STRONGSVILLE, OHIO — Hand & Stone Massage and Facial Spa has signed a 3,264-square-foot lease to open in Strongsville, a suburb of Cleveland. The company will occupy the space at Ledgewood Plaza. Sherrie Mendenhall of Coldwell Banker Commercial/Emmco Realty Group represented the tenant in the lease transaction.
RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.
RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.
LAS VEGAS — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.
NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it would reduce the number of its retail locations due to declining customer traffic and sales, but has since pivoted. “While we had hoped to keep some stores open, current market projections show this is no longer a viable option,” says Brad Waggoner, acting president and CEO of LifeWay following the retirement of Thom Rainer last month. “The decision to close our local stores is a difficult one. LifeWay has developed close connections with the communities where our stores are located, and we have been honored to serve those communities.” LifeWay is neither closing nor filing for bankruptcy, instead focusing on its digital platform, customer service center and its network of church partnerships. Details about the lease terms …
SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.
CUMMING, GA. — Retail Planning Corp. (RPC) will break ground on The Publix at Matt shopping center in Cumming. Publix will anchor the 82,000-square-foot center, with other signed leases including Great Clips, AT&T, J. Christopher’s and Nail Talk & Tan. The property will be situated at the corner of Bannister Road and Matt Highway, about 48 miles north of downtown Atlanta. RPC expects to deliver the shopping center in summer 2020.
MANALAPAN, N.J. — Marcus & Millichap has brokered the $11.7 million sale of Tennent 9 Shopping Center in Manalapan. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional business, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
PERRIS, CALIF. — Progressive Real Estate Partners has brokered the sale of Shops at Ramona Expressway in Perris. A Riverside, Calif.-based private investor sold the asset to a Monterey Park, Calif.-based private investor for $3.5 million, or $352 per square foot. Built in 2007 and located at 780 Ramona Expressway, Shops at Ramona Expressway features 9,808 square feet of retail space. At the time of sale, the property was 100 percent occupied. Greg Bedell of Progressive Real Estate Partners represented the seller, while Shane Delaney of REeBroker Group represented the buyer in the transaction.
LA HABRA, CALIF. — George Smith Partners has arranged a $101.3 million bridge loan for La Habra Marketplace, a 375,000-square-foot, open-air shopping center in La Habra. Sprouts Farmers Market and Smart & Final anchor the 37-acre property, which is approximately 20 miles southeast of downtown Los Angeles. Steve Bram of George Smith Partners represented the borrower, DJM Capital Partners Inc., in the transaction. The loan, which includes $96.6 million in initial funding and $4.7 million in future funding, replaces senior and mezzanine loans on the property, and was negotiated at a floating interest rate of LIBOR plus 320 basis points. The lender is a private equity firm with a debt lending platform. “Dual-anchored by two top-name grocery stores, this is a large property in the midst of a successful repositioning,” says Bram, principal of George Smith Partners. “Led by experienced and well-respected ownership, the center has attracted national credit tenants and is situated in a prime location within the La Habra market. Our team was able to draw upon each of these elements to secure maximum leverage for this bridge loan.” Additional tenants at the center include Petco, Ulta Beauty, Hobby Lobby, Ross Dress for Less and LA Fitness. The center …