MCKINNEY, TEXAS — Kroger will open a 99,000-square-foot store at Custer Frontier Marketplace, a 170,000-square-foot retail development in McKinney, a northern suburb of Dallas. The Kroger store will include a fuel station, and Custer Frontier Marketplace will also have 54,000 square feet of small-shop and freestanding retail space, along with pad sites. Michelle Caplan and Maggie Hansen of Weitzman represented the landlord in the lease negotiations.
CHARLESTON, S.C. — Locally based Ziff Real Estate Partners (ZRP) has acquired West Ashley Shoppes, a 136,327-square-foot shopping center located at 946 Orleans Road in Charleston’s West Ashley neighborhood. Baltimore-based Continental Realty Corp. (CRC) purchased the shopping center from ZRP for approximately $22.6 million via its Continental Realty Fund IV LP investment vehicle. Tom Kolarczyk of JLL represented the seller in the transaction. Situated across from Citadel Mall, West Ashley Shoppes was 90 percent leased at the time of sale to tenants including Ross Dress for Less, Dollar Tree and Cost Plus World Market. There is roughly 13,000 square feet of shop space available for lease, according to ZRP. CRC owned West Ashley Shoppes for 10 years prior to the sale.
DOWNERS GROVE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has secured $4 million in financing for a 19,000-square-foot office and retail property located at 5100 Main St. in Downers Grove. Dean Giannakopoulos of MMCC secured the financing with a regional lender on behalf of the private client. The loan features high leverage, flexible prepayment and a 5.95 percent interest rate. The property’s ground floor is home to Peet’s Coffee and Duly Health. There is additional office space on the building’s upper floors.
LAS VEGAS — CenterSquare Investment Management and funds managed by Hamilton Lane have announced a partnership to recapitalize Tenaya Village, a 49,554-square-foot retail strip center located in Las Vegas. Hamilton Lane is now the property’s majority investor, with CenterSquare retaining a minority stake. Spanning five buildings, Tenaya Village features a mix of tenants including Capriotti’s Sandwich Shop, Starbucks Coffee, Timbers Bar & Grill, Frijoles & Frescas and Wingstop. CenterSquare has owned the center since 2022.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Harrison Professional Plaza, a mixed-use building at 1020 S. Harrison Road in Tucson. RGR16 LLC purchased the asset from BSH Investments LLC for $2 million. The property features 15,023 square feet of retail and office space. Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.
INDIANAPOLIS — David Simon, chairman, CEO and president of Indianapolis-based mall owner Simon Property Group, passed away Sunday, March 22, after a battle with cancer. He was 64 years old. Simon Property Group’s board has appointed David Simon’s son, Eli Simon, as CEO and president. Eli Simon will also continue his role as COO and director of the company. Additionally, board member Larry Glasscock has been appointed to serve as non-executive chairman. David Simon joined the company’s predecessor, Melvin Simon & Associates, as CFO in 1990. In 1993, at 31 years old, he orchestrated the company’s initial public offering on the New York Stock Exchange, raising nearly $1 billion in what was then the largest real estate public stock offering in history. Two years later, he became one of the youngest CEOs of a major publicly traded company in America. Under his leadership, Simon Property Group has delivered a cumulative total shareholder return of more than 4,500 percent since its IPO. Until recently, he also served as chairman of the Supervisory Board of Klépierre, a publicly traded, Paris-based retail real estate company, and served on the board of Apollo Global Management Inc. “David’s legacy transcends financial performance. He was a leader of …
MADISON, WIS. — Mid-America Real Estate Corp. has negotiated the sale of a newly developed Whole Foods Market net lease totaling 51,361 square feet at Madison Yards in Madison. The store serves as the anchor to the Madison Yards mixed-use development within the University Hill Farms neighborhood. The property is located less than two miles from the heart of the University of Wisconsin-Madison. Dan Rosenfeld, Andrew Lund, Nick Kohlmann and George Ghattas of Mid-America represented the seller, Summit Smith Development. The asset sold to a private buyer.
NORTH BRUNSWICK, N.J. — JLL has brokered the sale of The Shoppes at North Brunswick, a 147,000-square-foot shopping center located about 40 miles southwest of Manhattan. Built on 16 acres in 2007, the center was 86.7 percent leased at the time of sale. Tenants include Starbucks, Chipotle Mexican Grill, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies, Banana Republic, Big Blue Swim School and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, an affiliate of local owner-operator The Azarian Group, in the transaction. The buyer was a local private investor.
By Greg Tannor, executive managing director, and Jessica Gerstein, director, Lee & Associates NYC For much of the past three years, the rollout of legal cannabis in the state of New York has been defined by headlines about licensing delays, regulatory hurdles and political infighting. That phase is largely over. Hundreds of adult-use dispensaries are now open across the state, and the market is entering a far more consequential — and less discussed — stage. Cannabis retail in New York is no longer constrained primarily by licenses. It is constrained by real estate. On the ground, the industry is moving rapidly out of its novelty phase and into a performance-driven phase where locational quality, operational discipline and realistic deal structures are separating winners from losers. This shift has major implications, not only for operators, but also for landlords, lenders and brokers who are navigating the sector for the first time. Compliance, Not Curiosity, Is The New Bottleneck Demand from licensed dispensary operators remains strong, particularly in New York City. But truly viable retail locations that meet state and local requirements while also making economic sense remain scarce. In Manhattan, the challenge is especially acute. Buffer zones restricting proximity to schools, houses of worship …
MINNESOTA, NORTH DAKOTA AND SOUTH DAKOTA — Marcus & Millichap has arranged the $18.7 million sale of an 11-property Sherwin-Williams retail portfolio in Minnesota, North Dakota and South Dakota. Dominic Sulo and Jon Ruzicka of Marcus & Millichap represented the Minnesota-based private seller and procured the Michigan-based institutional buyer. The properties are located in Bemidji, Duluth, Fergus Falls, Grand Rapids, Sartell, Minn.; Bismarck and Grand Forks, N.D.; and Sioux Falls, Tea and Watertown, S.D. They total approximately 55,590 rentable square feet. Prior to marketing efforts, Marcus & Millichap assisted the seller in securing 15-year lease extensions across the entire portfolio.
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