, Macy’s and Target and houses more than 350 stores and restaurants, including a selection of local, international and luxury brands.