CHATTANOOGA, TENN. — Nuveen Green Capital has provided an $11.8 million C-PACE loan for the gut renovation of Tivoli Theatre, a historic theater in downtown Chattanooga. The 30-year C-PACE loan is being used as part of a $73.4 million construction financing package with Reinvestment Fund Inc. The financing is being used along with New Market Tax Credits and Historic Tax Credits to fund renovations and new developments, including building exteriors, roofing, windows, HVAC, lighting, plumbing, new elevators and a pit lift. Tivoli Theatre, along with an adjacent office building, will be reimagined as the new Tivoli Performing Arts Center and a new 250-seat cinema and performance art hall. The construction timeline was not released.
WOBURN, MASS. — CBRE has brokered the $11.2 million sale of a Woburn Plaza, a 31,994-square-foot shopping center located on the northern outskirts of Boston. Tenants at the property include West Marine, Eastern Bank and Mattress Firm. Nat Heald, Kyle Juszczyszyn, Connor Scott and Jordana Roet of CBRE represented the seller, locally based owner-operator Linear Retail Properties, in the transaction. The buyer was Chestnut Realty Management.
MIDDLETOWN, DEL. — Sprouts Farmers Market has opened an 23,000-square-foot store in Middletown, located north of Dover near the Maryland-Delaware border. The store is located at 431 Middletown Warwick Road and is the second in Delaware for the Phoenix-based grocer. About 80 people are expected to work at the store on full- and part-time bases.
NASHVILLE, TENN. — Southwest Value Partners, AEG and Virentes Hospitality have announced that Shipley Do-Nuts and Sweet Paris Crêperie & Café will be opening new flagship locations at Nashville Yards in 2025. Nick Gross and Brian Ashby of CBRE represented Virentes Hospitality, which will operate both Shipley and Sweet Paris. Set to open in May, Shipley will be located within the mixed-use development’s creative office building fronting Church Street, which is anchored by CAA. The 11-story tower will feature three levels of retail, dining and entertainment leased to tenants including Iconix Fitness, EVO Entertainment, Fogo de Chão and Ocean Prime. In June, Sweet Paris will open along Signal Street on the first level of The Pinnacle, which is Nashville Yards’ indoor live music and events venue that will open in February with a Kacey Musgraves concert. Nashville Yards will be the first location in Tennessee for Sweet Paris and the brand’s 20th overall.
CARY, N.C. — Hines and Columbia Development Group, in partnership with Affinius Capital, are announcing a nearly 19,000-square-foot wave of retail leases at Fenton, including The Salty Donut, which plans to open its newest location in 2025. Located in the Raleigh suburb of Cary, the 92-acre mixed-use development is located along Cary Towne Boulevard near I-40 and the Research Triangle Park. Other retailers and restaurants that have opened recently at Fenton, or will in 2025, include Brewery Bhavana, Kendra Scott, Vega Vitality, Crawford Brothers Steakhouse and Doc B’s. Full construction of the property will feature 2.5 million square feet of residential, retail, office and entertainment spaces, as well as a seven-story hotel announced earlier this year. The Salty Donut was founded as a pop-up in Miami in 2015 and has since grown to multiple locations in Florida and Texas, as well as restaurants in Charlotte, Denver, Nashville and metropolitan Washington, D.C.
NEW YORK CITY — Cushman & Wakefield has arranged the $48 million sale of two office and retail buildings totaling 144,251 square feet — 128,032 square feet of office space and 16,219 square feet of retail space — in Midtown Manhattan. The buildings are located at 303 W. 42nd St. and 300 W. 43rd St. in the Times Square area and were recently renovated. Retail users include Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza and Dunkin’. Andrew Berry and Charlie Gravina of Cushman & Wakefield represented the sellers, a pair of limited liability companies, in the transaction. The buyer was a partnership between Blake Partners, JAM Real Estate Partners and The Straus Group.
LOS ANGELES — CIM Group, through CIM Real Assets & Credit Fund, has purchased District La Brea, a collection of adjacent retail and commercial buildings along La Brea Avenue in Los Angeles. Details of the transaction were not disclosed. The acquisition includes approximately 82,210 square feet of commercial space and 171 parking stalls, including a three-story parking structure. Current tenants include Acr’Teryx, Stone Island, Undefeated, Market, Garrett Leight, Schott NYC, Sycamore Kitchen, Burrow, Interior Define, AETHER Apparel and SUGARFISH by Sushi Nozawa. Located on La Brea Avenue between 1st and 2nd streets, the one-, two- and three-story buildings were organized and rebranded as District La Brea in 2013 with further development completed in 2017. The buildings are each architecturally distinct with storefronts in a variety of styles, including rustic red brick, gold scrollwork and modern glass and stone.
VOORHEES, N.J. — Locally based firm CenterSquare Investment Management has purchased Cedar Hill Shopping Center, a 16,891-square-foot retail property located outside of Philadelphia in Voohees, N.J. The two-building center is located along State Route 73 and is home to tenants such as Starbucks, Orange Theory, UPS, Great Clips, Vitamin Shoppe and AT&T. The seller and sales price were not disclosed.
LAFAYETTE, IND. — The Cooper Commercial Investment Group has brokered the sale of the Market Square Shopping Center in Lafayette for $10.9 million. Anchor tenants at the 132,429-square-foot property include Dollar General, the State of Indiana, Indiana BMV and Arni’s Pizza. Dan Cooper of Cooper Group represented the seller, a private investment group out of Kansas. The Michigan-based buyer purchased the asset at 99 percent of the list price. The property was 84 percent leased at the time of sale.
— By Patrick Dempsey, senior managing director of JLL Capital Markets — The Phoenix retail capital markets environment is showing signs of resilience in the face of current economic conditions. While the market has experienced a period of lower transaction volume, recent drops in interest rates have begun to bridge the gap between buyer and seller expectations, potentially paving the way for increased activity. Notably, Phoenix stands out with impressive positive rent growth, recording the highest rate at 7.4 percent among major metros and Sun Belt markets. Phoenix’s robust employment market, especially in the semiconductor sector, continues to be a major advantage. The city boasts a strong base of major employers, contributing to its ongoing economic vitality. Investor demand remains concentrated on grocery-anchored properties and premium retail locations, highlighting the enduring value of strategically positioned assets. This trend is especially pronounced in high-growth submarkets. For example, the Southeast Valley is experiencing significant suburban and residential growth, driving the development of new grocery centers to serve the expanding population. Similarly, Northwest Phoenix with areas like Peoria and Glendale are seeing strategic investments from grocers anticipating future population growth. Looking ahead, there’s increasing optimism for a stabilization of retail capital markets transactions …