CARMEL, IND. — CBRE has brokered the sale of Village Park Plaza, a 290,016-square-foot shopping center in the Indianapolis suburb of Carmel. CBRE’s National Retail Partners Midwest team represented Washington Prime Group in the sale of the property to Pine Tree, which acquired the asset in partnership with a state pension fund. Tenants include Kohl’s, Hobby Lobby, Ross Dress for Less, Ulta and Dollar Tree. The property was 99 percent leased at the time of sale.
The March 2 France Media webinar “Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value,” hosted by France Media and sponsored by National Flood Experts, examined how flood zones and evolving regulatory requirements are shaping development and financing outlooks. Flood risk is often treated as a late-stage compliance issue, but it can influence site design, permitting timelines, construction costs (and cost expectations) and long-term insurance expenses. Flood maps established by federal and local authorities define development constraints such as base flood elevations and floodways. Because these maps are updated slowly and regulations vary by municipality, developers frequently encounter unexpected complications during permitting, including the need for additional engineering studies, modeling requirements and extended approval timelines. The webinar panelists emphasized ways that developers can mitigate these risks by approaching flood zones strategically and incorporating flood analysis earlier in the development lifecycle. Early collaboration can identify opportunities to cut costs and avoid delays. Watch this brief webinar to learn about common problems caused by flood zones, changes in regulatory needs and practical pathways to help reduce or eliminate flood zone requirements (to increase the value of properties). Click here to download the slide presentation. …
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of 3030 North Broadway, a Mariano’s-anchored retail property serving Chicago’s Lakeview and Lincoln Park neighborhoods. Additional tenants at the five-story, 131,748-square-foot asset include Club Studio, PNC, Starbucks and Fresh Dental. Ben Wineman and Joe Girardi of Mid-America represented the seller, SITE Centers. The buyer was L3 Capital.
BONITA SPRINGS, FLA. — The Zuckerman Group has signed leases with two new national retailers at Midtown at Bonita, a 68-acre mixed-use development under construction in Bonita Springs, about 15 miles north of Naples. T.J. Maxx and Ulta Beauty will join the lineup at Midtown at Bonita, bringing the amount of leased retail space to 100,000 square feet. Other committed tenants include Chipotle Mexican Grill, Panera Bread, The Hangry Bison, Club Pilates, Good Vets, Jeff’s Bagel Run, Noire the Nail Bar, Bonita Beach Wine & Spirits, Gelato&Co., LowBrow Pizza & Beer, Mathnasium, a dental office operated by Pacific Dental Services, Cold Stone Creamery, The UPS Store, Mason’s Famous Lobster Rolls and Three Sixteen Cafe, among others. Construction of the development’s retail component broke ground in November, with the first tenants expected to move in this spring. Upon full build-out, Midtown at Bonita will feature a 165-room boutique hotel, a luxury apartment complex and 30 acres of preserved open space, in addition to the shops, restaurants and service retailers.
CHARLOTTE, N.C. AND KANSAS CITY, MO. — Charlotte-based Six Flags Entertainment Corp. (NYSE: FUN), the world’s largest regional theme park operator, has entered into a definitive agreement to sell seven of its amusement parks for $331 million in cash. Kansas City-based EPR Properties (NYSE: EPR), an experiential and entertainment real estate investment trust, was the buyer. The parks total more than 1,600 acres combined and draw approximately 4.5 million visitors annually. “Consistent with our strategy, this divestiture enables us to concentrate our capital, leadership and operational focus on the properties that we believe generate the strongest returns and offer the greatest long-term upside,” says John Reilly, president and CEO of Six Flags. Six Flags will sell a list of parks including Valleyfair in Minneapolis; Worlds of Fun in Kansas City; Michigan’s Adventure in Grand Rapids, Mich.; Schlitterbahn Waterpark Galveston in Galveston, Texas; Six Flags St. Louis in St. Louis; Six Flags Great Escape in Queensbury, N.Y.; and Six Flags La Ronde in Montreal. Florida-based Enchanted Parks, a newly formed owner-operator entity that was formerly known as Innovative Attraction Management, is partnering with EPR Properties to lease and operate the six U.S. parks, while La Ronde Operations Inc. will lease and operate …
WEST COVINA, CALIF. — Phillips Edison & Co. has acquired Shops at Plaza West Covina, a retail property located at 310 S. California Ave. in West Covina, from an undisclosed seller for $25.8 million. Daniel Tyner, Geoff Tranchina and Gleb Lvovich of JLL Capital Markets represented the seller in the deal. At the time of sale, the 46,406-square-foot property was 88 percent occupied. Current tenants include Bank of America, Jamba, Urbane Café, SchoolsFirst Federal Credit Union, California Fish Grill, Gen Korean BBQ House and other specialty retailers.
OAK BROOK, ILL. — JLL Capital Markets has brokered the $44 million sale of Overlook at Oakbrook, an unanchored retail strip center in Oak Brook that was constructed in 2023 and is located across from Oakbrook Center shopping mall. The property totals 52,876 square feet across seven buildings. The asset is 94 percent occupied by 13 tenants, including Lazy Dog Restaurant and Bar, Panera Bread, Veterinary Emergency Group and Guidepost Montessori. The property features 80 percent national tenancy with no single tenant representing more than 20 percent of income. Michael Nieder, Brian Page and Alex Sharrin of JLL represented the seller, MetLife Investment Management, and procured the buyer, a real estate fund advised by Crow Holdings Capital.
VAUXHALL, N.J. — Ameritas Investment Corp. has provided a $13.5 million loan for the refinancing of Millburn Village, a 71,177-square-foot shopping center in the Northern New Jersey community of Vauxhall. Millburn Village is home to 19 tenants, many of which are long-term users, with Walgreens and Staples serving as the anchors. Ryan Carroll, Tyler Caricato and Caleb Henry of JLL arranged the three-year, fixed-rate loan on behalf of the borrower, New York City-based Lightstone, which acquired the center in 2003.
In the digital age, nearly everything is accessible online — entertainment, shopping, friendship, you name it. With a few taps on a screen, we can order three pairs of jeans, have a pizza delivered and carry on a meaningful conversation without ever leaving the couch. Considering that Generation Z — those born roughly between 1996 and 2013 — has grown up immersed in this digital reality, it would be easy to assume they have little interest in traditional, in-person experiences. Surprisingly, the opposite is true. From pop-ups, influencers, to retail, Gen Z are securing their Labubus to their bags and heading out the door to shake up our understanding of successful contemporary retail experiences. After coming of age during COVID, living through what has been called an “epidemic of loneliness,” Gen Z is craving in person experiences more than ever, and where better to go with your friends than the mall? A reported 69 percent of Gen Z shoppers say they prefer shopping in brick-and-mortar stores over online alternatives. However, their renewed interest in physical spaces doesn’t mean a return to retail as we once knew it. Instead, Gen Z is fundamentally reshaping what in-person shopping and entertainment look like …
HOUSTON — San Antonio-based Headwall Investments has purchased a 34,128-square-foot shopping center in northwest Houston. Known as Louetta Retail Center after the neighborhood of the same name, the center was built in 2006 and is home to tenants such as Chrysolite Aesthetics, DR Brassell Eyecare, GN Hearing, Houston Retina, Danny Chirla, Dogtopia and Medella. Matt Maglothin of Altrue Capital brokered the deal. The seller and sales price were not disclosed.