Retail

Northmarq Secures $16.8M Acquisition Loan for Grocery-Anchored Center in Jupiter, Florida

by Julia Sanders March 24, 2022

JUPITER, FLA. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market. Located at 287 East Indiantown Road, the property is situated 19.7 miles from Palm Beach and 20.6 miles from Palm Beach International Airport.

March 24, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Investments Negotiates $37.4M Sale of Turlock Town Center in California

by Amy Works March 24, 2022

TURLOCK, CALIF. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the asset to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five retail pad tenants. Current tenants include Smart & Final, with a new 15-year lease, Rite Aid, dd’s discount, Big 5 Sporting Goods and Goodwill.

March 24, 2022

Acquisitions Retail Southeast Tennessee

Marcus & Millichap Brokers Sale of 24,502 SF Retail Property in Kingsport, Tennessee

by Julia Sanders March 24, 2022

KINGSPORT, TENN. — Marcus & Millichap has brokered the sale of Shoppes at East Stone, a 24,502-square-foot retail property in Kingsport. The property sold for $4.5 million. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben of Marcus & Millichap assisted in closing this transaction. Shoppes at East Stone is occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental. Located at 2637 E. Stone Drive, the property is situated in northern Tennessee, about 102 miles from Knoxville. The property is also 13.6 miles from Tri-Cities Airport.

March 24, 2022

Acquisitions California Retail Western

Private Investor Buys The Grove Retail Center in Redlands, California for $8M

by Amy Works March 24, 2022

REDLANDS, CALIF. — Progressive Real Estate Partners has arranged the sale of The Grove, a neighborhood retail center located at 1542-1598 Orange St. in the Inland Empire city of Redlands. A Los Angeles County-based seller sold the property to a Riverside County-based private investor group for $8 million. Built in two phases in 1987 and 1990, The Grove features 39,339 square feet of retail space. Circle K anchors the property, which was 80 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Melody Waltz of Realty Executives Riverside represented the buyer in the deal.

March 24, 2022

Acquisitions Illinois Midwest Retail

Sterling Organization Acquires Grocery-Anchored Shopping Center in Chicago for $18.2M

by Kristin Harlow March 24, 2022

CHICAGO — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.

March 24, 2022

Illinois Leasing Activity Midwest Retail

Floor & Decor Opens 76,000 SF Store in Chicago

by Kristin Harlow March 24, 2022

CHICAGO — Floor & Decor has opened a new 76,000-square-foot warehouse store and design center at 125 W. 87th St. in Chicago. The store opens with a team of about 50 full-time and part-time associates. Floor & Decor, which is a specialty retailer of hard-surface flooring, operates 160 stores across 33 states.

March 24, 2022

Acquisitions Midwest Retail Wisconsin

Faris Lee Investments Arranges $4.8M Sale of Retail Strip Center in Appleton, Wisconsin

by Kristin Harlow March 24, 2022

APPLETON, WIS. — Faris Lee Investments has arranged the sale of Eisenhower Crossing in Appleton for $4.8 million. The 28,125-square-foot retail strip center features two drive-thrus. Sola Salon Studios is the anchor tenant. Matt Brooks and Joe Chichester of Faris Lee represented the seller, Wisconsin-based Excel Properties LLC. The duo also procured the buyer, a California-based 1031 exchange investor. A local bank provided acquisition financing.

March 24, 2022

Acquisitions Restaurant Retail Texas

Friedman Real Estate Arranges Sale of 530,000 SF Midway Mall in Sherman, Texas

by Taylor Williams March 24, 2022

SHERMAN, TEXAS — Michigan-based brokerage firm Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping and dining destination located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.

March 24, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Public-Private Partnership Plans 600,000 SF West Grove Mixed-Use Project in McKinney, Texas

by Katie Sloan March 24, 2022

MCKINNEY, TEXAS — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. Architecture firm Gensler designed the project to promote outdoor gathering with open air paseos, outdoor decks, an experiential indoor/outdoor restaurant and entertainment space, and a central lawn that will feature live music, family movie nights and fitness classes year-round. “West Grove will be designed to bring people and a growing city together,” says Artemio De La Vega, president and CEO of De La Vega Capital. “A central green space and a mix of open-air, experience-driven retail and restaurant spaces will cultivate a sense of community, where visitors can connect meaningfully with each other and their natural environment.” A groundbreaking for the project is scheduled to take place during 2022. Dallas-based De La Vega Capital and Development is …

March 24, 2022

Acquisitions Alabama Retail Southeast

Cushman & Wakefield Arranges $14.9M Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders March 23, 2022

NORTHPORT, ALA. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. The sales price was $14.9 million, or $254 per square foot. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. Publix at Bristol Park was 96 percent leased at the time of sale. Built in 2019, the property includes a Publix, which occupies most of the shopping center. Other tenants at the property include Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. Located at 13556 Hwy 69 North, the property is close to the intersection of Ala. Highway 69 and Mitt Larry Road. The property is also 8.3 miles from the University of Alabama.

March 23, 2022

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