Wednesday, May 7, 2025
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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $6.9M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of a retail property located at 4066-4080 N. Milwaukee Ave. in Chicago’s Portage Park neighborhood for $6.9 million. The two-building asset is home to medical-related tenants, including Athletico Physical Therapy, DentalWorks, America’s Best Contacts and Eyeglasses and Midwest Express Clinic. The center features 16,063 square feet of gross leasable area on 35,185 square feet of land and includes 41 off-street surface parking spaces. The property was fully leased at the time of sale. Danny Spitz and Brewster Hague of Greenstone represented the seller, a private investment fund, and procured the buyer, a private partnership based in Illinois.

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KentuckyMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Louisville’s Retail Scene Remains a Bright Spot Despite Economic Headwinds

by John Nelson

Louisville’s economy remains resilient, and regional economic growth is creating a strong foundation for the retail market. Greater Louisville Inc. recently announced that 72 businesses are considering relocating or expanding to the region, with the potential of 8,200 new jobs and $3.8 billion in economic investment. Louisville is well-positioned for growth and the retail outlook remains strong with historically low vacancy rates. The market’s expanding consumer base and resilient economy have mostly overcome headwinds such as interest rate fluctuations, volatility in capital markets and signs of a slowing economy. This resilience has put Louisville in a strong position moving into the last quarter of 2024.  At the end of the second quarter, Louisville’s vacancy rate stood at a strong 3.4 percent, outperforming the national benchmark of 4.1 percent, according to CoStar Group. The limited amount of new retail construction over the past 18 months has played a significant role in keeping the vacancy rate low. In fact, only roughly 322,000 square feet of retail space has been delivered over the past 12 months. Grocers are pushing leasing activity, making up 36 percent of the leasing volume that past 12 months. These retailers are executing most of the activity in spaces …

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230-Bay-Pl-Oakland-CA
AcquisitionsCaliforniaRetailWestern

SITE Centers Sells Whole Foods-Occupied Retail Building in Oakland for $44.4M

by Amy Works

OAKLAND, CALIF. — SITE Centers Corp. has completed the sale of Whole Foods Market Bay Place, a retail asset in Oakland, to an undisclosed buyer for $44.4 million. Whole Foods Market occupies the Class A, 57,218-square-foot property, which was built in 2007, on a long-term basis. The freestanding building is situated on a 2.2-acre corner lot at 230 Bay Place. Eric Kathrein, Geoff Tranchina, Gleb Lvovich and Warren McClean of JLL Capital Markets Investment Sales and Advisory represented the seller and procured the buyer in the deal.

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Cathedral-City-Mktpl-Cathedral-City-CA
AcquisitionsCaliforniaLoansRetailWestern

Calmwater Capital Provides $20.9M Acquisition Loan for Cathedral City Marketplace Shopping Center Near Palm Springs

by Amy Works

CATHEDRAL CITY, CALIF. — Calmwater Capital has provided Rhino Investment Group with $20.9 million in short-term, first-mortgage debt for its acquisition of Cathedral City Marketplace, a grocery-anchored retail center in Cathedral City. The 195,000-square-foot shopping center is located in Cathedral City, approximately seven miles southeast of Palm Springs. Situated on 21 acres at 34091-34351 Date Palm Drive, Cathedral City Marketplace offers parking for 1,093 automobiles. Current tenants include Kroger’s Food 4 Less, Planet Fitness, dd’s Discounts, DJ’s Sports Bar and Subway. Calmwater’s Larry Grantham, Zach Novatt and DaJuan Bennett originated the loan. The Los Angeles-based JLL Capital Markets team of Jeff Sause, Chad Morgan, Daniel Skerrett and Jalynn Borders arranged the financing.

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Leasing ActivityMidwestMinnesotaRetail

Next-Generation Dick’s Sporting Goods Store to Open at Rosedale Center in Metro Minneapolis

by Kristin Harlow

ROSEVILLE, MINN. — A next-generation Dick’s Sporting Goods store totaling 80,000 square feet is scheduled to open later this month at Rosedale Center in the Minneapolis suburb of Roseville. The store will feature golf hitting bays with TrackMan technology, a HitTrax multi-sport cage, House of Cleats, equipment services counter, expanded footwear selection and apparel, accessories and equipment. Holly Rome and Lane Walsh of JLL handle leasing efforts at Rosedale Center and secured the lease with Dick’s. JLL’s retail development partner, Poag Development Group, led construction of the project at the parcel formerly occupied by Herberger’s. Rosedale Center is a 1.1 million-square-foot shopping center.

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DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

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AcquisitionsFloridaRetailSoutheast

SRS Negotiates $6.5M Sale of Strip Retail Center in Metro Jacksonville

by John Nelson

ST. JOHNS, FLA. — SRS Real Estate Partners has brokered the $6.5 million sale of Parkway Place Shoppes, a new strip retail center located at 1385 St. Johns Parkway in the Jacksonville suburb of St. Johns. KidStrong, Oola Mala Restaurant, Tsaocaa Tea, Benjamin Moore and Planet Smoothie fully occupy the 11,685-square-foot property on new 10-year, triple-net leases. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based private development company, in the sale. The buyer was a private investor from New York that purchased the center in a 1031 exchange.

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AcquisitionsNet LeaseNortheastPennsylvaniaRetail

Marcus & Millichap Brokers $6.5M Sale of Retail Property Leased to Wawa in Chambersburg, Pennsylvania

by Taylor Williams

CHAMBERSBURG, PA. — Marcus & Millichap has brokered the $6.5 million sale of a retail property in Chambersburg, about 150 miles west of Philadelphia. The property houses a 5,330-square-foot building that is under construction and net leased to convenience store operator Wawa for the next 20 years. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Paramount Realty, in the transaction. Dougherty and Jacob Haslach, also with Marcus & Millichap, procured the buyer, Maryland-based investment firm W.F. Chesley Real Estate.

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University-Hills-Denver-CO
AcquisitionsColoradoRetailWestern

KPR Centers Enters Denver Retail Market, Buys 210,000 SF University Hills Shopping Center

by Amy Works

DENVER — New York-based KPR Centers has acquired University Hills, a grocery-anchored retail center in Denver, for $56.5 million. The name of the seller was not released. Located at 2750 S. Colorado Blvd., the 210,000-square-foot University Hills was fully leased at the time of sale to tenants including King Soopers, Michaels, Marshalls, Office Depot, PetSmart, Five Below, Ulta Beauty and Starbucks Coffee. Tom Lagos of Institutional Property Advisors, a division of Marcus & Millichap, represented KPR in the off-market transaction. KPR Centers is now present in 18 states, with approximately 10 million square feet of owned and self-managed properties.

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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