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AcquisitionsFloridaRetailSoutheast

Benderson Acquires Three Properties Totaling 400,000 SF in Florida

by Matthew Auchincloss

UNIVERSITY PARK, FLA. — Benderson Development has acquired three properties totaling 400,000 square feet along the west coast of Florida. The first, Granada Plaza, is a Publix-anchored retail center located in the Tampa suburb of Dunedin at the intersection of Main Street and Keene Road. The second acquisition is Venice Market Place, a shopping center located where Tamiami Trail meets Center Road in Venice. Finally, Benderson purchased a building tenanted by Lowe’s Home Improvement Center at 10070 Estero Town Commons Place in Estero. 

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AcquisitionsNevadaRetailWestern

SRS Real Estate Partners Brokers $6.2M Sale of 31,086 SF Retail Property in Las Vegas 

by Matthew Auchincloss

LAS VEGAS — SRS Real Estate Partners has brokered the $6.2 million sale of a 31,086-square-foot retail property located at 2420 E. Desert Inn Road in Las Vegas. The building, which is situated on 2.5 acres, has been occupied by Ross Dress for Less for more than 40 years. Patrick Luther of SRS represented the West Coast private seller. The buyer was a private investor from California who paid all cash. The closing cap rate was 6.5 percent.  

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202-Merchant-St-Honolulu-HI
AcquisitionsHawaiiOfficeRestaurantRetailWestern

ESC Pacific Buys Historic Joseph W. Podmore Building in Honolulu for U.S. Headquarters

by Amy Works

HONOLULU — ESC Pacific, an international architecture, engineering and environmental consulting firm with operations in Japan, Guam and the United States, has purchased the historic Joseph W. Podmore Building at 202 Merchant St. in Honolulu in an off-market transaction. Constructed in 1902 from Hawaiian blue-gray basalt and listed on the National Register of Historic Places since 1983, the two-story Podmore Building features 4,638 square feet. ECS will occupy the building’s second floor as its U.S. base, while the ground floor will continue its longstanding restaurant use. Matthew McKeever of CBRE Hawaii Capital Markets represented the buyer in the transaction, terms of which were not released.

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ColoradoLoansRetailWestern

ABMAR Investments Receives $5.7M Loan for Refinancing of Union Square Shopping Center in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — ABMAR Investments has received a $5.7 million loan for the refinancing of Union Square Shopping Center, a retail property located at 5035-5069 N. Academy Blvd. in Colorado Springs. Andrew Deaver, Rob Bova and Tom Gilliland of JLL Capital Markets arranged the three-year, floating-rate loan on behalf of ABMAR Investments, which will use a portion of the proceeds to fund upcoming improvements for tenant Crunch Fitness, along with additional capital expenditures. Built in 1978 and renovated in 2005, Union Square features 69,347 square feet of retail space and 582 surface parking spaces on 8.3 acres. At the time of sale, the shopping center was 98 percent leased to 13 tenants, including Crunch Fitness, Chipotle Mexican Grill, Edward Jones, 7Brew Coffee and Big 5 Sporting Goods.

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AcquisitionsAlabamaRetailSoutheast

Prudent Growth Purchases Retail Strip Center in Montgomery for $3.7M

by John Nelson

MONTGOMERY, ALA. — Chapel Hill, N.C.-based Prudent Growth Partners LLC has purchased Somerset Shoppes, a 27,250-square-foot strip retail center located at 7730 Atlanta Highway in Montgomery. The seller was not disclosed. Built in 2003, Somerset Shoppes was 85 percent leased at the time of sale to nine tenants, including Martha’s Place, Latitudes Salon & Spa, Body Serene Nails & Spa, J&T Acupressure and Southern Muscle & Fitness.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $9.5M Sale of Northern New Jersey Retail Building

by Taylor Williams

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $9.5 million sale of Coviello Plaza, a three-story, 27,100-square-foot retail building in West New York, located across the Hudson River from Manhattan. CVS anchors Coviello Plaza, which was originally built in 1988 and houses 11 units. Devin Perez, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMidwestOhioRetail

Cooper Group Brokers $9.3M Sale of Kruse Commons Retail Property in Solon, Ohio

by Kristin Harlow

SOLON, OHIO — The Cooper Commercial Investment Group has brokered the $9.3 million sale of Kruse Commons, a two-building retail center in Solon, a suburb of Cleveland. Anchor tenants at the fully leased property include Panera Bread and Mitchell’s Homemade Ice Cream. Dan Cooper of Cooper Group represented the seller, an Ohio-based investment group. The sale, which closed at a cap rate of 6.79 percent, marks the second time Cooper Group has sold Kruse Commons within the past 18 months.

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 8,024 SF Retail Strip Center in South Houston

by Taylor Williams

HOUSTON — Marcus & Millichap has brokered the sale of The Market at City Park, an 8,024-square-foot retail strip center in South Houston. Built in 2024 on 1.5 acres, the center was fully leased at the time of sale to Chipotle Mexican Grill, Marble Slab Creamery & Great American Cookies, The UPS Store and TLN Family Dental. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, local owner-operator Read King, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsNew YorkNortheastRetail

United Properties Corp. Buys Shopping Center in Horseheads, New York for $13.5M

by Taylor Williams

HORSEHEADS, N.Y. — New York-based investment firm United Properties Corp. has purchased Southern Tier Crossing, an 84,000-square-foot shopping center in Horseheads, located in the southern-central part of the state. The sales price was $13.5 million. According to information on the website of Nashville-based brokerage firm Matthews, the center was built in 2008 and is home to tenants such as Burlington, PetSmart, ULTA and Five Below. The seller was not disclosed.

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ArizonaLoansRetailWestern

CBRE Arranges $45.8M Loan for Refinancing of Retail Center in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a retail center located at 15444 N. Frank Lloyd Wright Blvd. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets’ Debt and Structured Finance secured the five-year interest-only, fixed-rate loan on behalf of the undisclosed owner. The 168,090-square-foot retail center was nearly 100 percent leased at the time of the loan closing, with current tenants including T.J. Maxx, Ross Dress for Less and Mountainside Fitness. Additionally, the property is shadow-anchored by Target. The sponsor acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50,000-square-foot space to Mountainside Fitness’ for a flagship location.

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