ALLEN, TEXAS — CityRow, a boutique fitness concept based in New York, plans to open its first Texas studio at 1314 W. McDermott Drive in Allen. Set to open on Feb. 8, CityRow Allen will feature personal instructors leading 50-minute classes that utilize water-based rowing machines and weighted strength training. David Regelean is the owner of CityRow Allen. The studio will be situated within McDermott Towne Crossing, a Kroger-anchored shopping center.
MESA, ARIZ. — Sun Valley Plaza Holdings Inc. has acquired Sun Valley Plaza, a 94,094-square-foot retail center in Mesa, for $6.4 million. The center was 96 percent leased at the time of sale to tenants including Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant. The seller, Michael A. Pollack Real Estate Investments, purchased the property in 2004 for $3.1 million when the center was 16 percent leased. Sun Valley Plaza is located at 7336 E. Main St., 30 miles east of downtown Phoenix.
JENKINTOWN, PA. — A joint venture between Inland Institutional Capital LLC and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia, for $43.3 million. Whole Foods Market anchors the shopping center with other tenants including Planet Fitness, Panera Bread and Penn Community Bank. Mark Cosenza of Inland Real Estate Acquisitions LLC and Paul Brandes, a principal of Charter, represented the joint venture in the transaction. The seller was undisclosed.
LEOMINSTER, MASS. — Newmark Knight Frank (NKF) has arranged the $16 million sale of The Mall at Whitney Field, a 744,107-square-foot retail center in Leominster, located approximately 42 miles northwest of Boston. At the time of sale, the property was 95 percent leased to tenants including Sears, Macy’s JCPenney, Burlington and regional grocer Market Basket. Geoffrey Millerd, Justin Smith and Paul Penman led an NKF team that represented the seller, Colony Capital. Hull Property Group was the buyer.
BOSTON — Ascend Mass, a subsidiary of Ascend Wellness Holdings, will open a 16,000-square-foot cannabis dispensary in downtown Boston. Located at 272 Friend St. near Faneuil Hall and TD Garden, the store will be the largest cannabis dispensary to open on the East Coast. Ascend Wellness operates cannabis stores in Illinois and Michigan, and the Boston store will be its first in Massachusetts. The Andrus Group designed the building, which is slated to open in late 2020.
FAYETTEVILLE, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.
HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.
SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.
HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.
BROADVIEW, ILL. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.
