SAN ANTONIO — South Carolina-based investment firm Ziff Real Estate Partners has sold Castle Hills Market, a 97,682-square-foot shopping center in the northern-central area of San Antonio. According to LoopNet Inc., the center was built in 1986 and is home to tenants such as Allstate Insurance Co., Alamo Bridal, Edward Jones and Rainbow Language Academy. The buyer was an undisclosed Dallas-based investor. John Indelli, Whitney Snell, Chris Gerard, Ryan West and Gianna New of JLL brokered the deal. Ziff acquired the property in 2020 and implemented a value-add program prior to the sale.
MEMPHIS, TENN. — Poag Development Group has purchased a 400,000-square-foot Macy’s at Oak Court Mall, an enclosed regional mall in Memphis that opened in 1988. Memphis-based Poag purchased the department store for $7 million in a joint venture with a group of local investors that purchased Oak Court Mall in December 2023. New York City-based Macy’s sold the store to the Poag-led investment group in a sale-leaseback structure. Poag, which also recently purchased the 1.3 million-square-foot RiverTown Crossings in Grandville, Mich., plans to work with JLL to maximize the potential of Oak Court Mall. Future plans for the mall were not disclosed.
CHARLOTTE, N.C. — CenterSquare has bought Olde Lancaster Town Center, a 43,044-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include My Salon Suites, Aqua Tots, Lee’s Hoagies, Chesterbrook Academy and Eye Level Learning. The new ownership plans to implement improvements at the property including new paint, awnings, LED lights, string lights, patio seating, roofs, updated landscaping and signage enhancements.
VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of Hawthorne Commons in the Chicago suburb of Vernon Hills for $18.7 million. Northwestern Medicine anchors the 48,942-square-foot retail and medical property. Completed in 2016, the two-story building is 88 percent leased to eight tenants and is located at 850 N. Milwaukee Ave. Alex Sharrin, Keely Polcyznski and Michael Nieder of JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset.
SAN JOSE, CALIF. — JLL Capital Markets has arranged joint venture equity for the $95 million acquisition of The Plant, a regional power center located at 1 Curtner Ave. in San Jose. Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn of JLL’s Investment and Sales Advisory team worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners. Spanning 35.5 acres in Silicon Valley, the 367,869-square-foot shopping center was built in 2008. At the time of sale, the property was 64 percent occupied. Current tenants include Best Buy, Ross Dress for Less, PetSmart, Ulta Beauty, Off Broadway, Starbucks Coffee, IHOP, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys.
FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.
PASADENA, TEXAS — San Antonio-based Headwall Investments has purchased the 29,114-square-foot Fairmont Crossing Retail Center in Pasadena, an eastern suburb of Houston. The unanchored strip center was built in phases on a 3.3-acre site between 2008 and 2012. The tenant roster includes Red Wing Shoes, Thriveworks, Just Love Coffee, Kirkwood Medical Associates and Fidelity National Title. The seller and sales price were not disclosed.
ANN ARBOR, MICH. — A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor. Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza. The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology. Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure. The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete. “It’s an exciting time for Ann Arbor as we break ground …
— By Kazuko Morgan, executive vice chair; Alanna Joy Loeffler, managing director, business strategy and development, Americas retail services; and Soany Gunawan, senior research analyst, San Francisco retail research, Cushman & Wakefield — Over the past few years, the headline narrative surrounding San Francisco has focused on store closures, complex governance issues and city challenges. However, with one of the highest U.S. household incomes, a rising population count and the lowest unemployment rate in California, the city remains a beacon of opportunity, innovation and creativity. Within the urban retail market, San Francisco continues to demonstrate resilience and growth with a host of new brands, products and services arriving and thriving. Retail sales in San Francisco have continued to increase, climbing an estimated 5.7 percent year over year to $37.1 billion in the second quarter of 2024. A multitude of exciting brands and new concepts are opening, flourishing or expanding. INGKA has launched its first-ever food hall, Saluhall, a 23,000-square-foot, plant-forward culinary project connected to the IKEA store at 945 Market Street. This addition not only creates jobs but enriches the community with regular events, highlighting local food vendors while offering fun and educational cooking classes. MillerKnoll’s modern furnishings brand Design Within Reach …
BROOKHAVEN, GA. — JLL has brokered the sale of Brookhaven Station, a 44,966-square-foot retail center located in the Atlanta suburb of Brookhaven. SITE Centers acquired the property from Hendon Properties for an undisclosed price. Originally built in 1985, Brookhaven Station was renovated between 2022 and 2023. Tenants at the property include Chick-fil-A, Fox Bros. Bar-B-Q, Chop’t and Mellow Mushroom. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction.