Retail

Faris Lee Arranges $10.3M Sale of Shops at Crown Valley in Laguna Niguel, California

by Amy Works May 13, 2022

LAGUNA NIGUEL, CALIF. — Faris Lee Investments has brokered the $10.3 million sale of Shops at Crown Valley, a grocery- and pharmacy-anchored retail center in Laguna Niguel. A Los Angeles-based private family office sold the asset to a Riverside-based buyer. Located at 30262-30272 Crown Valley Parkway, Shops at Crown Valley features 23,315 square feet of retail space. Planet Fitness, Smart & Final, Rite Aid and The UPS Store are tenants at the fully occupied property. Sean Cox, Alex Moore, Chris DePierro, Matt Brooks and Joe Chichester of Faris Lee represented the seller and procured the buyer for the transaction.

May 13, 2022

Acquisitions Georgia Retail Southeast

IPA Brokers $23.2M Sale of Doraville Plaza Shopping Center in Metro Atlanta

by John Nelson May 12, 2022

DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented the seller in the transaction, says Doraville Plaza has future redevelopment potential. “CMBS debt assumptions are difficult and typically shrink the buyer pool. However, rising interest rates and the demand for well-located retail assets centers like Doraville Plaza worked in our favor,” says Taylor. “The location and future redevelopment potential of the underlying real estate created a competitive bidding environment.”

May 12, 2022

Acquisitions Florida Retail Southeast

TSCG Brokers $10.4M Sale of Grocery-Anchored Shopping Center in Southwest Florida

by John Nelson May 12, 2022

BONITA SPRINGS, FLA. — TSCG has brokered the sale of Bay Landing, a grocery-anchored shopping center totaling nearly 63,000 square feet in the southwest Florida city of Bonita Springs. Illinois-based InvenTrust Properties purchased the property for approximately $10.4 million. Anthony Blanco led the TSCG team that included Mallory Silva and Nick Ureta in representing the seller, an affiliate of Barron Collier Cos. Built in 1998 along U.S. Highway 41, Bay Landing was fully leased at the time of sale to The Fresh Market and HomeGoods. The site is entitled for an additional 10,000 square feet of retail development, according to Blanco.

May 12, 2022

Acquisitions Retail Texas

2GR Equity, SHOP Development Buy 132,000 SF Shopping Center in Grapevine, Texas

by Taylor Williams May 12, 2022

GRAPEVINE, TEXAS — A joint venture between two locally based firms, 2GR Equity and SHOP Development, has purchased Southlake Marketplace, a 132,000-square-foot shopping center in Grapevine, located in the northern central part of the metroplex. Hobby Lobby and Urban Air anchor the center, which was 92 percent leased at the time of sale, although the latter tenant owns its space. The new ownership plans to upgrade the center’s landscaping, signage and parking areas. The seller was not disclosed.

May 12, 2022

Acquisitions New York Northeast Retail

Midwood Investment & Development Sells Long Island Shopping Center for $65.3M

by Taylor Williams May 12, 2022

GARDEN CITY, N.Y. — Midwood Investment & Development has sold Whole Foods at Westbury, a 55,109-square-foot shopping center located in the Long Island community of Garden City, for $65.3 million. Whole Foods Market anchors the property, which is also home to a 4,818-square-foot, freestanding pad site occupied by HSBC Bank and Bond Vet. Jim Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr and J.B. Bruno of JLL represented Midwood in the disposition of the property to an undisclosed private family investment firm.

May 12, 2022

Acquisitions Connecticut Northeast Retail

IPA Negotiates $14M Sale of Shopping Center in Ansonia, Connecticut

by Taylor Williams May 12, 2022

ANSONIA, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Ansonia Landing, a 91,460-square-foot shopping center located in Connecticut’s New Haven County. The property, which was built in 1979 and was 91.5 percent leased at the time of sale, consists of a 60,000-square-foot Stop & Shop grocery store and a 31,460-square-foot strip center. Jim Koury of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

May 12, 2022

Acquisitions California Retail Western

Newmark Brokers Sale of Two-Property Retail Portfolio Near San Francisco

by Amy Works May 12, 2022

LAFAYETTE, CALIF. — An institutional investment group has acquired a two-property retail portfolio in Lafayette from an undisclosed private seller. Terms of the transaction were not released. The portfolio includes La Fiesta Square, a 3.9-acre open-air, convenience-oriented lifestyle center, and Lafayette Mercantile, a 56,614-square-foot mixed-use asset. La Fiesta Square features 74,295 square feet of retail space spread across five buildings. The three-story Lafayette Mercantile offers ground-floor retail space and office space on the second and third floors. Nicholas Bicardo and Steven Golubchik of Newmark represented the seller in the transaction.

May 12, 2022

Acquisitions Retail Texas

Partnership Acquires 1.4 MSF Shops at Willow Bend in Plano, Plans Redevelopment

by Taylor Williams May 11, 2022

PLANO, TEXAS — A partnership between two locally based investment firms, Centennial and Cawley Partners, as well as New York City-based Waterfall Asset Management, has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage users. According to Chain Store Age, the seller was Syracuse-based Spinoso Real Estate Group.

May 11, 2022

Leasing Activity Restaurant Retail Texas

Bright Realty Adds 11 New Retailers, Restaurants at Realm at Castle Hills in Metro Dallas

by Taylor Williams May 11, 2022

LEWISVILLE, TEXAS — Bright Realty has added 11 new retail and restaurant users at The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use destination in the northern Dallas suburb of Lewisville. Food and beverage concepts include Saray Mediterranean Fusion Grill & Bar, Salubrious Juice & More, donut eatery Mochinut, smoothie bar Bahama Bucks, breakfast concept Food Morning and Japanese restaurant Luster Grill. The roster now also features three salons — Cool Heads, Salon Bellus and Cachet Salons & Spa — as well as fitness concept Hotworx and Castle Hills Animal Hospital.

May 11, 2022

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $5.9M Sale of Retail Center Near Milwaukee

by Kristin Harlow May 11, 2022

OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.

May 11, 2022

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