Retail

WELLINGTON, FLA. — HFF has arranged the $43 million sale of The Pointe at Wellington Green, a 107,368-square-foot shopping center in Wellington. HFF represented the seller, The Centre at Wellington Green Ltd., in the transaction. The asset was 96 percent leased at the time of the sale to tenants including LA Fitness, Saito’s Japanese Steak House, Sport Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant. The property is situated on 21.3 acres, about 14 miles west of West Palm Beach. HFF also arranged a $13.5 million, 13-year, fixed-rate acquisition loan through Principal Real Estate Investors on behalf of the buyer, The Pointe at Wellington LLC.

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NASHVILLE, TENN. — Tanger Outlets has announced plans to open a new outlet mall in downtown Nashville. This will be Tanger’s second location in Tennessee and 43rd in the United States. The site will comprise 300 acres off Interstate 24. At full build-out, it will offer 280,000 square feet of leasable space. The company said it will not break ground until the property is at least 60 percent leased.

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Cinergy-Entertainment-Amarillo

Entertainment concepts have long since adopted an “everything under one roof” approach that packages some combination of food, drink, movies, bowling, arcades and other games into a single destination. But competition in the space is growing, and owner-operators are facing mounting pressure to offer an ideal mix of activities that keeps people onsite longer and boosts return visits. What that combination is varies from market to market and even site to site. But without question, the breadth of games and activities offered at entertainment centers in Texas is expanding and evolving. What’s Hot, What’s Not Virtual reality (VR) shooting games and driving simulators, axe-throwing arenas and elevated food and beverage (F&B) components are among the key features that are driving traffic to entertainment centers and the retail properties that house them. Movie theaters and bowling alleys are evolving as well. According to Jeff Benson, CEO of Dallas-based Cinergy Entertainment Group, it’s very unlikely that new theaters in large and mid-sized markets will ever be built without certain features. “The movie business has changed a lot in 20 years, and I doubt you’ll ever see another theater built without a bar, recliner seats and dine-in options,” says Benson, who founded dine-in …

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ASHEVILLE, N.C. — Asheville has long been a destination for visitors seeking finely crafted furniture and decorative arts, dating back to the city’s preeminence in the early 20th century international arts and crafts movement and extending to Asheville’s current prominence as one of the country’s most lauded destinations for travelers. Indeed, Travel + Leisure magazine recently named “artsy Asheville” to its list of the “Top 15 Cities in the United States.” Asheville Outlets has created a home furnishings niche that taps into the region’s love of furniture and crafts, featuring stores including Restoration Hardware Outlet, West Elm Outlet, Le Creuset and Kirkland’s, all of which opened between 2015 and 2016. The stores benefit from strong demographics and purchasing behavior as residents within the center’s trade area spend $1.02 billion annually on home furnishings.  The region’s 11.1 million visitors provide another strong base of consumers.  “There is a strong demand for beautiful and affordable home furnishings and decorative accessories in our market area and these stores offer the right mix for every style and budget,” says Sharon Morgan, general manager of Asheville Outlets. RH Outlet Restoration Hardware at Asheville Outlets carries a range of distinctive, high-quality items for the home, including …

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STAMFORD, CONN. — Marcus & Millichap has brokered the $5.5 million sale of a retail center in Stamford. The 8,989-square-foot retail center is located at 1003-1007 High Ridge Road. The tenant roster at the fully leased retail center includes Subway, Vitamin Shoppe, and High Ridge Printing & Copy Center. Mark Krantz and Derrick Dougherty of Marcus & Millichap’s Philadelphia office represented the seller, HRR Investments LLC, in the transaction. The buyer was a private investor based out of White Plains, New York. 

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BOYNTON BEACH, FLA. — A joint venture between MMG Equity Partners and Global Fund Investments has sold Whitworth Farms, an 88,424-square-foot, Publix-anchored shopping center in Boynton Beach, for $19.4 million. The asset is located at 12425 Hagen Ranch Road, about 11 miles north of downtown Boca Raton. The center was 96.1 percent leased at the time of the transaction. The seller was not disclosed.

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TROY, MICH. — Juniper Capital Group has arranged a $10.5 million bridge loan for the acquisition of Cross Creek, a 141,468-square-foot shopping center in Troy. Bob’s Discount Furniture recently signed a lease for the former Babies ‘R’ Us space. Kohl’s also occupies the property. Nate Lowy of Juniper Capital arranged the nonrecourse loan on behalf of the borrower, Weissman Corp. C3 Capital Partners provided the loan.

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VERNON HILLS, ILL. — Graycor Construction Co. has completed the retail portion of Mellody Farm, a mixed-use development located in Vernon Hills, about 36 miles north of Chicago. Regency Centers is the owner and developer. The retail portion consists of 12 individual buildings. Each of the shops within the center has a different finish, from precast concrete and steel to masonry. Whole Foods, REI, Nordstrom Rack and HomeGoods anchor the 270,000-square-foot retail space. The first tenants began occupying the space in fall 2018. The developer expects the center to be more than 95 percent leased by this fall.

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FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.

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