MADISON, ALA. — Atlanta-based Halpern Enterprises Inc. has acquired Heritage Square, a 67,767-square-foot shopping center located at 7696 Highway 72 NW in Madison, a suburb of Huntsville. Franklin Street represented the seller, Fairway Investments, in the transaction. The sales price was not disclosed. Built in 2008, Heritage Square was fully leased at the time of sale to tenants including a 28,000-square-foot T.J. Maxx anchor store.
HOUSTON — Marcus & Millichap has arranged the sale and financing of Providence Plaza, a 90,327-square-foot shopping center in Houston. Built on 7.7 acres in 1984 on the city’s southwest side and renovated in 2018, the property was 97 percent occupied at the time of sale. Tenants at the center include Dollar Tree and Spec’s Wines, Spirits & Foods. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller, Whitestone REIT, in the transaction. Additionally, Jamie Safier of Marcus & Millichap Capital Corp. (MMCC) originated an undisclosed amount of acquisition financing on behalf of the unnamed buyer.
TAMPA, FLA. — CBRE has brokered the sale of Britton Plaza, a 460,136-square-foot shopping center located at 3900 S. Dale Mabry Highway in south Tampa. Pennsylvania-based Brixmor Property Group purchased the Publix-anchored property for an undisclosed price. Dennis Carson, Casey Rosen, Michael Etemad and Sriram Rajan of CBRE represented the seller, a private investor that owned the property for more than 50 years. David Conn, Denny St. Romain and Scott Peek of CBRE assisted in the transaction. Britton Plaza is situated on 32 acres near Tampa Bay and downtown Tampa. The property’s tenant roster includes Publix Liquors, Marshalls, Burlington, Michaels, Dollar Tree, Pet Supermarket, Dunkin’ and Taco Bell. The acquisition of Britton Plaza represents a prime value-add and/or redevelopment opportunity for the new owner due to store vacancies in recent years including Stein Mart, Beall’s Outlet and Big Lots, according to local media outlets.
PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, has provided updates on the redevelopment of the Xfinity Live! sports complex in South Philadelphia. New developments include the transformation of the Live! plaza into a central two-story building featuring a rooftop oasis known as AVA Rooftop Bar; the expansion of the PBR Cowboy Bar via an outdoor backyard area with a stage and new bar offerings; and a new and improved turf area that will provide flexible space for various activities and community activations. Construction is expected to be fully complete by early 2026, and the facility will remain open while work is ongoing.
CLIFTON, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $13 million loan for the refinancing of Clifton Plaza, a 95,222-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of the loan closing. Big Lots is the anchor, and other tenants include Dollar Tree, New Jersey Eyes and Blink Fitness. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.
PHILADELPHIA — Metro Boston-based Apple Cinemas will open a 17-screen theater near downtown Philadelphia. The company will backfill a former theater space of Regal Cinemas at Riverview Plaza III, which is owned by Philadelphia-based Tower Investments. Soloff Realty & Development Inc. represented the landlord in the lease negotiations. The opening is scheduled for fall 2025.
GRAND RAPIDS, MICH. — PREIT has received an $80 million loan for the refinancing of Woodland Mall in Grand Rapids. JLL arranged the loan through a national CMBS lender. The five-year loan features a fixed interest rate of 7.35 percent. PREIT says the refinancing will save the company approximately $5 million in interest expense over the life of the loan. The redevelopment of Woodland Mall included new tenants such as Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters.
COLUMBUS, OHIO — Ten tenants have opened new locations at Easton Town Center in Columbus. CHANEL Fragrance and Beauty Boutique, David Yurman, Louis Vuitton, Hollister, Mugsy, Bluemercury, Tecovas, Rowan, BoxLunch and Mikey’s Late Night Slice are now open. Coming soon to the shopping destination are gorjana, Faherty, Bar Italia, Diamond Cellar and Altar’d State. Easton Town Center is home to more than 250 shops, restaurants and entertainment venues. Steiner + Associates handles leasing and management for the property.
The Atlanta retail market continues to thrive with significant growth driven by a combination of strong demand, minimal new construction and low inventory levels. Long regarded as a key hub for commerce in the Southeast, metro Atlanta has seen its population increase rapidly over the years, which has, in turn, bolstered retail demand. As a result, Atlanta’s retail availability has hit record lows and has created a competitive market for tenants looking to secure high-quality spaces. Rental rates have increased, and investment sales volume has continued at a healthy pace as tenants vie for a limited amount of inventory. Rising rents, investment sales One of the standout trends in Atlanta’s retail market is the consistent increase in rental rates. Retail rents in the metro area have grown steadily over the past few years, with average rents rising from $21.07 per square foot in first-quarter 2023 to $22.83 per square foot by third-quarter 2024. This represents an impressive 5.2 percent year-over-year growth, significantly outpacing the national average of 2.4 percent. The city’s growing population and economic development have spurred greater demand for retail spaces, especially in high-traffic areas. Retailers are willing to pay premium rates to secure space in desirable locations, …
GAINESVILLE, GA. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta. Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes. Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new space within the development. The Atlanta-based developer, which acquired the property in 2022, will soon initiate the development of regional impact (DRI) process with the Georgia Department of Community Affairs (DCA), with the groundbreaking scheduled for late 2026. Len Erickson of Franklin Street will handle retail leasing at the development in partnership with Branch Properties. Originally opened in 1970, Lakeshore Mall is located off Dawsonville Highway near Lake Lanier. According to the U.S. Census Bureau, Gainesville has seen a population increase of roughly 15 percent since 2020. “This reimagined mixed-use destination redefines Lakeshore as a dynamic, pedestrian-friendly community hub tailored to meet the needs of Gainesville, one of Georgia’s …
