PORTLAND, TEXAS — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.
SAN DIEGO — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. Sam Hanna of SRS’ National Net Lease Group represented the buyer, while Rick Puttkammer and Bill Rose of Marcus & Millichap represented the seller in the deal.
CYPRESS, TEXAS — Locally based developer Read King Commercial Real Estate has sold Miramesa Town Center, a 13,070-square-foot retail strip center in metro Houston. The property is situated on 1.9 acres in Cypress and was fully leased at the time of sale to tenants such as AT&T, Supercuts and Dogtopia. Ryan West, John Indelli and Ethan Goldberg of JLL represented Read King in the transaction. Michael Johnson and Tolu Akindele of JLL placed a five-year, fixed-rate acquisition loan on behalf of the buyer, an undisclosed private investor.
CONCORD, CALIF. — A partnership between Paragon Commercial Group and Long Market Property Partners has completed the disposition of The Shops at Todos Santos Plaza, an entire city block of urban retail located in downtown Concord. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Comprising 15 retail and restaurant tenants, the asset was fully leased to a strong roster of daily needs and restaurant tenants. Nicholas Bicardo, Brandon Rogoff, Forest Gherlone and Mike Zystra of Newmark Knight Frank (NKF) represented the seller in the deal.
OCONOMOWOC, WIS. — Stan Johnson Co. has arranged the $36.4 million sale of a big-box retail property fully leased to Fleet Farm in Oconomowoc, about 30 miles west of Milwaukee. The 218,628-square-foot property is located at 1555 Pabst Farms Circle. Constructed in 2018, the building sits within Pabst Farms, a 1,500-acre mixed-use development. Upon full completion, the project will offer residential, retail, office and healthcare space with 360 acres of parks and green space. Tom Fritz, Brandon Duff and Christina Pecoraro of Stan Johnson represented the seller, a Wisconsin-based developer. Minneapolis-based SR Realty Trust Inc. purchased the asset.
CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …
In Raleigh-Durham, there is approximately 58 million square feet of retail space with year-end vacancy at 4 percent. The consistently low vacancy has helped drive rental rates up to an average of $22 per square foot. The Raleigh area had approximately 460,000 square feet of retail space constructed in 2019 that was more than 80 percent preleased. The largest projects included the completion of Midtown East in the Wake Forest/Falls of Neuse Road submarket, which heralded the arrival of North Carolina’s first Wegmans store. This also marks Wegmans’ 100th U.S. store and set an opening day record with more than 30,000 shoppers. Wegmans expects to open five additional stores in the Triangle, including locations in Holly Springs, Wake Forest, Chapel Hill and two stores in Cary. Another large project was the new Publix supermarket that opened recently at Leesville Market near Interstate 540. And according to some sources, Hobby Lobby will be moving into the space formerly occupied by Toys ‘R’ Us in the Cary Crossroads Plaza. In Durham, Chapel Hill-based developer Beacon Properties Group is building a project called Oakridge directly off US 15-501. Tentative plans for the 108-acre property include a walkable mixed-use village with residential units, office …
ROYAL PALM BEACH, FLA. — JLL has arranged the $39.5 million sale of Coral Sky Plaza, a 232,727-square-foot retail center in Royal Palm Beach. BJ’s Wholesale Club anchors the property, which was 96 percent leased at the time of sale to tenants including Ross Dress for Less, buybuy Baby, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear. The property is located at 510-590 State Road 7, 11 miles west of downtown West Palm Beach. The seller was not disclosed, although multiple media outlets report Claion Partners sold the property. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller in the transaction. Additionally, Chris Drew, Maxx Carney, Jesse Wright and Reid Carleton of JLL arranged a $26.1 million acquisition loan through Morgan Stanley Bank on behalf of the buyer, which was also not disclosed, but media outlets report it was Coral Sky Plaza LLC, managed by Kenneth R. Silverman in Key West.
HOUSTON — Fidelis Realty Partners is underway on construction of Brookhollow Marketplace, a 200,000-square-foot retail power center that will be located at the site of the former Exxon campus in Houston. Fidelis acquired the site in 2016 and has now completed demolitions. Located at the corner of Highway 290 and Dacoma Street, Brookhollow Marketplace will house retailers such as Burlington, Michaels, Ross Dress for Less, T.J. Maxx, Ulta, Old Navy, Rack Room Shoes and Five Below. Store openings are slated for this fall. An 80,000-square-foot Floor & Décor is also scheduled to open to the east of the center.
KOKOMO, IND. — Regency Properties has acquired Boulevard Crossing Shopping Center in Kokomo, about 60 miles north of Indianapolis. The purchase price and seller were undisclosed. The 125,582-square-foot shopping center is located at 2100 E. Boulevard Crossing St. Anchored by TJ Maxx, the property is also home to Petco, Shoe Carnival, Ulta, Kirkland’s and McAlister’s Deli. Regency currently owns 29 shopping centers in the state of Indiana.