FISHERS AND CARMEL, IND. — Stan Johnson Co. has brokered the sale of two retail properties occupied by Fresh Thyme Market in suburban Indianapolis for $18.7 million. The freestanding buildings span roughly 28,600 square feet each and are located in Fishers and Carmel. A Chicago-based private equity fund sold the portfolio to a private equity fund with headquarters in Mexico City. Mark Lovering of Stan Johnson represented both parties in the transaction.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of an 86,931-square-foot shopping center in the College Point area of Queens. The grocery-anchored property sits on an eight-acre site. The first building was constructed in 1992 and totals 77,649 square feet. The second building was delivered in 2019-2020 and spans 9,282 square feet. An undisclosed life insurance company provided the loan to a commercial investor that also requested anonymity.
SOUTH BURLINGTON, VT. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. A CMBS trust sold the asset for $60 million. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International Airport. With more than 50 local and national shops and restaurants, the mall is 95 percent occupied and draws an estimated 3.9 million annual visitors, according to the buyers. University Mall is home to an 85,500-square-foot JC Penney, an 86,000-square-foot Kohl’s, a 48,000-square-foot Hannaford Brothers and a 60,000-square-foot Target, which is the only Target store in Vermont. “The property has been a gathering place for decades, and our commitment is to build on its success as a vital retail and economic asset for Vermont,” says Alex Fleming, director with Taconic. Andrew Hayes, director with Eastern, will oversee the planning, leasing strategy and overall repositioning of the mall. Local firm KeyPoint Partners, led by Heather Tremblay, will maintain its …
MADISON, WIS. — An affiliate of Next Realty LLC has acquired Essex Square, a 44,000-square-foot retail center in Madison. The purchase price and seller were undisclosed. The property is home to 15 tenants, including Concentra Health Services, Half Price Books, The Camera Store, Allstate, Great Clips and MOKA Coffee. Many of the tenants have operated at the property for more than 20 years. Built in 1987 and located along East Towne Boulevard, Essex Square is situated adjacent to the 790,000-square-foot East Towne Mall. Landmark Credit Union provided acquisition financing.
MADISON, WIS. — Marcus & Millichap has arranged the sale of Sauk Point Square in Madison for $5 million. The 26,350-square-foot retail center is located at 701 N. High Point Road and is home to a mix of local retailers. Marcus & Millichap’s Rowlett Group represented the seller, a group of local investors, as well as the buyer, an out-of-state limited liability company.
HOFFMAN ESTATES, ILL. — It Gym, a locally owned fitness studio that offers personal training and group exercise classes, will open a 3,300-square-foot facility at Bell Works Chicagoland in Hoffman Estates. The gym, owned by local personal trainer Gina Kaiser, is slated to open this summer. Bell Works Chicagoland is a redevelopment of the former AT&T corporate campus. Somerset Development is the owner.
KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.
SPRINGFIELD, VA. — Cushman & Wakefield has arranged the sale of Backlick Center, a 48,267-square-foot shopping center in Springfield. John Owendoff of Cushman & Wakefield represented the seller, a Dallas-based real estate fund advised by Crow Holdings Capital, in the transaction. Rochester, N.Y.-based Glazer Properties acquired the property for $25 million. Backlick Center was 91 percent leased at the time of sale to tenants including Chick-fil-A, Advance Auto Parts, Outback Steakhouse and Taco Bamba. Located at 6651-6691 Backlick Road, the property is located 14.6 miles from Washington, D.C., and 13.8 miles from Ronald Reagan Washington National Airport.
FRESNO, CALIF. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the asset from an undisclosed seller for $11.1 million. Shaw West Center is occupied by national and regional tenants, with many under triple-net leases. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.
LAKEWOOD, COLO. — Blue West Capital has brokered the sale of a retail property located at 5807 W. Colfax Ave. in Lakewood. A California-based family office sold the asset to a California-based investor for $2.8 million. O’Reilly Auto Parts has occupied the property on a net-lease basis since 1998, with approximately four years remaining on its lease. Brandon Gayeski of Blue West Capital represented the seller and buyer in the deal.
