Retail

Ardent Closes on Land Acquisition for Westside Bottling Project in Durham, Signs Leases With Sprouts and Shake Shack

by John Nelson July 29, 2025

DURHAM, N.C. — The Ardent Cos. has closed on the land acquisition for Westside Bottling, a mixed-use development located on the former Durham Coca-Cola Bottling Co. warehouse site in Durham. Ardent plans to break ground in August on the development, which at full build-out will feature 70,000 square feet of retail space, 370 multifamily residences and 35 for-sale townhomes. Westside Bottling’s retail component is currently 70 percent preleased to tenants including Sprouts Farmers Market, Shake Shack, Ulta Beauty, Club Pilates, First Watch and Vernis Nail Salons. First Citizens Bank, which had an existing bank branch on the site, will continue to operate at Westside Bottling. The development sits three miles west of downtown Durham and north of Duke University and Duke University Medical Center.

July 29, 2025

Acquisitions Florida Retail Southeast

Real Estate Fund Acquires Merritt Crossing Shopping Center on Florida’s Space Coast for $9.1M

by John Nelson July 29, 2025

MERRITT ISLAND, FLA. — MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman Inc., has acquired Merritt Crossing, a 90,000-square-foot shopping center on Florida’s Space Coast, for approximately $9.1 million. John Crotty, Michael Fay, David Duckworth, Brian De La Fe and Philip Shapiro of Avison Young represented the seller, Dechomai Asset Trust Number Three LLC, in the transaction. Matthew Brown, Nicholas White and Will Rosenfield represented the buyer on an internal basis. DG Market and Planet Fitness anchor the shopping center, which is situated on 15.3 acres at 239 Crockett Blvd. on Merritt Island. Merritt Crossing was 92.3 percent leased at the time of sale. NAI Merin Hunter Codman will manage the shopping center, and Holly Carver and Lisa Earnhardt of Rocket City Commercial Real Estate will lease the property on behalf of the new ownership. Since launching in 2022, MHCommercial Real Estate Fund II has purchased nine properties totaling 1.1 million square feet.

July 29, 2025

Acquisitions Retail Southeast Virginia

Colliers Negotiates $8.6M Sale of Lynnhaven Square Retail Center in Virginia Beach

by John Nelson July 29, 2025

VIRGINIA BEACH, VA. — Colliers has negotiated the $8.6 million sale of Lynnhaven Square, a two-property retail center located at 2077-2085 Lynnhaven Parkway in Virginia Beach. Jeff Fritz and Jay O’Donnell of Colliers represented the undisclosed seller, a tenancy in common (TIC) entity, in the transaction. The undisclosed buyer has tapped George Fox of Colliers to provide leasing advisory services at Lynnhaven Square, which was fully leased at the time of sale to tenants including Wingstop, Cold Stone Creamery, Virginia ABC, Coastal Vision and The UPS Store. Situated on 2.4 acres, the property is part of Salem Crossing, a larger 450,000-square-foot retail development.

July 29, 2025

Acquisitions Arizona Restaurant Retail Western

CBRE Negotiates Sales of Two Retail Ground Leases in Goodyear, Arizona for $6.7M

by Amy Works July 29, 2025

GOODYEAR, ARIZ. — CBRE has negotiated the sales of two adjacent single-tenant ground lease properties at 1420 and 1460 N. Bullard Ave. in Goodyear. Two separate West Coast-based private capital exchange buyers acquired the assets for a combined total of $6.7 million. Benjamin Farthing and Owen Littrell of CBRE represented the seller, Tradecor Partners Goodyear LLC, in the transactions. Bubba’s 33 is located at 1460 N. Bullard Ave. and features a brand new 15-year absolute triple-net ground lease on a 1.7-acre parcel. The property sold for $3.5 million. Located at 1420 N. Bullard Ave., the double drive-through White Castle on a 1-acre parcel sold for $3.2 million.

July 29, 2025

Acquisitions Illinois Midwest Restaurant Retail

Boulder Group Brokers $3.1M Sale of Raising Cane’s-Occupied Restaurant Property in Normal, Illinois

by Kristin Harlow July 29, 2025

NORMAL, ILL. — The Boulder Group has brokered the $3.1 million sale of a single-tenant restaurant property net leased to Raising Cane’s Chicken Fingers in Normal. The restaurant at 311 Veterans Parkway opened this month and is operating under a 15-year ground lease with 10 percent rental escalations every five years and five five-year renewal options. The property marks the only Raising Cane’s location within a 50-mile radius. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a 1031 exchange investor. The transaction represented a 4.75 percent cap rate. Raising Cane’s, founded in Louisiana in 1996, operates more than 800 locations worldwide.

July 29, 2025

Acquisitions Oklahoma Retail Texas

NAI RED Arranges Sale of 35,597 SF Shopping Center in Oklahoma City

by Taylor Williams July 28, 2025

OKLAHOMA CITY — Local brokerage firm NAI RED has arranged the sale of Boulevard Marketplace, a 35,597-square-foot shopping center in Oklahoma City. The sales price was $5 million. The center was built in 1984 and was 78 percent leased at the time of sale to tenants such as Subway and Great Clips. Samuel Dunham, David Hartnack and Sam Swanson with NAI RED represented the buyer and seller, both of which requested anonymity, in the transaction.

July 28, 2025

Acquisitions Florida Retail Southeast

Coldwell Banker Arranges Sale of 140,664 SF Shopping Center in Chiefland, Florida

by Abby Cox July 28, 2025

CHIEFLAND, FLA. — Locally based Coldwell Banker Commercial M.M. Parrish Realtors has arranged the sale of Chiefland Regional Shopping Center, a 140,664-square-foot retail center located in Chiefland, approximately 30 miles southwest of Gainesville, Fla. Bealls anchors the center, which was 95.6 percent occupied at the time of sale to tenants including Rent-A-Center, Tractor Supply Co., Subway, Metro by T-Mobile and a Winn-Dixie grocery store, which will soon be converted into an Aldi. This transaction marks the first time the property has been sold since its original development in 1989. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the buyer, Georgia-based Vanguard Associates, in the deal. Coldwell Banker Commercial M.M. Parrish Realtors represented the undisclosed seller. The sales price was also not disclosed.

July 28, 2025

Leasing Activity North Carolina Retail Southeast

Pappas Properties Signs Publix to 50,000 SF Lease at Cadia Matthews Development in Metro Charlotte

by Abby Cox July 28, 2025

MATTHEWS, N.C. — Development firm Pappas Properties has executed a 50,000-square-foot lease with Publix to anchor the retail component of Cadia Matthews, an 82-acre master-planned community located in Matthews, a southeastern suburb of Charlotte. The new Publix store will feature a full-service pharmacy with a drive-thru. Construction is scheduled to begin in summer 2026 and will employ approximately 150 associates upon completion. According to The Charlotte Observer, the store is expected to open by late 2027. Along with the Publix, Cadia Matthews will feature a mix of retail and dining options, as well as a community park with a performance stage. The Morgan Cos. represented Publix Super Markets in the lease negotiations.

July 28, 2025

California Loans Retail Western

Space Investment Partners, PCCP Complete $70M Recapitalization of University Square Shopping Center in San Diego

by Amy Works July 28, 2025

SAN DIEGO — A joint venture between Space Investment Partners and PCCP has completed the $70 million recapitalization of University Square, a grocery-anchored retail center in San Diego. Situated on 20 acres at 5821-5975 University Ave., University Square offers 199,115 square feet of retail space. The center is currently 98.5 percent occupied by a variety of tenants, including Food4Less, Marshalls, Crunch Fitness and Dollar Tree.

July 28, 2025

Acquisitions Retail Washington Western

Northmarq Arranges Sale of Ellingson Crossing Retail Center in Auburn, Washington

by Amy Works July 28, 2025

AUBURN, WASH. — Northmarq has arranged the sale of Ellingson Crossing, a 15,270-square-foot retail center located within the Auburn/Kent Valley Industrial District, roughly 20 miles south of Seattle. Starbucks Coffee anchors the property, which was originally built in 2007. Tenants at the center include Wingstop, Domino’s Pizza, Taco Time, American Family Insurance and You First Dental Care. Sean Tufts, Kevin Adatto and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the local private seller in the transaction. New York City-based Curbline Properties was the buyer.

July 28, 2025

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