Retail

Helix Park

By Sean Slater, senior principal, RDC Architecture & Planning In today’s evolving retail landscape, one of the most promising — and often overlooked — opportunities lies in the land surrounding our nation’s hospitals and medical centers. As healthcare systems continue to expand and consolidate, savvy development executives recognize the immense potential of strategically positioning retail properties in locations that are adjacent to major medical facilities. Doing so combines consistent foot traffic, demographic advantages and an urgent need for community-focused amenities. This was the scenario that RDC’s placemaking design team faced at the Texas Medical Center’s (TMC) new TMC3 research and development campus south of the massive healthcare cluster near downtown Houston. On any given day at that sprawling site, more than 100,000 people — about the seating capacity of the Los Angeles Memorial Coliseum — come to work, while 27,400 patients visit one of the 21 associated hospitals. Many of them are international visitors staying at local hotels with significant downtime. Kristen Kupperman, TMC’s vice president of design, construction and facilities, introduced RDC’s design team to this problem, saying that there are 80,000 women who work at TMC every day, yet there is nowhere to get a manicure and nowhere …

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Franklin Crossroads Park

NORTH FRANKLIN TOWNSHIP, PA. — A partnership between Los Angeles-based Industrial Realty Group (IRG) and Cleveland-based PREP Funds has acquired Washington Crown Center, a 450,000-square-foot mall near Pittsburgh, with plans to undertake a redevelopment. As reported by regional media outlet Observer-Reporter, as well as several other media sources, IRG and PREP Funds are jointly investing $40 million for the transformation of the former mall into a mixed-use hub for retail and business that will be called Franklin Crossroads Park. In addition, according to Pittsburgh Business Times, New York-based Kohan Retail Investment Group originally purchased the mall for $20 million in 2016 and began marketing the property for sale in 2024. Construction of Franklin Crossroads Park, which is situated 30 miles south of Pittsburgh in Washington County along I-70, is set to begin this fall. Meanwhile, a portion of the mall will remain open through the end of the year. “Our vision is to diversify the site’s use by attracting new retailers and businesses to the property,” says Chris Salata, partner at PREP Funds. “This adaptive reuse project will significantly improve the facility and bring new economic activity.”  Redevelopment plans for Franklin Crossroads Park currently call for the creation of a 100,000-square-foot retail …

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BELLEAIR BLUFFS, FLA. — JLL has negotiated the sale of Belleair Bazaar, a 38,874-square-foot, unanchored retail strip center located at 2979 W. Bay Drive in Belleair Bluffs, a suburb of Tampa in Pinellas County. The property features 29,603 square feet of retail space and 9,271 square feet of second-story office space. Jorge Portela, Danny Finkle and Kim Flores of JLL represented the seller, Cardinal Point Management LLC, in the transaction. The buyer was Shannon Waltchack LLC, a retail real estate investment and management firm based in Birmingham, Ala. The sales price was not disclosed. Renovated and repositioned in 2020, Belleair Bazaar’s retail component was 96 percent leased at the time of sale to tenants including Bonefish Grill, Cold Stone Creamery, State Farm and Maggie Mae’s.

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ODESSA, FLA. — SRS Real Estate Partners has brokered the $3.9 million ground lease sale of a retail property in Odessa leased to Circle K. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private developer, in the transaction. The buyer, a private investment entity controlled by family members residing in California and Florida, purchased the property to complete a 1031 tax-deferred exchange. The 5,200-square-foot property is situated on 1.7 acres at the northwest corner of State Route 54 and Asturian Parkway and has a 15-year, corporate-guaranteed lease in place. The Circle K serves as an outparcel to a larger development that will feature Ford’s Garage, a three-tenant retail property, offices and apartments.

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NAPERVILLE, ILL. — Mid-America Real Estate Corp. has arranged the sale of Pebblewood Commons, a 20,427-square-foot retail center in the Chicago suburb of Naperville. Constructed in 2008, the property is home to dining, health and wellness, and personal services tenants. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Northern Builders Inc. The asset sold to a public REIT.

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ROCKWALL, TEXAS — Los Angeles-based investment firm Westwood Financial has acquired Shops at Stone Creek, an 80,599-square-foot retail center located in the northeastern Dallas suburb of Rockwall. A 59,313-square-foot Tom Thumb grocery store anchors the center, which was fully leased at the time of sale. Other tenants include Care Now, Great Clips, Subway, Salad and Go, McDonald’s, HTeaO and The UPS Store. The seller and sales price were not disclosed.

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MCKINNEY, TEXAS — Whole Foods Market has opened a 47,918-square-foot grocery store at 8701 W. University Drive in the northern Dallas suburb of McKinney. The store offers more than 600 local items that are sourced from more than 120 suppliers in Texas and neighboring states. The store also features full-service meat and seafood counters, a prepared foods section, wellness and beauty section and a selection of more than 500 wines and 250 beers.

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CUMMING, GA. — Atlantic Residential has made progress on Phase I of the retail plaza at The Crossing at Coal Mountain, a 140-acre mixed-use development underway in Cumming, a northern suburb of Atlanta. The project sits in the Coal Mountain region of north Forsyth County and will feature apartments, retail space and for-sale homes being developed in partnership with Toll Brothers. Atlantic Residential broke ground in July on the 47,000 square feet of shops, restaurants and entertainment space at the development, with plans to complete construction in summer 2026. Food-and-beverage concepts at The Crossing at Coal Mountain will make up 60 percent of the retail offerings, while the remaining 40 percent will include soft goods and services such as spas, salons, fitness concepts and a 20,000-square-foot pad ideal for a small-format grocery or market anchor, as well as other service-based businesses. Atlantic Residential has selected Jennifer Steffen and Matt Maloney of JLL to handle the retail leasing assignment at the development. Construction progress to date includes framing of the project’s mixed-use building up to its fifth level, two of the multifamily buildings and installation of roads and infrastructure.

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CLERMONT, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.9 million loan for the refinancing of a 15,520-square-foot retail strip center located at 9350 U.S. 192 in Clermont, 26 miles southwest of Orlando. Tenants at the property include several restaurants, a healthcare office and a tattoo parlor. Garrett Fierstein of MMCC’s Orlando office secured the financing through a national credit union on behalf of the privately based borrower. The loan features a 10-year term with a 25-year amortization period and a 65 percent loan-to-value ratio.

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1370-1380-Holiday-Lane-Fairfield-CA

FAIRFIELD, CALIF. — A partnership between Faris Lee Investments and John Cumbelich & Associates has negotiated the sale of a 24,604-square-foot, two-building retail center located at 1370-1380 Holiday Lane in Fairfield. Built in 2005 on 2.3 acres, the center is roughly 42 percent occupied. Tenants include Aspen Dental, Peet’s Coffee & Tea, Togo’s Sandwich Shop and Golden 1 Credit Union. Additionally, the center features an anchor space totaling 14,375 square feet, which is currently unleased. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee, along with John Cumbelich and Joe Kuvetakis of John Cumbelich & Associates, represented the undisclosed seller in the transaction.

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