INDIAN LAND, S.C. — Chattanooga-based Hutton has completed Promenade at Carolina Reserve, a regional shopping center located at the corner of U.S. 521 and Jim Wilson Road in Indian Land, a suburb of Charlotte in South Carolina. The $60 million property spans 258,000 square feet of retail space. Promenade at Carolina Reserve’s tenant roster includes Burlington, Hobby Lobby, Ross Dress for Less, T.J. Maxx, HomeGoods, UltaBeauty, Five Below, Rack Room Shoes, Dollar Tree, Kirkland’s, Hibbett Sports, Petco, Express Oil Change, Starbucks Coffee, Panera Bread, Chili’s Bar & Grill, Verizon Wireless, Jimmy John’s Gourmet Sandwiches, Le Peep, Habit Burger Grill and Heartland Dental. Additionally, an Aldi grocery store is scheduled to open in 2020, and the center has additional outparcels available for ground lease or built-to-suit. The development team, which is led by Hutton’s Brad Combs and includes general contractor Berry Hutton Construction, is hosting a public grand opening ceremony and ribbon-cutting event on Tuesday, Oct. 16.
WOODSTOCK, GA. — Smyrna, Ga.-based Halpern Enterprises has purchased Shoppes at Trickum, a shopping center located at 12184 Highway 92 in Woodstock, for an undisclosed price. Developed in 2004, the 49,900-square-foot retail center is 94 percent leased to Dollar Tree, Sally Beauty, H&R Block, SportClips, GameStop and Cricket Wireless. The name of the seller and sales price were not released.
PINECREST, FLA. — MMG Equity Partners has purchased Pinecrest Center, a two-story mixed-use property located at 11975 S. Dixie Highway in Pinecrest, a village in Miami-Dade County. A family-owned investment group sold the property for $9.7 million, or $284 per square foot. Drew Kristol, Kirk Olson and Jean-Baptiste Ramet of Marcus & Millichap’s Miami office represented the seller in the deal. Pet Supermarket, Miami Home Center and IHOP are tenants at the 34,306-square-foot property. The second floor of the property features recently remodeled office space ranging from 240 square feet to 600 square feet, plus a shared conference room.
MORENO VALLEY, CALIF. — MCA Realty has purchased a portion of Stoneridge Towne Centre, a retail center located in Moreno Valley, for $16.5 million. Totaling 117,191 square feet, the acquisition includes four multi-tenant buildings and two retail boxes located at 27110, 27120, 27130, 27140, 27190 and 27220 Eucalyptus Ave., as well as four developable pads totaling 5.24 acres. At the time of sale, the retail assets were 88 percent occupied, with Best Buy and West Elm currently occupying the two box spaces on short-term leases. Phil Voorhees, Jimmy Slusher, James Tyrrell and John Read of CBRE represented the buyer and undisclosed seller in the transaction.
SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.
WEST CHESTER, OHIO — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of Liberty Commons in West Chester. The 58,059-square-foot shopping center is located at 7302-7340 Yankee Road. Tenants include a chiropractor, nail salon, hair salon and wings restaurant. Noah Juran and Dale Stewart of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A national bank provided the loan. The borrower was not disclosed.
IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.
ST. LOUIS — Fields Foods is opening a store at the Lofts@Euclid in St. Louis. The grocer will occupy the remaining 8,186 square feet of commercial space on the ground floor of the 87-unit loft development, which opened in 2016. Fields Foods plans to be open for business later this year. The property originally opened in 1910 and served as the headquarters for the Langan & Taylor Co.
GARNER, N.C. — Chapel Hill, N.C.-based Prudent Growth Partners has purchased The Shops at Gardner Plaza, a retail center located at 537 Plaza Circle in Garner. An undisclosed seller sold the property for $5.5 million. Family Dollar, NY Bride and Groom and Carriage House Cleaners are tenants at the 57,000-square-foot shopping center. Additionally, the property is located nearby Amazon’s newly announced, $200 million distribution center.
ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.” The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering. The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator. Food traffic, the right demographics, and a community …