Retail

Orion Capital Partners Acquires Mixed-Use Property in Miami for $58M

by John Nelson September 20, 2023

MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.

September 20, 2023

Acquisitions North Carolina Retail Southeast

Klein Enterprises Purchases 140,000 SF Shopping Center in North Carolina’s Outer Banks Region

by John Nelson September 20, 2023

SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Acquisitions Connecticut Multifamily Northeast Retail

CBRE Negotiates $5.1M Sale of Apartment, Retail Building in Greenwich, Connecticut

by Taylor Williams September 20, 2023

GREENWICH, CONN. — CBRE has negotiated the $5.1 million sale of a commercial building in Greenwich, located in southern coastal Connecticut, that consists of four apartments and two retail spaces. The building was constructed in 2016 and was fully occupied at the time of sale, with Club Pilates and Estate Treasures of Greenwich serving as the retail tenants. Jeffrey Dunne, David Gavin, Stuart MacKenzie, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, Marx Realty, in the transaction. CBRE also procured the buyer, a Connecticut-based private investor.

September 20, 2023

California Loans Retail Western

PSRS Arranges $14.5M Loan for Central Valley Plaza Shopping Center in Modesto, California

by Amy Works September 20, 2023

MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.

September 20, 2023

Acquisitions Colorado Retail Western

Hawkeye INVSCO Sells Three-Property Retail Portfolio in Littleton, Colorado for $15.1M

by Amy Works September 19, 2023

LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.

September 19, 2023

Acquisitions Arizona Retail Western

ORION Investment Brokers $4.6M Sale of Retail Center in Chandler, Arizona

by Amy Works September 19, 2023

CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.

September 19, 2023

Acquisitions Northeast Retail Rhode Island

ShopOne, Pantheon Acquire 112,497 SF Shopping Center in Rhode Island

by Taylor Williams September 19, 2023

NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.

September 19, 2023

Acquisitions Georgia Retail Southeast

Divaris Arranges $18.4M Sale of Merchant’s Walk Shopping Center in Metro Richmond

by John Nelson September 19, 2023

HENRICO, VA. — Divaris Real Estate has arranged the $18.4 million sale of Merchant’s Walk Shopping Center, a 219,972-square-foot retail center located at 7580 W. Broad St. in Henrico. Situated about 10 miles northwest of Richmond, Merchant’s Walk was 97 percent leased at the time of sale to 38 retailers, including anchors Food Lion, AutoZone and JoAnn Fabric and Craft. Local investment firm Qi Lin purchased the 20-acre property from the undisclosed seller. John Madures of Divaris represented the buyer in the transaction. Qi Lin has retained Divaris to lease Merchant’s Walk, which has two retail availabilities, as well as affiliate Divaris Property Management Corp. to operate the center.

September 19, 2023

Leasing Activity Retail Texas

Larks Entertainment to Open 25,000 SF Venue in Fairview, Texas

by Taylor Williams September 18, 2023

FAIRVIEW, TEXAS — Larks Entertainment, a retail concept that features shuffleboard, food and beverages, will open a 25,000-square-foot entertainment center in Fairview, about 35 miles north of Dallas. The venue will be located within Fairview Town Center and is scheduled for a December opening. Joseph Williams of The Woodmont Co. represented the tenant in the lease negotiations. Walt Davis internally represented the landlord, Lincoln Property Co.

September 18, 2023

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