CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Elston Logan Plaza in Chicago’s Elston Corridor for $29.2 million. Anchored by HomeGoods, the shopping center spans 56,080 square feet. Additional tenants include Chipotle, Potbelly Sandwich Shop, Forever Yogurt, David’s Bridal, Verizon, T-Mobile and The Vitamin Shoppe. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Novak Construction Co. Newport Capital Partners was the buyer.
SAN DIEGO — Clarion Partners and HP Investors have sold a collection of three single-tenant net-leased retail properties within Gateway at Kearny Mesa in San Diego. An undisclosed private investor acquired the asset for $89.8 million. Totaling 194,303 square feet, the property is fully occupied to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 on 18.8 acres as part of a 30-acre Gateway at Kearny Mesa retail destination. Gleb Lvovivh, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast of JLL Capital Markets represented the sellers in the deal.
NASHVILLE, TENN. — Tanger Factory Outlet Centers Inc. has broken ground on Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. Slated to open in fall 2023, the six-building, open-air property will be located on a 32-acre site along I-24 within the Century Farms development. Tanger Outlets Nashville will house 70 brands and provide approximately 1,100 full- and part-time retail and management positions upon completion. Nashville will be the third Tennessee market served by Tanger as the Greensboro, N.C.-based company has outlet malls in Sevierville and Memphis. The property marks the first outlet mall in Nashville proper, according to Tanger.
FREDERICKSBURG, VA. — Burlington and T.J. Maxx have signed anchor leases at Central Park Marketplace, a 200,000-square-foot regional shopping center located at 1771 Carl D. Silver Parkway in Fredericksburg. Burlington signed a 27,706-square-foot lease to backfill a former Ashley Furniture store, and T.J. Maxx signed a 24,850-square-foot lease at a former A.C. Moore Arts & Crafts store. The retailers, which will be adjacent to one another, plan to open their stores in early 2023. Connie Jordan Nielsen, James Ashby IV and Mark Banach of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the unnamed landlord.
ROSEVILLE, CALIF. — Schnitzer Properties has purchased Highland Reserve Marketplace, a 191,416-square-foot retail center in Roseville, a suburb of Sacramento. Tenants at the center, which is situated on 21.5 acres, include Kohl’s, Ashley HomeStore, BevMo!, PetSmart, In-N-Out, Krispy Kreme, Freebird’s World Burrito, Yummy Cookie and Nurtishop. The seller and sales price were not released.
BALDWIN PARK, CALIF. — Kidder Mathews has arranged the sale a retail property located at 13822 Garvey Ave. in Baldwin Park, an eastern suburb of Los Angeles. A private family investor sold the asset to an undisclosed buyer for $18.1 million in a 1031 exchange transaction. LA Fitness occupies the 45,000-square-foot facility, which is located at the intersection of Interstate 10 and Garver Avenue. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal., while Janet Neman and Angelica Gotzev of Kidder Mathews represented the buyer.
DALE CITY, VA. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties, an investment firm based in Philadelphia, purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million. Sterling currently owns and manages approximately 70 properties throughout the United States spanning 11.4 million square feet and approaching $2.4 billion in value.
WOODWAY, TEXAS — Dallas-based brokerage firm SHOP Cos. has negotiated the sale of Crossroads West Shopping Center, a 36,864-square-foot retail center in Woodway, a suburb of Waco. The property is situated adjacent to an H-E-B grocery store and was approximately 97 percent leased at the time of sale. Tim Axilrod of SHOP Cos. represented the seller, a Texas-based limited liability company, in the transaction. The buyer and sales price were not disclosed.
WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, an approximately 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. Food and beverage users include P.F. Chang’s, Panera Bread and Gran Rodeo Mexican Grill. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Lamar Cos., in the transaction. The Shops at Valley Square was 70 percent leased at the time of sale.
SPRINGFIELD, ILL. — With a new 11,377-square-foot lease signed by Boot Barn, Sherwood Plaza shopping center in Springfield is now fully leased. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented Boot Barn, which will take occupancy in the coming months. Seritage Growth Properties redeveloped the 130,000-square-foot shopping center, which was nearly vacant at the start of the redevelopment project. CBRE negotiated leases with 10 new tenants, including Burlington, Marshalls, Binny’s Beverage Depot, Orange Theory Fitness and Outback Steakhouse.