KEMAH, TEXAS — California-based brokerage firm RealSource Group has arranged the $5.4 million sale of a single-tenant retail building in Kemah, located southeast of Houston, that is net leased to Mister Car Wash (NASDAQ: MCW). The 5,462-square-foot building was constructed in 2021 and is backed by a fully guaranteed corporate lease. Austin Blodgett and Jonathan Schiffer of RealSource Group, in association with ParaSell, Inc., represented the seller, a local private investor, in the transaction. Chase Cameron of Matthews represented the buyer. Both parties requested anonymity.
WARRINGTON, PA. — CenterSquare Investment Management has purchased a 32,242-square-foot, unanchored shopping center in Warrington, located north of Philadelphia. Built in 2015, Valley Gate Shopping Center is home to tenants such as Sport Clips, T‑Mobile, Visionworks, Crumbl Cookies and Buffalo Wild Wings. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith and R.J. Mirabile of CBRE represented CenterSquare in the deal. Gregory Bianchi of US Realty Associates represented the seller, Metro Development Co.
SAN FRANCISCO — Bridgeton has completed the sale of Museum Parc, a mixed-use property in San Francisco’s SoMa neighborhood, to DPI Retail for $19.2 million. Eric Kathrein, Andrew Spangenberg and Allie Repaskey of JLL Capital Markets represented the seller in the transaction. Located at 300 3rd St., Museum Parc features 36,000 square feet of fully leased street-level retail space situated below 234 condominium units. Current commercial tenants include Crunch Fitness, El Dorado Latin Fusion, Aquabyte and TowerWAV.
CHICAGO AND ROMEOVILLE, ILL. — United Properties Corp. has acquired Bishop Plaza, a 76,000-square-foot retail center in Chicago, for $11.5 million. The company also purchased the Shops at Romeoville, an 82,687-square-foot shopping center along the South Weber Road corridor in Romeoville, for $11.1 million. The Shops at Romeoville is home to tenants such as TJ Maxx, Ross Dress for Less, Petco and Five Below. Based in East Meadow, N.Y., United Properties owns and operates shopping centers across 22 states.
JACKSONVILLE, FLA. — SRS Real Estate Partners has arranged the $11.1 million sale of Shops at Race Track, a nearly 17,000-square-foot retail center located at 4560 Race Track Road in Jacksonville. Situated on 2.4 acres within the Durbin Park master-planned community, the property was fully leased at the time of sale to six tenants including Heartland Dental, Dep Nails and Avecina Medical. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development and investment firm, in the transaction. Sean McGill of Cantrell & Morgan represented the buyer, a private investment firm with offices in New York and Jacksonville. Both parties requested anonymity.
CLARKSVILLE, TENN. — Matthews has negotiated the sale of Shops of Wilma Rudolph, a 10,031-square-foot, unanchored retail center located at 3031 Wilma Rudolph Blvd. in Clarksville, about 46 miles northwest of Nashville via I-24. A private investor based in north Alabama purchased the center from the seller, a development firm based in Tennessee, in a 1031 exchange for more than $5 million. Both parties requested anonymity. Hutt Cooke and Robert Tate of Matthews represented the seller in the transaction. Shops of Wilma was fully leased at the time of sale to Sleep Number, FedEx Office and a U.S. Army Recruiting Station, all of which operate on triple-net leases.
CALIFORNIA, VIRGINIA, FLORIDA AND TEXAS — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time of sale, also features a mix of food, fitness, medical, service and other necessity-based tenants. “Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” says Brian Harper, founder and managing partner of New York City-based 11North. “These assets align squarely with our strategy of building a portfolio of institutional-quality, open-air centers, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities,” adds Martha Kelley, a managing director at Boston-based Bain. The acquisition follows Bain and 11North’s recent capital raise of $1.6 billion that is dedicated to investing in open-air retail throughout the co-owned, 11North platform. Together with …
By Taylor Williams There’s nothing free in this world, not even a full-blown, multi-year resurgence in brick-and-mortar retail real estate. The ferocious revival of physical retail in the post-COVID era, headlined by fewer national bankruptcies, record rental and occupancy rates and renewed investor interest, has slowly but surely been stymied and hamstrung by macroeconomics. Despite real ingenuity and entrepreneurship among today’s operators, the business of leasing retail space in high-growth markets remains fraught with potential deal-killers that go beyond supply-demand dynamics that are favorable to landlords. For Texas retail brokers who specialize in tenant representation — men and women who genuinely love helping businesses grow, expand and serve their communities — that means taking on fresh challenges day in and day out. It means navigating pitfalls that have a way of consuming the two most valuable commodities on the planet: time and money. It means perfecting the art of self-motivation, of having ananticipatory mindset and thinking multiple steps ahead. It means embracing the hustle. Since venturing out on his own following a 12-year career at Weitzman, Matthew Rosenfeld, founder and president of Dallas-based brokerage firm The Rosenfeld Company, has lived and breathed these realities. Rosenfeld’s shop has been open for …
PFLUGERVILLE, TEXAS — Taroko Sports, a baseball-themed concept, will open an 11,740-square-foot entertainment venue in Pflugerville, a northern suburb of Austin. The space is located within Stone Hill, a 1 million-square-foot, mixed-use development by Houston-based NewQuest. The facility, which is scheduled to open early next year, will be the second in Texas for Taroko Sports.
FORT MYERS, FLA. — JLL has negotiated the sale of Daniels Crossing, a 110,780-square-foot, Publix-anchored shopping center located at 6900 Daniels Parkway in Fort Myers. Publix Super Markets Inc. purchased the recently redeveloped center from the seller, a joint venture between Forge Capital Partners and The Sembler Co. The sales price was not released. Danny Finkle and Jorge Portela of JLL represented the seller in the transaction. Daniels Crossing was fully leased at the time of sale to Publix, Quest Diagnostics, Hope Chest Hospice, Millennium Physicians Group and The UPS Store.
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