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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Arranges Sale of 222,406 SF Shopping Center in Brandon, Florida

by John Nelson

BRANDON, FLA. — Cushman & Wakefield has arranged the sale of The Collection at Brandon Boulevard, a 222,406-square-foot shopping center in Brandon. Tenants at the property, which was fully leased at the time of sale, include Home Centric, Crunch Fitness, Chuck E. Cheese and Kane’s Furniture. Substantially redeveloped in 2019, the property features three outparcels and a 30,000-square-foot anchor space that is currently unoccupied but subject to a long-term lease with Kroger. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of SITE Centers Corp., in the transaction. Alto Real Estate Funds was the buyer.

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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSoutheastVirginia

Hoffman & Associates Signs Two Retailers to Join West Falls Mixed-Use Development in Northern Virginia

by John Nelson

FALLS CHURCH, VA. — Hoffman & Associates has signed two new retail tenants to join West Falls, a 10-acre mixed-use development in Falls Church that will comprise 1.2 million square feet at full build-out. The new businesses coming to the development include Dok Khao Thai Eatery and a Chase Bank branch. The restaurant is slated to open at 180 West Falls Station Blvd. in August, and the bank is set to open at 118 West Falls Station Blvd. in April. West Falls will feature more than 120,000 square feet of shops and restaurants, as well as The Alder apartments, The Reserve at Falls Church seniors housing community, a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.

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AcquisitionsRetailTexas

Disney Investment Group Arranges Sale of 57,812 SF Valley Square Shopping Center in Metro Dallas

by Taylor Williams

LEWISVILE, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Valley Square, a 57,812-square-foot shopping center located in the northern Dallas suburb of Lewisville. The center was fully leased to 21 tenants at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Dallas-based LRIC Properties, in the transaction. Will Walters of DuWest Realty represented the undisclosed buyer, which purchased the asset via a 1031 exchange.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $10.5M Sale of Retail Strip Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Marcus & Millichap has negotiated the $10.5 million sale of Hawthorn Village Commons in the Chicago suburb of Vernon Hills. The 51,815-square-foot retail strip center was built in 1981. Tenants include Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor completing a 1031 exchange. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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New YorkNortheastOfficeRetail

RXR Recapitalizes 500,000 SF Office, Retail Building in Manhattan

by Taylor Williams

NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property.  Additional terms of the transaction were not disclosed.

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CaliforniaLoansOfficeRetailWestern

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

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AcquisitionsColoradoRetailWestern

Pinnacle Real Estate Negotiates Sale of 19,622 SF Shopping Center in Thornton, Colorado

by Amy Works

THORNTON, COLO. — Pinnacle Real Estate Advisors has directed the sale of Shops at Highpointe Park in Thornton. A Colorado-based private investor sold the asset to a Pennsylvania-based institutional investor for $6.3 million. Located at 9740 and 9760 Grant St., Shops at Highpointe Park consists of two adjacent retail strip centers built in 2008 and totaling 19,622 square feet. Justin Krieger represented the seller and procured the buyer in the deal.

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HealthcareLoansNew JerseyNortheastRetail

G.S. Wilcox Arranges $26.2M Loan for Refinancing of Northern New Jersey Retail, Healthcare Property

by Taylor Williams

HOBOKEN, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 48,268-square-foot retail and healthcare property in the Northern New Jersey community of Hoboken. The property was fully leased at the time of the loan closing to a pharmacy, bank and a primary care provider. David Fryer of G.S. Wilcox arranged the loan, which carried a seven-year term with full-term interest-only payments, through an undisclosed life insurance company. The name of the borrower was also not disclosed.

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FeaturesHeartland Feature ArchiveRetail

Brokers Await Uptick in Net Lease Retail Sales

by Kristin Harlow

Amid a slump in investment sales volume, investors eagerly welcomed the Federal Reserve’s interest rate cut in September. The half-percentage point decrease was more than what many in the industry had anticipated, but Fed Chairman Jerome Powell recently indicated that additional rate cuts this year will likely not be as aggressive. The move by the Fed came after a spike in the federal funds rate from near zero in March 2022 to a range of 5.25 to 5.5 percent in July 2023 — a period during which the central bank raised the federal funds rate 11 times.  Ultimately, the higher interest rate environment has led to a major slowdown in the sales volume of net lease properties this year, says Randy Blankstein, president of The Boulder Group based in Wilmette, Illinois. “Transaction volume is down approximately 60 percent from 2022 levels,” he says. In a net lease transaction, the tenant pays a portion or all of the taxes, insurance fees and maintenance costs for a property in addition to rent. For the 12-month period that ended in June, net lease investment volume across property types decreased by 34 percent from the same period a year ago to $35.4 billion, according …

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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

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