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AcquisitionsFloridaRetailSoutheast

Colliers Arranges $63.5M Sale of Posner Commons Shopping Center in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — Colliers has arranged the $63.5 million sale of Posner Commons, a 731,000-square-foot regional shopping center located in Davenport, roughly 25 miles southwest of Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, PREP Property Group, in the transaction. BayBridge Real Estate Capital arranged acquisition financing on behalf of the buyer, Orion Real Estate Group. Target and a newly constructed BJ’s Wholesale Club shadow-anchor Posner Commons, which was 95.5 percent leased at the time of sale to tenants including JC Penney, Dick’s Sporting Goods, Cinépolis, Best Buy, Ross Dress for Less, Ashley Furniture, Michaels, Staples, PetSmart, Books-A-Million and Dollar Tree. Situated seven miles from Walt Disney World, the property spans 91 acres.

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AcquisitionsNew JerseyNortheastRetail

SRS Brokers $6M Ground-Lease Sale of Retail Building in Washington Township, New Jersey

by Taylor Williams

WASHINGTON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $6 million ground-lease sale of a 5,585-square-foot retail building in Washington Township, located outside of Philadelphia in Southern New Jersey. The building, which was completed in 2024, is net leased to convenience store operator Wawa on a 20-year, corporate-guaranteed deal. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based 1031 exchange investor. Both parties requested anonymity.

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Leasing ActivityMichiganMidwestRetail

NRG Trampoline Park Signs 50,000 SF Retail Lease in Troy, Michigan

by Kristin Harlow

TROY, MICH. — NRG Trampoline Park has signed a retail lease to open a 50,000-square-foot location at the northeast corner of 14 Mile and John R roads in Troy. NRG will take the space formerly occupied by Dick’s Sporting Goods adjacent to Oakland Plaza. Michael Murphy, Zach Burk and Tjader Gerdom of Gerdom Realty & Investment, along with Sean Kipp of Ranger Retail Partners, represented NRG in the lease. NRG operates locations across the country, but this lease marks the entertainment concept’s first location in Michigan.  

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IllinoisLeasing ActivityMidwestRetail

Whole Foods Market to Open 36,234 SF Store in St. Charles, Illinois on June 25

by Kristin Harlow

ST. CHARLES, ILL. — Whole Foods Market is set to open a new 36,234-square-foot store at 300 S. 2nd St. in St. Charles, a western suburb of Chicago, on Wednesday, June 25. The location’s product assortment will feature more than 650 products from the Midwest, sourced with the help of Margie Omastiak, forager for local and emerging brands at Whole Foods. There will be a specialty department dedicated to cheesemakers and artisan producers; a full-service seafood counter; full-service meat counter; an extensive selection of craft beers, spirits and wines; a prepared foods department; bakery department; and wellness and beauty department. Whole Foods will present Chicago-based supplier Evergreen with a low-interest loan through the Whole Foods Market Lending Program to help grow its operations and support expansion to more Whole Foods locations.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers Sale of 17,704 SF Retail Property in Avon, Indiana

by Kristin Harlow

AVON, IND. — Marcus & Millichap has brokered the sale of a 17,704-square-foot retail property occupied by The Learning Grove Academy in Avon, a western suburb of Indianapolis. The net-leased childcare facility was built in 2009 and is located at 7651 Beechwood Centre Road. Sam Malato and Dominic Sulo of Marcus & Millichap represented the buyer, a private coastal investor. The Learning Grove is an early education operator with 120 locations and additional acquisitions in progress.

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AcquisitionsRetailTexas

SRS Real Estate Negotiates Sale of 14,966 SF Retail Strip Center in Frisco

by Taylor Williams

FRISCO, TEXAS — SRS Real Estate Partners has negotiated the sale of Independence Plaza, a 14,966-square-foot retail strip center in Frisco. Built on 1.9 acres in 2018, the center was fully leased at the time of sale to seven tenants in the food-and-beverage and service industries. Michael Kaplan of SRS represented the seller, a family office that developed the property, in the transaction. The buyer was a Texas-based private investor. Both parties requested anonymity.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers Sale of 135,049 SF Shopping Center in Palm Bay, Florida

by John Nelson

PALM BAY, FLA. — Marcus & Millichap has brokered the sale of Palm Bay Center, a 135,049-square-foot shopping center located on 12.3 acres at 4707 Babcock St. NE in Palm Bay, a coastal Florida city in Brevard County. The center’s anchor, Publix, has operated at its store since 1978 and has recently extended its lease through 2030. The buyer has agreed to construct a brand-new store for Publix as part of the transaction. Tarek Chbeir of Marcus & Millichap represented the seller, a private investor, in the deal. Both parties requested anonymity, and the sales price was also not released. Chbeir collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market Palm Bay Center.

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AcquisitionsRetailSoutheastVirginia

ShopOne, Joint Venture Partners Purchase Food Lion-Anchored Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — ShopOne Centers REIT Inc., along with joint venture partners Pantheon and an unnamed institutional investment firm, has purchased Staples Mill Plaza, a 70,147-square-foot shopping center located at 9117 Staples Mill Road in Richmond. Regional grocer Food Lion has anchored the center since 1986. Staples Mill Plaza was 94.3 percent leased at the time of sale to tenants including Subway, Pizza Hut and Hair Cuttery. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, Washington, D.C.-based Stavins & Axelrod Properties Inc., in the transaction. Richard Thalhimer, who has leased the property for over 20 years along with Annie O’Connor with Thalhimer’s retail leasing team, also assisted in the sale. This acquisition marks ShopOne’s second property in Virginia and its first in the Richmond metro area. The sales price was not disclosed.

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AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Brokers Purchase of Taco Bell-Occupied Restaurant Property in Garden Grove, California

by Amy Works

GARDEN GROVE, CALIF. — Marcus & Millichap has arranged the acquisition of a restaurant property located at 10901 Garden Grove Blvd. in Garden Grove. The Fouladinejad Family Trust purchased the asset from CY Investment LLC for $2.3 million. Sheila Alimadadian of Marcus & Millichap represented the buyer, while Mie Kim of Coldwell Banker Realty represented the seller in the deal. Taco Bell occupies the 2,527-square-foot building, which was built in 2019, with more than 19 years remaining on the original lease.

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DevelopmentIllinoisMidwestRetail

Berger Asset Management Unveils New Development Plans for Hawthorn Woods Town Center in Metro Chicago

by Kristin Harlow

HAWTHORN WOODS, ILL. — After holding a 20-acre land parcel for more than 15 years, a private real estate investment group led by land developer Jonathan Berger of Berger Asset Management has unveiled new zoning and development plans for Hawthorn Woods Town Center. Berger worked with the Village of Hawthorn Woods on the revised plans for the site, which is located at the intersection of Old McHenry and Midlothian roads in the northern Chicago suburb. The original zoning of the property required 300-foot setbacks. Berger secured 30-foot setbacks, which are typical in most retail properties. The village has also indicated a willingness to incentivize grocery stores, including small-store footprints. Additionally, the rerouting of traffic under railroad tracks, once complete, will serve to more directly and conveniently connect the Hawthorn Woods Town Center site to the village’s community park. Berger originally acquired 40-plus acres in two distressed 20-plus-acre land parcels in Hawthorn Woods in 2009-2010, intending to act as an opportunistic land developer. In late 2019, Berger sold the site on the south side of Old McHenry Road to K. Hovnanian, a Dallas-based residential developer that built 70 homes. While assuming the position of a traditional land developer, Berger is not …

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