HENRICO AND MIDLOTHIAN, VA. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond, and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin Teig, Kyle Miller, Nicholas Ratsep, David Saltzman and Michael Kumar of Pryor Cashman represented H.I.G in connection with the acquisition and financing of the shopping center portfolio. The seller and direct lender for the acquisition financing were not disclosed.
CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.
Marcus & Millichap Arranges $7.2M Sale of CVS-Occupied Building in Orlando
ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
Keystone Construction Completes $4M Outdoor Entertainment Space at The District of St. Louis
CHESTERFIELD, MO. — Keystone Construction Co. has completed Hub Stl, a $4 million outdoor entertainment space at The District of St. Louis in Chesterfield. The District is devoted to live music, food and beverage concepts and retail space. Construction on Hub Stl began last fall with the demolition of the Polo Building. Keystone built a performance stage, 70 feet by 21 feet, with a synthetic turf field viewing area with capacity for 400 people. A large LED screen and sound and lighting system will be installed later this summer. The performance area will be encircled by local restaurants with patios, a brewery and beer garden. Anticipated to open later this summer is 4 Hands Brewing Co., which will occupy the anchor space with a 10,000-square-foot taproom. Hi-Pointe Drive-In, the brewery’s culinary partner, will operate a fast-casual dining concept within the space. Keystone previously built two other destinations within The District — Main Event and The Factory. Main Event is a 50,000-square-foot indoor entertainment center with 22 lanes of bowling, laser tag, gravity ropes and hundreds of arcade and virtual reality games. The Factory is a 52,000-square-foot indoor concert venue with seating for up to 3,400 people. It was the first …
Quantum Arranges Sale of 82,500 SF Schnucks-Occupied Property in Rockford, Illinois
ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of an 82,500-square-foot property occupied by grocer Schnucks in Rockford for an undisclosed price. Originally built in the 1950s, the net-leased building at 2642 Charles St. has undergone a full renovation. Dan Waszak and Brett Berlin of Quantum represented the seller, a developer based in California. The buyer was a private, institutional investor based in California.
Marcus & Millichap Negotiates $3.6M Sale of Retail Center in Mount Prospect, Illinois
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the $3.6 million sale of an 11,010-square-foot retail center in the Chicago suburb of Mount Prospect. Dunkin’ anchors the property, which is located at 200 W. Northwest Highway. The center is fully leased. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a Chicagoland-based limited liability company. The duo also secured and represented the buyer, a local private investor. The sale closed at 97 percent of the list price.
NAI Brokers $6.7M Sale of Retail Center in Sylvia Square in Torrance, California
TORRANCE, CALIF. — NAI Capital Commercial has brokered the $6.7 million sale of Sylvia Square, a retail strip center located in Torrance. Built in 1974, the property totals 15,234 square feet. Sheri Messerlian and David Shaby of NAI represented the seller, an entity doing business as Sylvia Square Properties LLC, and the buyer, Benecia Avenue LLC, in the transaction.
Three New Tenants Sign Leases at Lake Mead Crossing in Henderson, Nevada
HENDERSON, NEV. — Three tenants have signed leases at Lake Mead Crossing, a retail center located in Henderson, a suburb of Las Vegas. Starbucks Coffee, Sprouts Farmers Market and Chick-fil-A will join the lineup at the property, which Target anchors. Other tenants at the center include Marshalls, Ulta Beauty, PetSmart, Ross Dress for Less, Hibbett Sports and Big Lots.
By Ed Coury, senior managing director, RCS Real Estate Advisors Open-air lifestyle centers can be defined as intentionally designed spaces that are set against beautiful landscapes and house high-quality dining, retail, entertainment, health and wellness uses. These centers are being developed or redeveloped at an increasing rate across the country. Lifestyle centers are particularly popular along “smile” states: California, Arizona, Texas, Georgia, Tennessee, Florida, South Carolina and North Carolina. This particular transformation has been a result of “de-mallification” in the suburbs, in which malls that were once largely indoors and anchored by big department stores are now being converted into mixed-use lifestyle developments. For background, lifestyle centers are not a new phenomenon; they have been gaining popularity since the early 2000s. While few new malls have been built in the last two decades, new lifestyle centers and conversions to lifestyle centers continue to emerge every year. So why are these lifestyle centers so popular, and what does the future of suburban retail look like? Shifting Tastes For one thing, consumer preferences have changed. Today, there is high demand for wellness. In a 2022 consumer report by IT consulting firm Accenture, 80 percent of people surveyed stated that wellness was an …
Divaris Brokers $14.8M Sale of Russ Avenue Shopping Center in Waynesville, North Carolina
WAYNESVILLE, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located at 1153-1220 Russ Ave. in Waynesville, approximately 26 miles west of Asheville, N.C. The 17-acre retail property formerly housed a big-box Kmart store. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. The buyer and future plans for Russ Avenue Plaza were not disclosed.