APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.
WEATHERFORD, TEXAS — Weitzman has brokered the sale of Weatherford Commons, a 34,448-square-foot retail center located in the western Fort Worth suburb of Weatherford. Shadow-anchored by a Walmart Supercenter, the property houses tenants such as Starbucks, T-Mobile, Great Clips and GameStop. Gretchen Miller and Matthew Rosenfeld of Weitzman represented the locally based seller in the transaction. The buyer and sales price were also not disclosed.
LOUISVILLE, KY. — NorthMarq has secured $10.5 million in acquisition financing for Freys Hill Retail Center, a 58,726-square-foot retail property located at 10220 Westport Road in Louisville. The fully occupied center is anchored by PetSmart and home to tenants including Half Price Books, Party City and Starbucks. The fixed-rate loan was structured with a 10-year term and a 25-year amortization schedule with two years of interest-only payments. Randall Waddell of NorthMarq arranged financing for the buyer, Lexington, Ky.-based Compass Capital LLC, through its relationship with a local bank.
LELAND, N.C. — Capstone Land Sales has brokered the $5.8 million sale of a 22.5-acre multifamily development site in Leland. The buyer, Atlanta-based Hathaway Development, will break ground later this year at the site for Exchange at Westgate, a 312-unit luxury apartment community. Caleb Troop and Eric Liebich of Capstone Land Sales led the transaction. Exchange at Westgate will be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities, single-family homes and the 146-acre Westgate Nature Park.
INDIANAPOLIS — David Simon, CEO and president of Indianapolis-based Simon Property Group (NYSE: SPG), says he is pleased with the company’s first-quarter results and that business has “substantially improved after addressing the impacts from the COVID-19 pandemic.” According to Simon, the mall owner is experiencing cash flow growth, increasing shopper traffic, increasing retailer sales and leasing momentum across its portfolio. Additionally, Simon says it is experiencing similar results in its recently acquired Taubman Realty Group portfolio, and is “encouraged by collective progress in increasing profitability.” Simon reported that its first-quarter revenue fell to $1.2 billion, compared with $1.3 billion the same period a year ago. For the three-month period ending March 31, occupancy at Simon’s U.S. malls and outlet properties totaled 90.8 percent, compared with 94 percent the year prior. Simon’s stock price closed at $126.75 per share Monday, May 10, up from $55.08 per share one year ago. Simon’s global property portfolio is comprised of more than 200 malls and outlet centers. It also owns an 80 percent interest in Taubman Realty Group, which owns 24 retail assets in the U.S. and Asia.
NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …
CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.
SAN ANTONIO — Big V Property Group, a Charlotte-based retail owner-operator, has acquired The RIM Shopping Center, a 1 million-square-foot retail and restaurant destination in San Antonio. Big V acquired the property, which is part of a larger mixed-use development, in partnership with New York-based Kimco Realty and San Diego-based Equity Street Capital. Big V will also manage the property. Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle, Jeremy Womack, Matthew Wheeler and Robby Westerfield of JLL represented the seller, HGR Liquidating Trust, a fund sponsored by Hines, in the transaction. Jim Curtin, Christopher Drew, Timothy Joyce and Rex Cruz of JLL arranged acquisition financing on behalf of the new ownership.
SUMMERVILLE, S.C. — New Jersey-based Sharbell Development Corp. has broken ground on Downtown Nexton, an urban-inspired mixed-use development in Summerville. Downtown Nexton will be situated on nearly 100 acres between Sigma Drive and Brighton Park Boulevard, about 24 miles away from Charleston. Upon completion, Downtown Nexton will provide retail, dining, hospitality, residential, service, office and commercial options. The first phase of the Downtown Nexton project is slated to be completed in 2022 and will include multifamily residences, a mixed-use building with loft apartments above ground-level retail and several outparcels. In addition, Phase I will feature various walking trails, pocket parks and two ponds with walking trails on the north and south sides of the development. Downtown Nexton will offer over 110,000 square feet of both for-sale and rental office space within several two-story office buildings. The buildings will feature parking, multiple entry points, green space and Nexton’s GigaFi internet services. CBRE’s Charleston office will market the office component for lease. The project will also include three apartment parcels, each with their own amenity packages. One of these parcels is intended to be an age-restricted (55-plus) upscale rental community. Additionally, some of the mixed-use buildings will include upper-floor lofts. Amenities for …
MCLEAN, VA. — KLNB has arranged the sale of Chesterbrook Shopping Center in McLean. Located at 6244 Old Dominion Drive, Chesterbrook Shopping Center has been anchored by Safeway since 1965. Additional tenants at the 89,625-square-foot shopping center include Walgreens, a Starbucks Coffee pad and Mylo’s Grill. The sales price was $32.1 million. Vito Lupo, Andy Stape and Jake Furnary of KLNB’s investment sales team represented the seller, Chesterbrook One LLC, in the transaction. The team also worked with the buyer, Federal Realty Investment Trust, which was managing the center at the time of sale and has a long-standing relationship with the previous ownership.
