TIGARD, ORE. — Marcus & Millichap has arranged the sale a retail property located at 9009 SW Hall Blvd. in Tigard. A limited liability company sold the property for $9.6 million. Macy’s Furniture Gallery has occupied the 50,808-square-foot property since 2008, with a triple-net lease extending through 2028. Scott Logan of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
ARLINGTON HEIGHTS, ILL. — The Chicago Bears have signed an agreement to acquire the Arlington International Racecourse property in Arlington Heights, a northwest suburb of Chicago. The purchase price was $197.2 million, according to the Chicago Tribune. The agreement raises the potential that the Bears could relocate to the 326-acre property and build a new stadium in the suburbs. The football team’s lease at Soldier Field in Chicago expires in 2033. “Finalizing the agreement was the critical next step in continuing our exploration of the property and its potential,” says Ted Phillips, Bears president and CEO. “Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities.” However, Chicago Mayor Lori Lightfoot tweeted late last night that her administrative team remains committed to keeping the team in the city. Arlington International held its last horserace on Saturday, Sept. 25. Owner Churchill Downs announced earlier this year that it was listing the site for sale, and expected any potential buyer to pursue redevelopment opportunities. The property provides direct access to transit, with a Metra commuter rail stop and convenient highway access at Route 53. “This has been an extraordinarily competitive bid process,” says Bill …
MADISON, ALA. — JLL Capital Markets has arranged the $19.2 million sale of Madison Commons, a 75,340-square-foot shopping center in Madison. JRW Realty represented the buyer, ExchangeRight. Brad Peterson, Whitaker Leonhardt, Jim Hamilton, Brad Buchanan, Andrew Michols and Michael Brewster of JLL represented the seller, Michael Collard Properties. Completed in 2018, Publix anchors the property, which is currently 92 percent occupied. Other national and regional tenants include Easy Vet Clinic, Golden China, ATI Physical Therapy, Goodwill, Primp and Posh Nail and Pita Mediterranean. Located at 300 Hughes Road, the asset sits at the intersection of Hughes and Brows Ferry roads less than two miles from U.S. Highway 72.
AUSTIN, TEXAS — Shopping center owner-operator Edens has purchased Springdale Shopping Center, a 163,145-square-foot, grocery-anchored retail property in Austin. Regional grocer H-E-B is the anchor tenant at the center, which was fully leased at the time of sale. Other tenants include Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. Chris Gerard, Ryan Shore, Clint Coe, Erin Lazarus and Zach Riebe of JLL represented the seller, Forge Capital Partners, in the transaction.
SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center located at 6331 Roswell Road in Sandy Springs, a northern suburb of Atlanta. City Center Crossing is a 98,408-square-foot asset that is 77 percent occupied. A 27,858-square-foot Lidl Supermarket that opened in May 2020 anchors the property. The seller and price were not disclosed. “We are extremely excited to not only acquire our first asset in the Atlanta Market but to also add Lidl to our portfolio, one of the most rapidly growing grocers in the country,” says Matt Annibale, senior director of acquisitions at First National Realty Partners. “The remaining vacancy in the center will provide significant upside for our investors.”
BLUE SPRING, MO. — JLL Capital Markets has brokered the sale of Adam’s Dairy Landing, a 279,843-square-foot open-air shopping center in the Kansas City suburb of Blue Spring. The property is 96 percent leased to tenants such as TJ Maxx, HomeGoods, Dollar Tree, Ross Dress for Less, Petco, Michaels, Old Navy, Ulta Beauty and Five Below. Built in 2010, the shopping center sits on more than 33 acres at 800 NE Coronado Drive. Clinton Mitchell, Amy Sands, Michael Nieder and Jim Gates of JLL represented the seller, a private investment fund. Albanese Cormier was the buyer.
PARMA HEIGHTS, OHIO — DealPoint Merrill has purchased The Shops at Pearl & 130th in Parma Heights, a western suburb of Cleveland. The purchase price was undisclosed. DealPoint Merrill plans to embark on a $10 million renovation project for the 155,805-square-foot shopping center. Construction is scheduled to begin in the first quarter of 2022. This will be the fourth major construction project launched by DealPoint Merrill in the Cleveland area. DealPoint Merrill’s David Frank and Sterling McGregor handled the due diligence and financing, while Jason Limbert and Tyler Bendicksen completed the acquisition and underwriting.
DECATUR, GA. — CBRE has arranged the sale of North Dekalb Mall in Decatur, about 8.6 miles east from downtown Atlanta. West Palm Beach, Fla.-based Sterling Organization sold the property for an undisclosed price. The buyer, Edens, who has a headquarters office in Washington, D.C., plans to redevelop the mall into a mixed-use property, according to The Atlanta Journal-Constitution. Located at 2050 Lawrenceville Highway, North Dekalb Mall is located on 76.7 acres at the intersection of Lawrenceville Highway and North Druid Hills Road. The property is situated less than 1.5 miles west of Interstate 285. The enclosed mall’s tenants include AMC Theatres, Dollar Tree, Burlington and Marshalls. AMC Theatres has a maximum of six years left on its lease term at the location.
GREENSBORO, N.C. — Marcus & Millichap has brokered the sale of West Market Shopping Center, a 152,030-square-foot, Food Lion-anchored retail property in Greensboro. The property sold for $9.1 million. David Gant and Lori Schneider of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Built in 1963, West Market Shopping Center is located at 4637-4653 W. Market St. The property’s tenant roster includes Cato, Strength & Body and Reconsidered Goods.
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …
