Retail

SimonCRE Acquires 64 Acres for Mixed-Use Project in Mesa, Arizona

by Amy Works March 7, 2025

MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.

March 7, 2025

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Brokers $8.2M Sale of Two Retail Buildings in Metro Minneapolis

by Kristin Harlow March 7, 2025

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.

March 7, 2025

Acquisitions Illinois Midwest Retail

Greenstone Partners Negotiates $3.3M Sale of Retail Property in Chicago’s Wicker Park

by Kristin Harlow March 7, 2025

CHICAGO — Greenstone Partners has negotiated the $3.3 million sale of a 4,747-square-foot retail property in Chicago’s Wicker Park neighborhood. The asset on North Damen Avenue is fully leased to Chipotle and Playa Bowls and sold for 99 percent of the list price. Chipotle has operated at the property since 2004 and recently exercised its last remaining five-year renewal option. Playa Bowls entered into a new 10-year lease. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company. Buyer information was not provided.

March 7, 2025

Arizona Development Mixed-Use Office Restaurant Retail Western

Diversified Partners Opens 11-Acre Mixed-Use Development in Gilbert, Arizona

by Amy Works March 6, 2025

GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.

March 6, 2025

Acquisitions Arizona Retail Western

Old Man Cactus Buys Retail Center in Peoria, Arizona for $2.8M

by Amy Works March 6, 2025

PEORIA, ARIZ. — San Jose, Calif.-based Old Man Cactus LLC has acquired Sun Aire Plaza II, a retail center in Peoria, from Chandler, Ariz.-based Fen Investments for $2.8 million. Located at 9501 W. Peoria Ave., Sun Aire Plaza II offers 64,033 square feet of retail space on 1.5 acres. Troy Giammarco of NAI Horizon First represented the buyer, while Cindy Moy-Zhang and Brook Miller of Re/Max Solutions represented the seller in the deal.

March 6, 2025

Acquisitions Retail Southeast Virginia

SRS Brokers $10M Sale of Flagship Commons Retail Center in Ashburn, Virginia

by John Nelson March 6, 2025

ASHBURN, VA. — SRS Real Estate Partners has brokered the $10 million sale of Flagship Commons, a 13,316-square-foot retail strip center located at 44795 Dulles Overlook Drive in Ashburn. Delivered in 2022 near a Topgolf and iFly, the center features an endcap Dunkin’ restaurant and drive-thru. Other tenants at Flagship Commons include Five Guys, The Big Screen Store, Club Champion and Finn Thai. Andrew Fallon, Philip Wellde Jr. and Rick Fernandez of SRS represented the developer/seller in the transaction. John Marshall Bank provided acquisition financing on behalf of the buyer, a private investment firm based in Northern Virginia that purchased the retail center as part of a 1031 exchange.

March 6, 2025

Acquisitions Kansas Leasing Activity Midwest Retail

Block & Co. Negotiates Sale, Lease of Village West Discount Liquors Store in Kansas City

by Kristin Harlow March 6, 2025

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has negotiated the sale and new lease of the Village West Discount Liquors store in Kansas City. Village West Discount Liquors sold the property at 11010 Parallel Parkway and leased 8,029 square feet to new ownership. Grant Summers of Block & Co. represented the buyer, 110th and Parallel, KC Development LLC. Summers also negotiated the lease of the space to South Hills LLC, which is the new acting operator for Village West Discount Liquors. Daniel Brocato of Block & Co. represented the tenant in the lease.

March 6, 2025

Leasing Activity New York Northeast Retail

Pickle1 to Open 5,060 SF Pickleball Facility in Manhattan’s Financial District

by Taylor Williams March 6, 2025

NEW YORK CITY — Pickle1, a locally based pickleball operator, will open a 5,060-square-foot facility in Manhattan’s Financial District. The lease term is 10 years, and the three-court space will be located within the 964,175-square-foot building at 100 Pearl St. Allen Gurevich of GFP Real Estate and Andrew Taub of Newmark represented the owner, Commerz Real Americas, in the lease negotiations. Steven Evans and Emre Bozkurt of Platinum Properties represented Pickle1. The opening is set for this summer.

March 6, 2025

Acquisitions Development Hospitality Mixed-Use Multifamily Retail Southeast Virginia

Richmond EDA Sells, Transfers 18-Acre Site for $2.4B Diamond District Project

by John Nelson March 5, 2025

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of Diamond District, a $2.4 billion mixed-use development in the Virginia state capital. The developer, an entity led by Thalhimer Realty Partners Inc. called Diamond District Partners LLC, will soon begin construction on public works infrastructure and a mixed-use development on the site. The parcel, called Phase 1A, will include six acres of public infrastructure that will be conveyed back to the city and the EDA upon completion. The remainder of the parcel will house a 180-room hotel, 161 workforce housing units that will be reserved for households earning 60 percent of the area median income, 730 market-rate apartments and 30,000 square feet of commercial space that can be expanded. The land sold for $11.4 million. Phase 1B and Phase 1C of Diamond District will include an additional 177 affordable housing units, 625 market-rate apartments and 126,000 square feet of commercial space. Additionally, CarMax Park, the future home of the Richmond Flying Squirrels Minor League Baseball team, is under construction within the Diamond District and is scheduled to open in 2026. Diamond District Partners LLC anticipates breaking ground on …

March 5, 2025

Development Loans Mixed-Use Multifamily North Carolina Office Retail Southeast

Joint Venture Secures Financing for Office-to-Residential Conversion Project for Former Duke Energy Building in Charlotte

by John Nelson March 5, 2025

CHARLOTTE, N.C. — A joint venture between MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church, an adaptive reuse project in Charlotte. The project will convert the former Duke Energy headquarters, located at 526 S. Church St., into a 460-unit apartment community with 57,000 square feet of retail space. The financing amount and construction timeline were not disclosed. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, Brooklyn & Church will comprise 800,000 square feet across 13 stories, with amenities including a rooftop deck and pool with grilling stations, fitness center and spa space, coworking space, bike room and a dog run with pet spa. The property’s loft-style apartments will have 13.6-foot, exposed ceilings. In addition to the apartments and ground-floor retail space, the property will offer a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue that will be connected to the main building via a 60-foot walkway.

March 5, 2025

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