SPRING, TEXAS — San Antonio-based Headwall Investments has purchased Shops on Gosling, a 34,613-square-foot shopping center located in the northern Houston suburb of Spring. Built in 2019, the center is home to tenants such as Shipley Do-Nuts, Tune Up Salon, Capital Title, Fajita Pete’s and Center Court Pizza & Brew. Chace Henke and Micha van Marcke of Edge Capital Markets represented the undisclosed seller in the transaction. Dillon Hurley of Argali CRE represented Headwall Investments.
DALLAS — Seattle-based lender Avatar Financial Group has funded a $3.1 million bridge loan for a Texaco-branded gas station and convenience store located at 3924 W. Red Bird Lane in southwest Dallas. The loan carries a two-year term, an 11.5 percent initial interest rate and a 65 percent loan-to-value ratio. The undisclosed sponsor will use proceeds to leverage equity from the asset in order to purchase another service station. The borrower plans to refinance Avatar’s loan once the new site is stabilized and producing income.
MIAMI — Miami-based MMG Equity Partners has obtained a $38 million loan for the refinancing of four shopping centers in South Florida. JLL arranged the loan through Synovus Bank. The four properties include Pinecrest Center and Pinecrest Shoppes in Pinecrest, Westlake Plaza in Westchester and Naranja Plaza in Homestead. The four properties, which front either South Dixie Highway or Bird Road, total 127,826 square feet and were purchased between 2018 and 2020 for a combined total of $28.9 million. The properties are recently stabilized and have undergone nearly $8 million worth of capital improvements under MMG’s ownership.
SUMTER, S.C. — Matthews has arranged the sale of Gateway Plaza, a 106,062-square-foot shopping center located at 1342 Broad St. in Sumter, about 44 miles west of Columbia, S.C. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews brokered the transaction between the buyer, an entity doing business as Core Peckville LLC, and the seller, an entity doing business as WEG Sumter LLC. The sales price was not released. Renovated in 2020, Gateway Plaza was nearly 90 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Ulta Beauty and Five Below.
GULF SHORES, ALA. — Locally based Merrill P. Thomas Co. (MPT) has brokered the $5.7 million sale of Paradise Isle Shopping Center, a 47,520-square-foot shopping center located in Gulf Shores. Publix anchors the property, which is situated on 4.6 acres near the Florida border. Other tenants include AutoZone, Resale Heaven, Nail Boutique & Spa and the Gulf Shores Methodist Church. Pratt Thomas of MPT represented the seller, Gulf Shore Methodist Church, in the transaction. Nathan Handmacher of Zarzour Cos. LLC represented the buyer on an internal basis.
ROMEOVILLE, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million loan for the refinancing of Carillon Court, a 29,891-square-foot retail strip center in the Chicago suburb of Romeoville. The property at 444 N. Weber Road is situated near I-55 and is home to a mix of restaurants and service-oriented businesses, including a dental office, salon and insurance agency. Dean Giannakopoulos of MMCC arranged the loan through a local bank on behalf of the private borrower. The three-year loan features one year of interest-only payments and a 25-year amortization schedule.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of a single-tenant restaurant property occupied by Buffalo Wild Wings within the Easton retail corridor in Columbus. Dan Cooper of Cooper Group represented the seller, a private investment group out of West Virginia. The buyer purchased the asset at a cap rate of 5.85 percent, 98 percent of the list price and $413 per square foot. The all-cash transaction closed in approximately 40 days. Buffalo Wild Wings has 10 years remaining on its lease with a rental increase in 2030. The property was renovated in 2020.
By Ashish Vakhariya, Marcus & Millichap Detroit’s retail market continues to show pockets of strength amid broader economic and retail sector headwinds. More affluent northern suburbs and the revitalizing urban core have demonstrated greater resilience, while limited construction activity should support the backfilling of existing space. Detroit’s position among the highest-yielding metros in the country will likely remain a key draw for investors, with capital focusing on well-located, necessity-based and service-oriented retail assets. Big-box downsizing and rising cost pressures create a cautious leasing environment: Detroit’s retail landscape recorded more than 1 million square feet of negative net absorption over the nine months that ended in March, with preliminary second-quarter figures indicating continued space relinquishment. Strained consumer demand and structurally challenged retail formats have contributed to a wave of bankruptcies and consolidations among major tenants, including Party City, Big Lots, Macy’s and Walgreens. Trade policy uncertainty has further heightened tenant caution, as elevated input costs are expected to weigh on leasing activity. A recent Michigan Retailers Association survey found that more than 60 percent of businesses statewide rely on imported goods. With consumers more price-sensitive, many retailers may struggle to pass on higher costs; however, tenants reliant on locally sourced inventory …
D’IBERVILLE, MISS. — CBL Properties, a publicly traded owner and manager of malls and shopping centers, has sold The Promenade, a 621,000-square-foot power shopping center located in D’Iberville, roughly four miles north of Biloxi, Miss. An undisclosed investor purchased the center for $83.1 million. Built in 2009 by CBL Properties, The Promenade is anchored by national retailers including Target, Kohl’s, Best Buy, Dick’s Sporting Goods, Ulta Beauty, PetSmart and Marshall’s. Restaurants at The Promenade include Chick-fil-A, Newk’s Express Café, Buffalo Wild Wings and Olive Garden. According to the Biloxi SunHerald, the Target at The Promenade was the first Target to open in southern Mississippi.
BUFORD, GA. — Atlanta-based Invesco Real Estate has acquired Georgia Crossing, a 317,201-square-foot power shopping center located in Buford, roughly 38 miles northeast of Atlanta, for $82 million. Situated across from the 1.7 million-square-foot Mall of Georgia, Georgia Crossing was fully leased to a mix of tenants including T.J. Maxx/HomeGoods, Nordstrom Rack, Best Buy, Hobby Lobby, Staples, Cavender’s Boot City and Ulta Beauty at the time of sale. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL’s Investment Sales and Advisory team represented the seller, Columbus, Ohio-based Washington Prime Group, in the transaction.