LAFAYETTE, COLO. — The Boulder Group has arranged the sale of a single-tenant retail property located at 825 US Highway 287 in Lafayette. The building traded for $6.8 million. Nashville, Tenn.-based Tractor Supply Co. occupies the 21,930-square-foot building on a net-lease basis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the California-based 1031 exchange buyer, while Andrew Bogardus of Cushman & Wakefield represented the undisclosed seller in the transaction.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant restaurant property at Monterey Crossing shopping center in Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Southern California-based private investor for $4.6 million. Located at 73320 Dinah Shore Drive, The Habit Burger Grill occupies the 2,700-square-foot drive-thru restaurant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, while John Costa, David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office represented the buyer in the transaction.
ROCHESTER, N.Y. — Apple Cinemas, a provider of luxury moviegoing experiences, will open a movie theater in the upstate New York city of Rochester. The number of screens and opening date were not disclosed. The space spans 27,452 square feet and is located within Pittsford Plaza. Don Mace of Massachusetts-based KeyPoint Partners represented the tenant in the lease negotiations. Apple Cinemas also recently opened two new theaters in the Hartford, Connecticut market, two in New Hampshire and two in Maine. The chain intends to open 100 new venues over the next decade.
WELLESLEY, MASS. — Massachusetts-based owner-operator Linear Retail Properties has acquired two commercial assets in Wellesley, a western suburb of Boston, for a combined price of $12.2 million. The first building spans 11,000 square feet of retail, office and residential space, while the second building comprises 6,000 square feet of retail space. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed seller in the transaction.
COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.
WEST ALLIS, WIS. — Colliers has arranged the $4.3 million sale of a 14,079-square-foot retail center in the Milwaukee suburb of West Allis. The recently built property sits at the corner of South 108th Street and West Oklahoma Avenue. Some of the tenants at the fully leased center include HuHot, Tropical Smoothie, Elements Massage and AT&T. Adam Connor, Josh Minkin and Heather Dorfler of the Colliers Wisconsin investment services team represented the seller, a Milwaukee-based private developer. The private buyer is also based in Wisconsin.
GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.
MONROE, N.C. — Nyack, N.Y-based Irgang Group has acquired Poplin Place, a 196,462-square-foot regional shopping center in Monroe, about 21.3 miles south of Charlotte. Ben Bruner of the Bruner Group represented Irgang Group in the transaction. Thomas Kolarczyk, Danny Finkle and Eric Williams of JLL Capital Markets represented the seller, Big V Property Group. The sales price was not disclosed. Built in 2005, Poplin Place is fully occupied by an anchor tenant lineup that includes T.J. Maxx, Ross Dress for Less, PetSmart, Burlington, Big Lots and pOpshelf. Poplin Place’s other tenants include Boot Barn, Rack Room Shoes, Kay Jewelers and Claire’s. Additionally, the center’s former Dress Barn space was divided to accommodate Bath & Body Works and Spectrum. Located on 30.2 acres at 2901 W US Highway 74, Poplin Place is located 28 miles from Charlotte Douglas International Airport and 28 miles from the University of North Carolina at Charlotte. Target shadow-anchors the shopping center.
ATLANTA — Walmart has plans to open the Walmart Global Tech hub in Atlanta in order to accelerate its digital capabilities. The Arkansas-based retailer says it selected Atlanta because of the city’s growing tech presence in the United States, its connection to Walmart and the strong talent base in the area. The location of Walmart’s new offices was not disclosed. The Walmart Global Tech hub will develop and manage cloud, data, enterprise architecture, DevOps, infrastructure and security functions to support stores and customer experience. Most of the new positions will be for data scientists and software engineers, as well as cybersecurity professionals, architects, developers, data engineers, technical program managers and product managers. Along with Atlanta, Walmart plans to build 15 other Walmart Global Tech hubs, including in Toronto, Austin, Dallas, Silicon Valley, Seattle and Charlotte. Globally, the Walmart Global Tech hub includes more than 20,000 associates, with plans to hire over 5,000 more tech workers in the next year.
MIDLAND, TEXAS — Dallas-based brokerage firm SRS Real Estate Partners has arranged the $6 million sale of a 94,579-square-foot retail building in the West Texas city of Midland that is occupied by Kohls and Crunch Fitness. Both tenants operate on long-term, triple-net leases. The building was originally constructed in 2005 and is situated within a 250,000-square-foot shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin-Williams and Jack in the Box. Britt Raymond and Kyle Fant of SRS represented the seller, a Texas-based developer, in the transaction. Jake Bordelon of Marcus & Millichap represented the buyer, a California-based private investor.
