Retail

Marcus & Millichap Brokers $8M Sale of Retail Center in Hammond, Indiana

by Kristin Harlow March 16, 2022

HAMMOND, IND. — Marcus & Millichap has brokered the $8 million sale of a 55,010-square-foot retail center in Hammond, about 25 miles south of Chicago. Dollar Tree and Ross Dress for Less anchor the property, which was constructed in 2016 and is located at 1105 5th Ave. Additional tenants at the fully leased center include Rainbow and Sadoni Beauty Supply. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, Luke Brands. Friedman Real Estate represented the buyer, Canyon Park Capital.

March 16, 2022

Leasing Activity New York Northeast Retail

Bed Bath & Beyond Renews 42,000 SF Lease in Bohemia, New York

by Taylor Williams March 16, 2022

BOHEMIA, N.Y. — Bed Bath & Beyond has renewed its 42,000-square-foot lease at Sayville Plaza, a shopping center located in the Long Island community of Bohemia. Other tenants at Sayville Plaza include Northwell Health, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill and Sprint. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations.

March 16, 2022

Acquisitions Midwest Minnesota Retail

JLL Arranges Sale of Galleria Edina Shopping Mall in Suburban Minneapolis

by Kristin Harlow March 15, 2022

EDINA, MINN. — JLL Capital Markets has arranged the sale of Galleria Edina in the Minneapolis suburb of Edina. The sales price was $150 million, according to Twin Cities Business. The 398,585-square-foot shopping mall is 99 percent leased to tenants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Shinola and more. Danny Finkle, Barry Brown, Dave Monahan, Amy Sands, Cameron Pittman, Matt Hazelton and Cory Villaume of JLL represented the undisclosed seller. Local investor group 70th Street Properties LLC was the buyer. Park State Bank provided acquisition financing.

March 15, 2022

Illinois Loans Midwest Office Retail

PGIM Real Estate Provides $101M in Acquisition Financing for Four-Property Portfolio in Chicago

by Kristin Harlow March 15, 2022

CHICAGO — PGIM Real Estate has provided $101 million in floating-rate bridge financing for the acquisition and lease-up of a four-property retail and office portfolio in Chicago’s Fulton Market district. The buildings span 168,206 square feet and are home to 18 tenants. Asana Partners, a real estate investment company headquartered in Charlotte, N.C., was the borrower. Further details were not provided.

March 15, 2022

Development Illinois Midwest Retail

IMPACT Strategies Begins Renovations at World Wide Technology Raceway Near St. Louis

by Kristin Harlow March 15, 2022

MADISON, ILL. — Design-build firm IMPACT Strategies has begun interior and exterior renovations of the Oval Tower Suites at World Wide Technology Raceway in Madison, about nine miles northeast of St. Louis. The project includes improvements to the private viewing area, including the rooftop space and 28 private suites. The motorsport racing facility is undergoing a multi-million-dollar renovation plan leading up to the 2022 NASCAR Cup Series on June 5.

March 15, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.8M Sale of Retail Center in Forsyth, Illinois

by Kristin Harlow March 15, 2022

FORSYTH, ILL. — Marcus & Millichap has brokered the $4.8 million sale of Forsyth Center in Forsyth, about 45 miles east of Springfield, the state capital. The 30,087-square-foot retail center is located at 1460 Koester Road. The property is home to PetSmart and Dollar Tree, both of which have been tenants since the center was constructed in 2006. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local developer. Buyer information was not provided.

March 15, 2022

Acquisitions Illinois Midwest Retail

Boulder Group Negotiates $4.1M Sale of Net-Leased Retail Property in Bloomington, Illinois

by Kristin Harlow March 15, 2022

BLOOMINGTON, ILL. — The Boulder Group has negotiated the sale of a single-tenant, net-leased retail property occupied by JOANN Fabrics in Bloomington for $4.1 million. The 21,828-square-foot building is located at 1701 E. Empire St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm, as well as the buyer, a national real estate company.

March 15, 2022

Acquisitions California Retail Western

Faris Lee Brokers Sale of 117,228 SF Ming Plaza Shopping Center in Bakersfield, California

by Amy Works March 15, 2022

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of Ming Plaza, a retail center located on Ming Avenue in Bakersfield. A private family office sold the asset to an undisclosed buyer for $26.5 million. Sean Cox, Alex Moore and Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Faris Lee also arranged financing for the buyer. At the time of sale, the 117,228-square-foot property was nearly 100 percent occupied and includes three outparcels leased to Starbucks Coffee, Chase Bank and Long John Silvers.

March 15, 2022

Acquisitions California Retail Western

Cushman & Wakefield Negotiates $24M Sale of Retail Building in West Hollywood

by Amy Works March 15, 2022

WEST HOLLYWOOD, CALIF. — Cushman & Wakefield has brokered the sale of a freestanding, single-tenant retail property located at 8833 Beverly Blvd. in West Hollywood. A joint venture between Acadia Realty Trust and Osiris Ventures acquired the asset for $24 million. Luxury Living fully occupies the 9,757-square-foot building. Kazuko Morgan, Carine Mamann and Steve Algermissen of Cushman & Wakefield represented the seller in the transaction.

March 15, 2022

Acquisitions New Hampshire Northeast Retail

McLaughlin Investments Negotiates $7.8M Sale of Shopping Center in Belmont, New Hampshire

by Taylor Williams March 15, 2022

BELMONT, N.H. — McLaughlin Investments has negotiated the $7.8 million sale of Belknap Mall, a 235,000-square-foot shopping center in Belmont, located north of Manchester. Grocer Shaw’s anchors the property with a 38,500-square-foot store. Other tenants include Job Lots, Planet Fitness, Clear Choice Medical Clinic, Jo-Ann Fabric, Verizon Super Cuts and Dunkin’. John McLaughlin of McLaughlin Investments represented the buyer, Vernet Properties LLC, in the transaction. The seller, Belknap Realty, was represented in-house.

March 15, 2022

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