ELGIN, ILL. — SVN | Chicago Commercial has brokered the sale of McLean Square in Elgin for $2.7 million. The 23,405-square-foot retail strip center is situated on 2.5 acres along McLean Boulevard. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.
POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The …
By Molly Luhrs, Popp Hutcheson Diminishing tax liability may offer a silver lining amid a horror show of declining property values playing out for owners of silver screen properties across the nation. Many theater owners will pay more than their fair share in property taxes, however, unless and until they educate local tax assessors of the sinister influences that oppress their businesses. Movie theaters have been one of the hardest-hit industries during the COVID-19 pandemic. Spaces where the big screen once lit the faces of attentive viewers fell dark and silent, to sit lifeless for months. Studios released only 23 films in 2020, the fewest since 2003, and box offices sold less than 225 million tickets. As regulations eased, cinemas emerged far behind the pack of other businesses in a race to resume normal operations. Now, most states are allowing 100 percent occupancy in movie theaters; however, this does not mean movie-goers are rushing back to theaters. What is there to attract them? Some of the most anticipated new movies had their 2020 premiere dates pushed to middle or late 2021, with some even transitioning directly to streaming platforms like HBO. On top of the lack of content, theaters are …
WEST PALM BEACH, FLA. — CBRE has arranged the $6.5 million sale of Palm Beach Place, a 33,196-square-foot retail center in West Palm Beach. David Donnellan and Patricia Friend of CBRE represented the seller, Florida-based Harland Properties, in the disposition of the property to an undisclosed private investor. Built in 1981, Palm Beach Place was formerly known as West Palm Beach Merchandise Mart. The property is fully leased to tenants including L&D Beauty Supply Inc., Dan’s Fan City, Sherwin-Williams, Uniforms of WPB, Quantum Benefit Group Inc and Hospice of PB County Foundation. Located at 4833 Okeechobee Blvd., the property is situated 4.2 miles from downtown West Palm Beach and approximately 4.2 miles from Palm Beach International Airport.
HEMET, CALIF. — SRS Real Estate Partners has arranged the sale of Shops at KPC Towne Centre, located at 2375-2465 W. Florida Ave. in Hemet. A Southern California-based private family trust sold the asset to a Los Angeles-based private investor for $9.5 million. Situated on two acres, the three-building property features 20,167 square feet of retail space. At the time of sale, eight tenants fully occupied the retail center. Built in 1995 and renovated in 2004, Shops at KPC Towne Centre is an outparcel to KPC Towne Centre, which includes Sprouts Farmers Market, Burlington and Regal Cinemas. Matthew Mousavi, Patrick Luther and Max Sabino of SRS’ National Net Lease Group represented the seller, while Jason Paukovits of Dream Realty Asset Management represented the buyer in the transaction.
ST. CHARLES, MO. — St. Louis Funny Bone Comedy Club has opened a new location at the Streets of St. Charles, a 27-acre mixed-use development in suburban St. Louis. The family-owned comedy club has operated in St. Louis for more than 30 years. The club hosts talent from the St. Louis area as well as nationally touring comedians, and hosts a weekly open mic night on Tuesdays. Jerry Kubach is the club’s owner. Cullinan Properties Ltd., the owner of Streets of St. Charles, also unveiled new tenants at the property such as The Socialite and Hot Box Cookies.
AMES, IOWA — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Texas-based Embree Group.
ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …
