GARLAND, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Eastgate Shopping Center, a 101,136-square-foot retail property located in the northeastern Dallas suburb of Garland. A 195,912-square-foot Walmart Supercenter sits adjacent to the center, which houses tenants such as Aaron’s, Texas DPS and Jumping World. Eric Deuillet, Scott Rose and John Hiller of Structure Commercial represented the undisclosed seller and procured a family trust as the buyer. Eastgate Shopping Center was 100 percent leased at the time of sale.
LAKE MARY, FLA. — Avanti Way Capital has acquired Shoppes at Lake Mary, a 37,685-square-foot shopping center located at 101 N. Country Club Road in Lake Mary. Avanti Way Capital purchased the 4.6-acre development from Miami-based real estate investment firm, Galium Capital, for $8.4 million. New York-based Morgan Stanley provided a $5.4 million acquisition loan for the sale. Dan Gorczycki and Peter Stobierski of TrueRate Services arranged the loan. Located off Lakeview Avenue and State Road 15, Shoppes at Lake Mary was originally built in 1985 and is situated about 19 miles from downtown Orlando. The shopping center was 94 percent leased at the time of sale to tenants including Lake Mary Dry Cleaners, Debs Kitchen, Lighthouse Seafood, Morganic Meats and Foxcase LLC. The property has 175 parking spaces. Avanti Way Capital is a Miami-based real estate asset management firm with roughly $1 billion worth of properties in Florida.
KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.
ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.
SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million. Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience store. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.
WALTHAM, MASS. — Atlanta-based home improvement retailer Floor & Décor will open a 70,000-square-foot store at 80 Second Ave. in the western Boston suburb of Waltham on Thursday, Sept. 23. The store, which will be the retailer’s third location in Massachusetts, will include warehouse space and a design center. Floor & Décor has hired about 50 full- and part-time associates to work at the store.
CARY, N.C. — Katz Properties Retail, a New York-based real estate firm, has acquired Amberly Place, a 77,675-square-foot shopping center located in Cary. Dennis Carson, Casey Rosen and Mike Burkard of CBRE represented the St. Petersburg, Fla.-based seller, The Sembler Co. The sales price was $28.4 million. Amberly Place is 98.6 percent leased and anchored by a 50,280-square-foot Publix grocery store. The Publix has been an anchor at Amberly Place since the property was constructed. Built in 2018, Amberly Place is situated at 10225 Green Level Church Road just two miles from Apple’s new Raleigh campus.
VINELAND, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.
AURORA, ILL. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center in Aurora for an undisclosed price. Anchored by Mariano’s Fresh Market, the property spans 91,535 square feet. Other tenants include Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital. Buyer information was not provided.
Uptick in August Retail Sales Bodes Well for Consumer Spending in Fourth Quarter, Says NRF Economist
WASHINGTON, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August. The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says consumers continued to heavily shop last month despite a “trifecta of macroeconomic headwinds,” including the ending of federal government stimulus, a rise of COVID-19 cases due to the Delta variant and supply chain problems. “Higher sales came even with a disjointed back-to-school season that also affected the timing of sales as many school districts returned to in-person learning but some delayed classes until after Labor Day. These results pave the way for sturdy consumer spending and a strong economy in the fourth quarter,” says Kleinhenz. According to the U.S. Census Bureau, overall retail sales in August were up 15.1 percent year-over-year. Even though some months, such as July 2021, have decreased or slowed its retail sales, the Census data shows that sales have overall grown year-over-year …