Retail

LJ Mainstreet Holdings Buys Grand Village Center Retail Property in Surprise, Arizona for $5M

by Amy Works September 23, 2021

SURPRISE, ARIZ. — Boros Investments has completed the disposition of Grand Village Center, a retail property located at 14273 and 14291 W. Grand Ave. in Surprise. LJ Mainstreet Holdings acquired the asset for $5 million. The 25,653-square-foot Grand Village Center is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio, Full Service Salon and Master Taco Restaurant. The buyer also acquired two adjacent undeveloped land parcels from a different seller and plans to build additional retail buildings on the site. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the deal.

September 23, 2021

Acquisitions Florida Retail Southeast

Private Investor Purchases Crossroads Center Retail Property in Margate, Florida for $10.7M

by Julia Sanders September 22, 2021

MARGATE, FLA. — Investor and president of Current Capital Management, Todd Nepola, has purchased the Crossroads Center in Margate for $10.7 million. SW Global Inc was the seller. Located at 5000 Coconut Creek Parkway, the Crossroads Center has 84,500 square feet of space with tenants including Dollar General and Hollywood Institute of Beauty. A new lease was just signed with Chen Medical for a 7,400-square-foot space in the center. The center was built in 1983. Harry Chas Chaskalson of NEG Property brokered the sales transaction. Southstate Bank provided a $9 million loan with $7.3 million used to fund the sales transaction and the remainder held back for renovations on the center. The planned renovations include painting and minor remodeling of the center, as well as landscape, signage and lighting improvements. Current Capital Management has now acquired over 400,000 square feet of commercial centers in south Florida since 2020 and has purchased five properties in just over 18 months.

September 22, 2021

Acquisitions Retail Texas

Structure Commercial Arranges Sale of 101,136 SF Eastgate Shopping Center in Metro Dallas

by Taylor Williams September 22, 2021

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.

September 22, 2021

Acquisitions Florida Retail Southeast

Avanti Way Capital Acquires Shoppes at Lake Mary in Metro Orlando for $8.4M

by Julia Sanders September 21, 2021

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.

September 21, 2021

Hospitality Loans Mixed-Use Office Retail Washington Western

Gantry Arranges $190M in Financing for Carillon Point Mixed-Use Property Near Seattle

by Amy Works September 21, 2021

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.

September 21, 2021

Acquisitions California Restaurant Retail Western

Phillips Edison Sells 96,224 SF Atwater Marketplace in Central California

by Amy Works September 20, 2021

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.

September 20, 2021

Acquisitions Net Lease Retail Utah Western

SRS Brokers $3.1M Sale of Maverick-Occupied Gas Station/Convenience Store in Salt Lake City

by Amy Works September 20, 2021

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.

September 20, 2021

Leasing Activity Massachusetts Northeast Retail

Floor & Décor to Open 70,000 SF Store in Waltham, Massachusetts on Sept. 23

by Taylor Williams September 20, 2021

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.

September 20, 2021

Acquisitions North Carolina Retail Southeast

Katz Properties Retail Acquires Amberly Place Shopping Center in Cary, North Carolina for $28.4M

by Julia Sanders September 20, 2021

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.

September 20, 2021

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $9.6M Acquisition Loan for Southern New Jersey Shopping Center

by Taylor Williams September 20, 2021

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.

September 20, 2021

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