OWATONNA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Three Corners Marketplace in Owatonna, located in southern Minnesota, for $1 million. The 7,666-square-foot retail property is fully leased to four tenants including Caribou Coffee, Subway, Re-Bath and Midnight Sun Spas. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The private buyer was completing a 1031 exchange.
RICHMOND, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Long Meadow Plaza Shopping Center, a 15,692-square-foot retail center located at 7909 W. Grand Parkway S. in the Houston metro of Richmond. Tenants include Wendy’s, Mattress One, Today’s Vision and Little Caesars, all of which are subject to seven-year, triple-net leases. Rafael Melara of Hunington represented the seller in the transaction. Other terms of sale were not disclosed.
ODESSA, TEXAS — The Woodmont Co., a Fort Worth-based brokerage and development firm, has closed the sale of a 24,000-square-foot, freestanding retail building located at 5161 E. 42nd St. in the west Texas city of Odessa. Gal Avneri of The Woodmont Co. represented the seller, RW Odessa Holdings LP, in the transaction. Joseph Williams of The Woodmont Co. represented the buyer, Altitude Trampoline Park. The building was formerly occupied by Staples.
OCOEE, FLA. — Avison Young has arranged the $23.8 million sale of Good Homes Plaza, a 165,741-square-foot, Publix-anchored center located at 8805-8995 W. Colonial Drive in Ocoee, roughly 13 miles west of Orlando. John Crotty, Ray Hayhurst, Steve Tanner and Joshua Ladle of Avison Young arranged the transaction on behalf of the seller, IMC Equity Group, and secured the buyer, Canadian-based Slate Retail REIT. Good Homes Plaza was 96 percent leased at the time of sale to anchor tenant Publix, Pet Supermarket and Beall’s Outlet Store.
BLACKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of University Crossroads, an 18,316-square-foot retail center located at the main entrance of Virginia Tech in Blacksburg. Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the sale on behalf of the undisclosed seller. Additional terms of the transaction were not disclosed. Constructed this year, the center is part of the larger University Crossroads mixed-use development, which includes additional retail space, a freestanding CVS/pharmacy and two hotels with a total of 250 rooms. Graystone Cos. developed University Crossroads. At the time of sale, the center was home to Chipotle Mexican Grill, Panda Express and Tropical Smoothie Café. John Nielsen of Cushman & Wakefield | Thalhimer completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset under the new ownership.
Louisville’s evolving retail market has presented a mix of new development and infill redevelopment opportunities that have created a substantial amount of activity in targeted areas. While rents and absorption activity have fluctuated, several of these new developments have proven that well-designed, experiential retail projects can still gain traction and create the buzz necessary for successful brick-and-mortar retail. No project in Louisville encapsulates this more than the Whiskey Row project that is taking place downtown in the central business district (CBD). It has been several years since retail development or retailers have ventured downtown, but this new project has created the level of excitement that has attracted national retailers. The driving force behind Whiskey Row is the tourism industry centered around Louisville’s well-known bourbon scene. The $30 million mixed-use project will be a redevelopment of former distilleries, with the developer preserving and restoring the historic facades, while building out world-class retail, restaurant and office space in the existing structures. The entire project will consist of 24,000 square feet of retail. With new distilleries and restaurants opening around the mixed-use development, retailers have been drawn by the foot traffic that will undoubtedly be delivered by tourists traveling to Louisville for the …
AZUSA, CALIF. — Hanley Investment Group Real Estate Advisors and SRS Real Estate Partners have arranged the sale of a single-tenant McDonald’s ground lease in Azusa. A private 1031 exchange buyer acquired the ground lease from a Newport Beach-based private investor for $3.5 million. Built in 2017, the 4,365-square-foot property features a double drive-thru. McDonald’s occupies the property on a 20-year ground lease. Eric Wohl of Hanley Investment and Michael Walseth of SRS represented the seller, while Mark Repstad of Realty Advisory Group represented the buyer in the transaction.
MONTGOMERY, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Montgomery Trace, a 94,893-square-foot shopping center situated on 14 acres at 20821 Eva St. in Montgomery, about an hour northeast of Houston. Anchored by a 31,760-square-foot Brookshire grocery store, the property was 92 percent leased at the time of sale. Jeff Tinsley of The J. Beard Co. represented the seller, Montgomery Trace Shopping Center DST, in the transaction.
MANASQUAN, N.J. — Levin Properties has purchased ACME Center, a retail property located at 71 Taylor Ave. in Manasquan, for an undisclosed price. ACME supermarket occupies the 19,000-square-foot property, which is situated on two acres. Levin Management Corp. served as advisor to the buyer in the deal. Levin Management Corp. is the property’s new leasing and managing agent. The name of the seller was not released.
MIAMI — HFF has arranged the $58 million refinancing of a nine-property retail portfolio located throughout Miami-Dade County. Chris Drew, Nat Scarmazzi and Matthew McCormack of HFF arranged the 10-year, fixed-rate loan through a life insurance company on behalf of the borrower, MMG Equity Partners. The portfolio, which totals 275,979 square feet, includes Sunset Village Shopping Center, located at 10700 S.W. 72nd St. in Miami; Bird West Plaza, located at 14465 S.W. 42nd St. in Miami; Flagler Plaza, located at 5300 W. Flagler St. in Miami; Navarro Gables, located at 3949 S.W. 8th St. in Miami; Little River Retail, located at 8050-8100 N. Miami Ave. in Miami; Kendall Drive Retail, located at 9720 N. Kendall Drive in Miami; Navarro Miami Beach, located at 631 71st St. in Miami Beach; Colonial Shopping Center, located at 400 N.E. 125th St. in North Miami; and Navarro Sunny Isles, located at 18500 Collins Ave. in Sunny Isles Beach. Navarro Pharmacy anchors six of the properties, and President Supermarkets anchors two. The portfolio also includes one strip center. At the time of sale, the portfolio was 97 percent leased.
