NEWARK, N.J. — Newark-based PGIM Real Estate has sold a seven-property portfolio of grocery-anchored shopping centers in Florida. The buyer purchased the portfolio, which spans 608,314 square feet of retail space, for $223.9 million. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in the disposition. The buyer was not disclosed, but Business Observer reports that Publix Super Markets bought the portfolio from PGIM. The assets in the portfolio include Crestwood Square in Royal Palm Beach; Davie Shopping Center and Regency Square in Davie; Gladiolus Gateway in Fort Myers; Town Center at Orange Lake and Village Shops at Bellalago in Kissimmee; and Woods Walk Plaza in Lake Worth.
MELBOURNE, FLA. — TSCG has brokered the $16.5 million sale of Causeway Shopping Center in Melbourne, a city on Florida’s Space Coast. Ross Dress for Less, Michaels and Bealls anchor the 111,816-square-foot property. Anthony Blanco of TSCG represented the seller, a joint venture between Forge Capital Partners and The Sembler Co., in the transaction. Darrell Deshaw of Western Retail Advisors represented the California-based buyer. Originally built in 1966 and renovated in 2008, Causeway Shopping Center was 85 percent leased at the time of sale.
OCEANSIDE, CALIF. — PRDO Retail Investors LP (A&C Properties, a private investment firm based in Phoenix, Ariz.) has completed the disposition of Plaza Rancho Del Oro, a neighborhood shopping center in Oceanside, to Lotfi and Flora Mehdian for $34.3 million. Located at 4120-4196 Oceanside Blvd., Plaza Rancho Del Oro features 65,054 square feet of retail, restaurant and service-retail space. Built in 1989, the property consists of eight buildings and more than 400 parking spaces. At the time of sale, the property was 92 percent occupied by a variety of tenants, including Starbucks Coffee, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr. Currently, the property consists of 29 local and national retailers. Jimmy Slusher, Philip Voorhees, James Tyrrell, Megan Lanni, Reg Kobzi, Joel Wilson, Michael Peterson and Lane Robertson of CBRE’s National Retail Partners represented the seller in the deal.
EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a multi-tenant retail property in El Cajon, an eastern suburb of San Diego. Two Squared LLC sold the asset to an undisclosed buyer for $1.5 million. At the time of sale, the 2,870-square-foot property was fully leased to two tenants, Final Touch Nails, Hair & Spa and Subway. The asset is located along the North 2nd Street retail corridor. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller in the deal.
ANNAPOLIS, MD. — Dallas-based Centennial, along with capital partners Sandeep Mathrani, Waterfall Asset Management and Lincoln Property Co. (LPC), has acquired Annapolis Mall, a 1.6 million-square-foot shopping mall in Annapolis. The mall sits roughly 30 miles east of Washington, D.C., in the Chesapeake Bay region. The property, which formerly operated as Westfield Annapolis, houses 200 shops and restaurants and is listed as the second-largest mall in the state, trailing only the 1.9 million-square-foot Arundel Mills mall in Hanover. Terms of the deal were not disclosed, but the seller and former operator, Paris-based mall giant Unibail-Rodamco-Westfield (URW), listed in its first-half 2024 earnings results that the company sold Annapolis Mall for $160 million. URW also reported it had received a nonrefundable deposit of $10 million as part of the disposition. According to Steven Levin, founder and CEO of Centennial, there are no other enclosed shopping centers located within a 25-minute drive of Annapolis Mall. “Long term, the property presents a unique opportunity to densify the site with complementary mixed uses that would benefit from retail as the integrated amenity,” says Levin. Annapolis Mall opened in 1980 and over the past few years has lost four anchor tenants — Lord & Taylor, Nordstrom, …
HOUSTON — Edge Realty Partners has negotiated the sale of a 24,000-square-foot retail property located at 5757 Westheimer Road in West Houston. The property is located within the Uptown/Galleria submarket and is home to a mix of national and local tenants. Chace Henke and Micha van Marcke of Edge represented the buyer, Last Mile Investments, in the transaction. Jim Bayne of Investar Real Estate Services represented the undisclosed seller.
COLLEGE STATION, TEXAS — PopStroke Entertainment Group, a Florida-based, golf-centric concept, has opened a 10,000-square-foot venue in College Station. Designed by Austin-based Mark Odom Studio, the venue features a centralized courtyard with a full-service bar and kitchen, yard games and outdoor dining/lounge seating with views of the minigolf course. The venue’s four buildings were constructed using shipping containers, with ResCon Group serving as general contractor. PopStroke now operates four venues in Texas.
ATLANTA — RBH Group plans to develop Teachers Village Atlanta, a 34-story workforce housing tower in downtown Atlanta’s Fairlie-Poplar neighborhood, according to multiple media outlets including Fox 5. The New Jersey-based developer received approval last week from the Development Authority of Fulton County to issue up to $370 million in tax-exempt bonds for the redevelopment of 98 Cone St. into the tower, according to The Atlanta Journal-Constitution. Situated near Centennial Olympic Park and Georgia State University, the development will span 457,584 square feet and include 227 independent living units, 197 rent-restricted apartments, 22,995 square feet of retail space, 371 garage parking spaces and 21,484 square feet of amenities and additional shared rooftop space, according to the project page on RBH Group’s website. 99.5 WSB reports that RBH Group plans to break ground on Teachers Village Atlanta in 2025, and Fox 5 reports that the tower will be delivered in 2027. The developer has previously delivered similar workforce housing developments such as Teachers Village Newark, Teachers Village Hartford and Teachers Village Chicago.
AUSTELL, GA. — Hendon Properties has acquired East West Shops, an 85,565-square-foot shopping center located in Austell, a northwest suburb of Atlanta in Cobb County. Concorde Group Holdings sold the property for $15.2 million. OneLife Fitness, Starbucks Coffee and Urgent Team anchor the center, which was 96 percent occupied at the time of sale. Brad Peterson, Scott Israel and Tommy Isola of Colliers brokered the sale on behalf of Concorde Group.
BEAUFORT, S.C. — Old Navy, Ulta Beauty, Ross Dress for Less and PetSmart have recently opened their doors at Beaufort Station, a new power shopping center underway in Beaufort, a city in coastal South Carolina. The Morgan Cos., through its affiliate firm Beaufort Station Partners, developed the property and will continue to oversee its management. Reynolds Robinson of Principal Partners is responsible for leasing at the center. Other recent openings include Mattress Firm, Hobby Lobby, T.J. Maxx, HomeGoods, Rack Room Shoes and Five Below. America’s Best Eyeglasses, Chicken Salad Chick, Panda Express, Surcheros Fresh Mex and Fifth Third Bank plan to open at Beaufort Station in the coming weeks. Additionally, Parkers Kitchen is also under construction and a new ALDI grocery store will start construction this fall.