AURORA, ILL. — Quantum Real Estate Advisors Inc. has arranged the $2.8 million sale of a 14,238-square-foot retail center in Aurora. At the time of sale, the property at 2380 S. Eola Road was 90 percent leased to tenants such as Subway, Dunkin’, Wing Snob and Smile Family Dental. Dan Waszak and Brett Berlin of Quantum represented the seller, a public REIT based in Florida. The buyer was a private investor based in Illinois.
CHARLESTON, S.C. — Dwight Mortgage Trust, an affiliate of Dwight Capital, has provided a $110 million bridge loan for the refinancing of LC Line and Low, a new 277-unit apartment development in Charleston. Brandon Baksh, Noah Greenwald and Talisse Thompson of Dwight Mortgage Trust originated the loan on behalf of the sponsor, Lifestyle Communities, which will use the loan to refinance existing construction debt and fund remaining construction expenses. LC Line and Low features a main residential building, train shed with loft-style apartments, historic single-family homes with private courtyards and seven retail suites totaling 15,000 square feet. The retail component houses tenants including The Goat Restaurant & Bar and Morning Ritual Coffee Shop, with another restaurant and a cocktail bar in the planning stages. Amenities include a resort-style pool, clubhouse, fitness center with saunas and cold plunges, coworking lounge and a parking deck.
RICHMOND, TEXAS — Sprouts Farmers Market has opened a 29,105-square-foot grocery store in Richmond, a southwestern suburb of Houston. The Phoenix-based grocer joins LA Fitness, At Home and Academy Sports + Outdoors as the anchor tenants at Waterview Town Center, a 134-acre development located at the intersection of Grand Parkway and Harlem Road. Local developer Read King owns Waterview Town Center.
NEW YORK CITY — A joint venture between Baltimore-based MCB Real Estate and New York-based Osiris Ventures will undertake a $100 million retail redevelopment project in the Bay Ridge area of Brooklyn. The joint venture acquired the 14-lot assemblage at 458 86th St., which formerly housed a Century 21 department store that first opened in the 1960s, for $47.5 million. The redevelopment, which will be known as Century Marketplace, will involve reconstructing the multi-story structures facing 86th Street to create a two-story structure that aligns with the existing rear building on 87th Street. A new interior atrium fronting 86th Street will also be added, and the new development will ultimately feature 95,000 square feet of retail space with a grocery anchor. Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the transaction. Construction is expected to begin before the end of the year.
GLENDALE, CALIF. — Marcus & Millichap has arranged the sale of a vacant retail building located on 2.4 acres at South Central Avenue and Chevy Chase Drive in Glendale. Aria Investments LLC sold the asset to the City of Glendale for $24 million. The city plans to develop a park and recreation center on the site, which includes a 33,818-square-foot retail building formerly occupied by JoAnn Fabrics. Sheila Alimadadian of Marcus & Millichap represented the seller and procured the buyer in the deal.
BLOOMINGTON, ILL. — Marcus & Millichap has brokered the $13.4 million sale of Bloomington Commons, a grocery-anchored shopping center located at 1701 E. Empire St. in Bloomington. Anchored by Schnucks, the 15-suite property totals 132,966 square feet. Tenants include Barnes & Noble, The UPS Store, Kumon Math & Reading Center, Chuck E. Cheese and H&R Block. Schnucks, anchor tenant since 1989, recently renewed its lease for 10 years. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local developer that sold the property after an eight-year hold period. The buyer was a West Coast-based doctor acquiring his first asset in the Midwest.
WILMETTE, ILL. — Egg Harbor Cafe will open at Optima Verdana, a six-story, 100-unit luxury apartment complex in downtown Wilmette, on Tuesday, Aug. 26. Optima Inc. owns the property. The 4,100-square-foot restaurant maintains seating for 140 and is situated directly across from Wilmette’s Metra commuter rail station. Currently fully leased, the residences at Optima Verdana opened in 2023. Floor plans range from 660 to 2,790 square feet. Specializing in breakfast, brunch and lunch, Egg Harbor Cafe operates in Illinois, Wisconsin and Georgia. The new Wilmette location represents the second Egg Harbor within an Optima community, joining the Streeterville location that opened in 2019 at the 490-unit Optima Signature high-rise in downtown Chicago. Optima is planning a new 128-unit luxury building just south of Optima Verdana. Known as Optima Lumina, the project will replace the long-vacant former Imperial Motors car dealership. The developer intends to retain the existing Starbucks within the project’s 5,900 square feet of new commercial space. Optima Verdana and Optima Lumina will be separated by a new public, landscaped plaza.
When people think of Memphis, they often picture its musical legacy, its storied riverfront and its role as a logistics powerhouse. But fewer realize that Memphis is also quietly becoming one of the Southeast’s most dynamic retail markets. Despite headwinds that have impacted large-format retailers nationally, Memphis continues to attract new-to-market brands, redevelop aging assets and create spaces that resonate with today’s consumers. Economic foundations Memphis is riding a wave of transformational investment across multiple sectors. Ford Motor Co.’s $5.6 billion Blue Oval City, where the company’s all-electric truck and battery plant will be built, is already reshaping the regional economy. Google’s announcement of a 1,178-acre, $10 billion data center and office campus in nearby West Memphis in Arkansas adds another layer of momentum, as does the creation of the world’s largest supercomputer by xAI. Coupled with St. Jude’s $10 billion expansion, these projects underscore the region’s growth trajectory and long-term employment base. In retail, the past year brought a temporary pause in net absorption, with approximately 317,000 square feet coming back to the market — primarily due to national big-box closures like Macy’s, Joann Fabrics and Big Lots. Yet these macro shifts don’t tell the whole story. By the …
HOUSTON — AJ Madison will open a 12,000-square-foot store and showroom in West Houston that will be the New York-based home appliance retailer’s first Texas location. The space is located within Piney Point Shopping Center, and the opening is scheduled for early next year. Eric Lestin and Michael Burgower of Cushman & Wakefield represented AJ Madison in the lease negotiations. Radkey Jolink and Greg Lee of Jolink Wallace Commercial represented the undisclosed landlord.
MOUNTAIN HOUSE, CALIF. — Brixton Capital has purchased The Market Mountain House, a neighborhood shopping center in Mountain House, from Shea Properties for $32 million. The fully leased property offers 86,872 square feet of retail space spread across five buildings. Current tenants include Safeway and its affiliated fuel station, Starbucks Coffee, The UPS Store, Great Clips and Haagen-Dazs. Rob Ippolito, Pete Bethea, Glenn Rudy, Nicholas Ricardo and Warren McClean of Newmark represented the Aliso Viejo, Calif.-based seller, while Brixton was self-represented in the transaction.
