MOORE, OKLA. — SRS Real Estate Partners has arranged the $10 million sale of a 53,872-square-foot shopping center in Moore, a southern suburb of Oklahoma City. The property was built on 5.5 acres in 2018 and was 93 percent leased at the time of sale to tenants including Ulta Beauty and Burlington. Chris Tramontano and Aaron Johnson of SRS represented the seller, an entity doing business as BlueCiel Oklahoma LLC. Agree Realty, a publicly traded REIT, purchased the asset.
HOFFMAN ESTATES, ILL. — Kinema Fitness has opened FitLab, a 31,680-square-foot fitness facility, at Bell Works Chicagoland in Hoffman Estates. FitLab offers personal training, health coaching, nutrition consultation, state-of-the-art equipment and a range of group fitness classes. NPZ Style+Décor designed the space. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Somerset Development is the owner and developer.
FAYETTEVILLE, GA. — Continental Realty Corp. (CRC) has purchased Banks Crossing, a 255,101-square-foot shopping center in Fayetteville, a southern suburb of Atlanta. Baltimore-based CRC acquired the center, which is anchored by Kroger, for $24.4 million via its private equity fund. Newmark represented the seller, Nightingale Properties, in the transaction. Located at 100-240 Banks Crossing N., Banks Crossing is the third shopping center in CRC’s Georgia portfolio and was 91 percent leased at the time of sale to tenants such as JC Penney, Sally Beauty, Guitar Center and Planet Fitness. The shopping center was built in 1987 and renovated in 2013.
By Andy Moreno, director of operations, MIMCO; and McGee Sauls, senior vice president, MIMCO Historically, the El Paso market has often been overlooked, primarily due to its distance from other major Texas markets. However, that sentiment is shifting rapidly due to strong economic and population growth. While an accurate figure is difficult to pin down, the number of new entries and expanding franchises within the market has exploded in recent years. “As recently as 2015, national and regional operators were only beginning to recognize the sales potential of the El Paso market and just how underserved the growing population had become,” states Scott Walker, president of MIMCO. “Competition was limited, which led to advantages for existing operators. The landscape shifted dramatically due to the pandemic; since the second quarter of 2020, new retail categories have become active,” he continues. “Marketing quality sites generally leads to multiple offers from competing operators including car washes, lube shops, coffee shops and quick-service restaurants. We love to see this variety move into our market and drive competition for the next great location.” Market competition is advantageous and a key driver of innovation. Retailers use competition to discover and adopt the most efficient processes that …
FAIRFIELD, CONN. — Boston-based investment firm TA Realty has acquired King’s Crossing, an 82,000-square-foot shopping center located in the southern Connecticut city of Fairfield, for $58 million. Built in 2011, King’s Crossing was 97 percent leased at the time of sale to tenants such as Whole Foods Market, CVS Pharmacy, Petco, Five Guys, Sleep Number and Chipotle Mexican Grill. Jose Cruz, Kevin O’Hearn, Danny Finkle, Michael Oliver, Steve Simonelli, Andrew Scandalios and Grace Braverman of JLL represented the undisclosed institutional seller in the transaction.
ZIONSVILLE, IND. — The Cooper Commercial Investment Group has negotiated the $7.3 million sale of The Avenue at Bennett Farms, a two-building retail property in the Indianapolis suburb of Zionsville. The 12,969-square-foot development is home to Tropical Smoothie Café, Restore Hyper Wellness, Capriotti’s Sandwich Shop, Hand & Stone Massage, Garbanzo Mediterranean Fresh, Classic Cleaners and a freestanding Java House. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. He also procured the buyer, a Midwest-based private investment group. The asset sold at roughly 99 percent of the list price and a 5.9 percent cap rate.
CHICAGO — Five Iron Golf, an indoor golf simulation experience, has signed a lease to open a new location in Chicago’s Lincoln Park. Located at 1000 W. North Ave., the 13,150-square-foot space will serve as Five Iron Golf’s third location in Chicago. Sharon Kahan and Amy Sider of CBRE represented the tenant in the lease transaction. The duo also represented Five Iron Golf in its other two leases in The Loop and River North.
FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Golden Sands Plaza, a retail property located at 1090 W. Highland Ave. in San Bernardino. Built in 1962, the 10,057-square-foot property was 90.3 percent leased at the time of sale. A Northern California-based limited liability company sold the asset to another Northern California-based limited liability company for $1.1 million. Julia Evinger of Marcus & Millichap’s Indianapolis office represented the seller and secured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s Los Angeles office served as broker of record for the transaction.
CUTLER BAY, FLA. — Electra America and BH Group have formed a joint venture to purchase Southland Mall, a 808,776-square-foot shopping mall in the Miami suburb of Cutler Bay. The buyers purchased the 80-acre site for $100.4 million with plans to reposition the mall and develop new Class A apartments on the campus. The joint venture is working closely with the Town of Cutler Bay on the redevelopment project. Located at 20505 S. Dixie Highway, Southland Mall was 80 percent leased at the time of sale to more than 100 tenants, including JC Penney, Macy’s, T.J. Maxx, LA Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers and Applebee’s. According to the buyers, Southland Mall is the only enclosed regional mall servicing southern Miami-Dade County through the Florida Keys. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young represented Electra America and BH Group in the land deal. The seller(s) was not disclosed. Southland Mall includes a former Sears department store and auto center that were not part of the transaction.