Retail

Cape Point Development Buys La Paz Village Shopping Center in Laguna Hills for $23.5M

by Amy Works May 9, 2022

LAGUNA HILLS, CALIF. — Cape Point Development has acquired La Paz Village, a neighborhood shopping center in Laguna Hills. A consortium of private investors sold the asset for $23.5 million. Built in 1974 and refurbished in 2012, La Paz Village features 54,566 square feet of retail space. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, along with Steven Siegel, Glen Kunofksy and Anthony D’Ambrosia of Marcus & Millichap represented the seller, while Rose procured the buyer in the deal. Damon Wyler of Marcus & Millichap served as broker of record in California.

May 9, 2022

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates $11.8M Sale of Canyon 66 Plaza in Flagstaff, Arizona

by Amy Works May 9, 2022

FLAGSTAFF, ARIZ. — Marcus & Millichap has arranged the sale of Canyon 66 Plaza, a retail property located at 1416 E. Route 66 in Flagstaff. A limited liability company sold the asset to an undisclosed buyer for $11.8 million. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Ruble and Lind procured the buyer in the deal. Currently being remodeled, Canyon 66 Plaza features 50,606 square feet of retail space.

May 9, 2022

Acquisitions Georgia Retail Southeast

JLL Brokers $82M Sale of Conyers Crossroads Shopping Center in Metro Atlanta

by John Nelson May 6, 2022

CONYERS, GA. — JLL has brokered the $82 million sale of Conyers Crossroads, a 465,993-square-foot shopping center in the east Atlanta suburb of Conyers. Valley Stream, New York-based Serota Properties acquired the asset from a joint venture between Hendon Properties and Harbert Management Corp. Built in phases between 2000 and 2005, Conyers Crossroads was fully leased at the time of sale to tenants such as Kohl’s, Belk, AMC Theatres, T.J. Maxx, Best Buy, HomeGoods, Michaels, Old Navy, Five Below and Shoe Carnival. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller in the transaction.

May 6, 2022

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $2.9M Sale of Retail Strip Center in Macon, Georgia

by John Nelson May 6, 2022

MACON, GA. — The Palomar Group has arranged the $2.9 million sale of a 32,676-square-foot retail strip center located at 888 Pierce Ave. in Macon. The fully leased property includes tenants Dollar General, Buddy’s Furniture and Mattress Barn. Robbie Romeiser of Spencer/Hines Properties represented the buyer, an unnamed private investor based in South Carolina, in the transaction. The seller was an unnamed regional shopping center developer and owner based in Georgia.

May 6, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 60,136 West U Marketplace Shopping Center in Houston

by Taylor Williams May 6, 2022

HOUSTON — JLL has negotiated the sale of West U Marketplace, a 60,136-square-foot shopping center in Houston. Whole Foods Market anchors the center, which also houses tenants such as Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique and River Oaks Nail & Spa. Chris Gerard, Ryan West and Katherine Miller of JLL represented the seller, an affiliate of New York-based Camden Securities Co., in the transaction. Brixmor Property Group (NYSE: BRX) acquired the asset for an undisclosed price.

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Acquisitions New York Northeast Office Retail

Joint Venture Buys Ridge Hill Office, Retail Development in Yonkers for $220M

by Taylor Williams May 6, 2022

YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.

May 6, 2022

Acquisitions Midwest Office Retail Wisconsin

Klein Development Acquires Historic Three-Story Building in Madison, Wisconsin

by Kristin Harlow May 6, 2022

MADISON, WIS. — Milwaukee-based developer Klein Development, in partnership with Hintz Holdings, has acquired a three-story building located on Madison’s Capitol Square. Located at 14 W. Mifflin St., the property was originally constructed in 1924 as Baron’s Department Store. It is currently home to Rare Steakhouse on the ground floor. The building’s second and third floors boast roughly 20,000 square feet of vacant commercial space. Klein plans to reposition the property with assistance from Eppstein Uhen Architects. Renovations will be made to the first-floor lobby and restrooms on the second and third floors. Chase Brieman of CBRE will handle leasing. The seller and sales price were undisclosed.

May 6, 2022

Acquisitions Delaware Northeast Retail

Chase Properties Acquires 334,000 SF Peninsula Crossing Retail Power Center in Millsboro, Delaware

by Taylor Williams May 6, 2022

MILLSBORO, DEL. — Ohio-based owner-operator Chase Properties has acquired Peninsula Crossing, a 334,000-square-foot retail power center located in the southern Delaware city of Millsboro. Lowe’s Home Improvement and PetSmart anchor the open-air center, which will soon be adding German discount grocer Aldi to its tenant roster. According to mallsinamerica.com, other tenants at Peninsula Crossing include Supercuts, Mattress Firm, AT&T, GNC and Burger King. The seller and sales price were not disclosed.

May 6, 2022

Development Florida Leasing Activity Retail Southeast

Elev8 Fun to Replace Former Sears at Simon’s Treasure Coast Square Mall in Jensen Beach, Florida

by John Nelson May 5, 2022

JENSEN BEACH, FLA. — Simon Property Group has signed Elev8 Fun to a 115,000-square-foot lease to backfill a former Sears department store at Treasure Coast Square Mall in Jensen Beach, a suburb of Port St. Lucie. The entertainment venue will feature go-carts, arcade games, laser tag, 12 bowling lanes and axe throwing, as well as party rooms, meeting space and a restaurant with a full bar. This location will be the third Florida venue for Elev8 Fun, which has identified 15 potential locations at malls and shopping centers around the state for its expansion. PrimeTime Amusements, a gaming machine supplier based in Fort Lauderdale, is a partner in the new Elev8 Fun location at Treasure Coast Square Mall.

May 5, 2022

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