Friday, November 22, 2024
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Retail

Crossings-Corona-CA
CaliforniaLoansRetailWestern

Castle & Cooke Obtains $140M in Financing for Crossings at Corona Retail Power Center in California

by Amy Works

CORONA, CALIF. — Castle & Cooke has received $140 million in financing for Crossings at Corona, a Class A retail power center in Corona. John Marshall, Spencer Seibring and Nick Englhard of JLL Capital Market’s Debt Advisory arranged the balance sheet loan through Deutsche Bank AG for the borrower. Completed in 2005, Crossings at Corona offers 833,995 square feet of retail space. The retail and entertainment destination shopping center is shadow anchored by Target and includes sub-anchors Marshalls, Kohl’s, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and other national retail and restaurant tenants.

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AcquisitionsGeorgiaRetailSoutheast

Hanley Arranges $25M Sale of New Publix-Anchored Shopping Center in Dacula, Georgia

by John Nelson

DACULA, GA. — Hanley Investment Group Real Estate Advisors has arranged the $25 million sale of Publix at Harbins 316, a grocery-anchored shopping center located at 952 Harbins Road in Dacula, an Atlanta suburb in Gwinnett County. Built in 2023, the 69,807-square-foot shopping center is situated near the new Ga. Highway 316 and U.S. Highway 29 intersection. The property was fully leased at the time of sale to tenants including Publix, Great Clips, Starbucks Coffee, Jersey Mike’s Subs, Wingstop, The UPS Store and Heartland Dental. Ed Hanley and Kevin Fryman of Hanley, along with ParaSell Inc., represented the buyer, a 1031 exchange investor based in San Diego, in the transaction. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $3.4M Sale of New Retail Building in Orlando Leased to Pacific Dental Services

by John Nelson

ORLANDO, FLA. — SRS Real Estate Partners has brokered the $3.4 million sale of a new retail property located at 7555 Narcoossee Road in Orlando. Pacific Dental Services has a 10-year, corporate-guaranteed lease in place at the 4,000-square-foot property. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private developer, in the transaction. A private investment firm based in Colorado purchased the retail building at a 5.85 percent cap rate, according to SRS.

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University-Hills-Denver-CO
AcquisitionsColoradoLoansRetailWestern

KPR Centers Receives $33.9M in Financing to Acquire University Hills Retail Center in Denver

by Amy Works

DENVER — KPR Centers has received $33.9 million in financing for the acquisition of University Hills, a grocery-anchored shopping center in Denver. The name of the seller and final sales price were not released. Sunny Sajnani and Travis Headapohl of Institutional Property Advisors (IPA) Capital Markets arranged the five-year life company financing, which includes fixed-rate, full-term interest-only payments and prepayment open at par for the last year. Tom Lagos of IPA retail investment sales procured the buyer in the sales transaction. At the time of sale, University Hills was fully occupied. Tenants include King Soopers, Michaels, Marshalls, Office Depot and Ulta.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $3.9M Sale of Shopping Center in Buffalo Grove, Illinois

by Kristin Harlow

BUFFALO GROVE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of a roughly 94,000-square-foot shopping center in the Chicago suburb of Buffalo Grove. At the time of sale, the property on West Dundee Road was 51 percent leased to tenants such as Aldi, Dollar Tree and AutoZone. Brett Berlin of Quantum represented the buyer, a private developer based in Illinois that plans to redevelop the center. The previous owner lost the asset to its lender.

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DevelopmentMixed-UseRetailSoutheastTennessee

GBT Realty, Robinson Properties to Develop Mixed-Use Project in Mount Juliet, Tennessee

by John Nelson

MOUNT JULIET, TENN. — GBT Realty Corp. and Robinson Properties have announced plans for Everett Downs, a mixed-use development in Mount Juliet, roughly 20 miles east of Nashville. GBT Realty will develop the retail portion of the project, which will comprise a 41,255-square-foot retail center. A 23,256-square-foot Sprouts Farmers Market will anchor the shopping center, which will also feature approximately 18,000 square feet of small shop and outparcel retail space. Completion of the retail component, which is currently 75 percent preleased, is scheduled for October 2025. Robinson Properties will develop Phase II of Everett Downs, which include a multifamily component.

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AcquisitionsConnecticutNortheastRetail

Atlantic Capital Partners Arranges $15.1M Sale of Shopping Center in Groton, Connecticut

by Taylor Williams

GROTON, CONN. — Atlantic Capital Partners, a regional brokerage firm and division of Atlantic Retail, has arranged the $15.1 million sale of Groton Shopper Mart, a 171,858-square-foot retail property in southern coastal Connecticut. Big Y Supermarket anchors the center, which was 77 percent leased at the time of sale. Other tenants include Starbucks, CVS and Chase Bank. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction. Stephen Joseph and Stephen Hassenflu, also with Atlantic Capital Partners, arranged an undisclosed amount of acquisition financing for the deal.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Four New Tenants Sign Leases at Bergen Town Center in Paramus, New Jersey

by Taylor Williams

PARAMUS, N.J. — Four new tenants have signed leases at Bergen Town Center in the Northern New Jersey community of Paramus. Bath & Body Works (4,157 square feet) and Crumbl Cookies (2,138 square feet) are now open. Food-and-beverage concepts First Watch (4,790 square feet) and Tacoria (1,654 square feet) will open in 2025. Taryn Brandes, Emily Green and Alexandra Yanoff of Brand Urban LLC represented the landlord, Urban Edge Properties, in the lease negotiations with Crumbl, First Watch and Tacoria. Paul Schiffer represented Urban Edge in negotiations with Bath & Body Works on an internal basis. Amy Staats of Katz & Associates represented First Watch; William Cafero of Charter Realty represented Crumbl; and Joe Brendel of Newmark represented Tacoria.

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Leasing ActivityNew JerseyNortheastRetail

Bubble Island Playground to Open 5,975 SF Indoor Gym in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Bubble Island Playground will open a 5,975-square-foot indoor gym at The Shoppes at North Brunswick, a 147,054-square-foot lifestyle shopping center in Central New Jersey. The location will be the company’s first in New Jersey and third overall. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Jim Cheng of eXp Realty represented the tenant. A tentative opening date was not announced.

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Yorktown-Center
DevelopmentIllinoisMidwestMixed-UseRetailTop Stories

PRCP, Synergy Break Ground on Mixed-Use Redevelopment of Yorktown Center Mall in Suburban Chicago

by Katie Sloan

LOMBARD, ILL. — A joint venture between Pacific Retail Capital Partners (PRCP) and Synergy Construction Group has broken ground on the mixed-use redevelopment of Yorktown Center, an enclosed regional mall located in the Chicago suburb of Lombard.  The 1.2 million-square-foot mall opened its doors in October 1968. The 130-acre property is currently home to over 170 stores and restaurants, including anchors Von Maur and JCPenney.  The joint venture acquired a 217,887-square-foot anchor building at the site that was formerly occupied by Carson Pirie Scott in fall 2022. The property will be demolished to make way for Phase I of the redevelopment, which will include a community park dubbed The Square, 600 residential units and thousands of square feet of new, exterior-facing shops and restaurants. The Square will feature a children’s play area, entertainment stage, dog park and fitness area. New retail space will be occupied by tenants including The Fresh Market, Tapville Social, Empire Burgers + Brew, Dave & Buster’s and Ancho & Agave, among others.  The residential portion of Phase I, Yorktown Reserve, will offer luxury multifamily units. Shared amenities will include a fitness center, resort-style swimming pool and hot tub, sauna, business center, DIY room, game room, multiple media and theater …

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