Friday, June 27, 2025
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2066-4th-St-San-Rafael-CA
AcquisitionsCaliforniaMixed-UseMultifamilyOfficeRetailWestern

Marcus & Millichap Brokers $1.4M Sale-Leaseback of Mixed-Use Property in San Rafael, California

by Amy Works

SAN RAFAEL, CALIF. — Marcus & Millichap has arranged the sale-leaseback of a mixed-use building located at 2066 4th St. in San Rafael. A limited liability company sold the asset to an undisclosed buyer for $1.4 million. Built in 1946, the 5,739-square-foot property offers one retail unit, one office unit, six single-room occupancy units and a one-bedroom/one-bath residential unit. John Lee, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal. The seller will remain as a commercial tenant at the property. 

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AcquisitionsIndianaMidwestRetail

Regency Properties Acquires 173,773 SF Muncie Towne Plaza Shopping Center in Indiana

by Kristin Harlow

MUNCIE, IND. — Regency Properties has acquired Muncie Towne Plaza, a 173,773-square-foot shopping center in Muncie. The purchase price and seller were undisclosed. Developed in 1997 and renovated in 2005, Muncie Towne Plaza was fully leased at the time of sale. Key tenants include Kohl’s, TJ Maxx, Old Navy, Ulta Beauty and Shoe Carnival. The property includes a 1.1-acre undeveloped land site immediately adjacent to Old Navy. Regency plans to develop the parcel following consideration of what represents the greatest opportunity between a single- or multi-tenant space. The parcel can accommodate a 50,000-square-foot development. Regency says the purchase underscores its acquisition philosophy as a “county seat” community retail property investor. County seat communities are defined as towns that typically serve as the hub for business, local government, recreation and shopping for a surrounding rural area.   

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Leasing ActivityMidwestRetailWisconsin

Starbucks Signs Three New Retail Leases in Wisconsin

by Kristin Harlow

GREEN BAY, TWO RIVERS AND MADISON, WIS. — Starbucks has signed three new retail leases in Wisconsin. The tenant leased 2,460 square feet at 1555 W. Mason St. in Green Bay, 2,262 square feet at 1509 Washington St. in Two Rivers and 2,665 square feet at 1609 S. Park St. in Madison. Tony Colvin of Mid-America Real Estate represented Starbucks in all of the leases. The landlords included Military Avenue Partners, DCOLE TR LLC and 1609 S Park St LLC.

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IllinoisLeasing ActivityMidwestRetail

Activate to Open Interactive Gaming Experience at Fox River Commons in Naperville, Illinois  

by Kristin Harlow

NAPERVILLE, ILL. — Activate, an interactive gaming facility featuring a blend of physical activity and gaming experience, has signed a lease to open at Fox River Commons shopping center in the Chicago suburb of Naperville. The lease marks the second location in the greater Chicago area for Activate. In partnership with Sounds Fun Entertainment, Activate currently operates more than 40 locations across the United States and Canada. Activate consists of 14 separate game rooms in which participants are tasked with conquering an experience that lasts about 75 minutes. The tenant signed a lease with property owner Continental Realty Corp. (CRC) for nearly 12,000 square feet at Fox River Commons and plans to open this spring. Kristin Perry of CRC and Brooke Spinell of Mid-America Real Estate represented the landlord in the lease, while Courtney Waldon of Braden Real Estate represented the tenant. Activate also plans to open its third Illinois facility in the River North area next year.

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DevelopmentFloridaRetailSoutheast

Whole Foods Opens 35,000 SF Grocery Store in Boca Raton, Florida

by John Nelson

BOCA RATON, FLA. — Whole Foods Market has opened a new 35,000-square-foot grocery store at 9560 Glades Road in Boca Raton. The new store, which carries more than 700 items sourced from Florida, is one of the several anchors at the Uptown Boca development on the city’s west side. Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital broke ground on the $200 million mixed-use development in 2018. Other elements at Uptown Boca include REI, Sephora, Life Time Fitness and 456 apartments, among other components.

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AcquisitionsCaliforniaRetailWestern

CBL Properties Sells Imperial Valley Mall in El Centro, California for $38.1M

by Amy Works

EL CENTRO, CALIF. — CBL Properties has completed the all-cash, $38.1 million disposition of Imperial Valley Mall in El Centro. The property served as collateral under CBL’s nonrecourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million. The name of the buyer was not disclosed.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Middletown, New Jersey

by Taylor Williams

MIDDLETOWN, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a 29,411-square-foot retail strip center in Middletown, located along the Jersey Shore. Painting retailer Benjamin Moore anchors the center, which sits on 1.9 acres and is home to a total of 10 tenants. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRetail

Nordstrom Rack to Open 25,000 SF Store in Lake Grove, New York

by Taylor Williams

LAKE GROVE, N.Y. — Fashion retailer Nordstrom Inc. will open a new 25,000-square-foot in Lake Grove, a hamlet located on Long Island, under its Nordstrom Rack brand. Scheduled to open in fall 2025, the store will be situated within the 150,000-square-foot Smith Haven Plaza. Other tenants at the shopping center include Trader Joe’s, Old Navy, Athleta and Ulta Beauty. A partnership between Breslin Realty Development Corp. and Colin Development LLC owns Smith Haven Plaza.

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ArizonaMarket ReportsRestaurantRetailWesternWestern Market Reports

Phoenix Retail Development Sees a Bright Future Ahead

by John Nelson

— Scott Hintze and Marti Weinstein of Diversified Partners Commercial Real Estate — Phoenix’s retail development market is seeing a surge in optimism as the city benefits from a growing economy and a shift in political leadership. With the new administration coming into power, the outlook for the Phoenix retail market has become increasingly positive, promising a wave of new projects and investment opportunities in the coming years. The city’s rapid population growth, expanding infrastructure and bustling job market have positioned Phoenix as one of the most attractive cities in the U.S. for retail development. The new administration has brought a renewed focus on urban development, job creation and business-friendly policies, which is expected to help stimulate both demand for retail spaces and the construction of new commercial properties. Government support, including incentives for developers and tax breaks for businesses, is anticipated to foster a thriving retail sector that will benefit both local residents and national retailers looking to expand into the area. Several projects we have been working on have seen unprecedented demand from tenants. We recently completed a 25,000-square-foot building across from Gilbert Mercy Hospital that includes a two-story Starbucks, the first in the market. In addition to …

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