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FloridaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

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LoansRetailSoutheastVirginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

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Leasing ActivityRetailTexas

The Picklr to Open 39,642 SF Athletic Venue in Northwest Austin

by Taylor Williams

AUSTIN, TEXAS — The Picklr will open a 39,642-square-foot athletic venue in northwest Austin. The Utah-based pickleball concept is taking space at The Preserve at 620, a 225,000-square-foot mixed-use property that is a redevelopment of a former Walmart Supercenter. The venue, which will be the operator’s first in Austin and fifth in Texas, is scheduled to open this fall. Will Majors and Carson Hawley of CBRE represented The Picklr in the lease negotiations. Sean Couey and Jason Steinberg of ECR represented the landlord.

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Heritage-Towne-Center-Chula-Vista-CA
AcquisitionsCaliforniaRetailWestern

Paragon Real Estate Investments Sells Heritage Towne Center Retail Property in Chula Vista, California for $14.7M

by Amy Works

CHULA VISTA, CALIF. — Paragon Real Estate Investments has completed the disposition of Heritage Towne Center, a retail property in the San Diego suburb of Chula Vista. Palomar Heritage LLC acquired the asset for $14.7 million. Situated on 1.9 acres, the 36,161-square-foot property consists of four retail buildings that were built in 2002. At the time of sale, the asset was fully occupied by 21 tenants. Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter of CBRE represented the seller in the deal.

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22430-Van-Buren-Blvd-Riverside-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $5.8M Sale of Retail Pad in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the sale of a three-tenant retail pad building located at 22430 Van Buren Blvd. in the Inland Empire city of Riverside. A Los Angeles-based 1031 exchange investor acquired the asset from Irvine-based Greens Development Inc. for $5.8 million. Completed in 2020, the 6,300-square-foot property is occupied by Chipotle Mexican Grill, MA Dental and BHC Chicken, which is slated to open in October. The pad building is part of Veteran’s Plaza, a community shopping center and hotel complex developed by Greens Development. Tenants at the shopping center include In-N-Out Burger, Starbucks Coffee, Hampton Inn + Home2 Suites and Circle K with a 76 gas station. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the seller, while Justin Altemus of The Altemus Co. represented the buyer in the deal.

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AcquisitionsNew YorkNortheastOfficeRetail

Marcus & Millichap Brokers $7M Sale of Office, Retail Building in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of a 4,634-square-foot office and retail building in the Astoria area of Queens. The transit-served building at 2502-2508 31st St. houses retail space on the ground floor and office space on the second floor. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRetail

Burlington Signs Retail Lease Renewal at Glen Oaks Shopping Center in Queens

by Taylor Williams

NEW YORK CITY — National discount retailer Burlington has signed a retail lease renewal at Glen Oaks Shopping Center in Queens. The square footage was not disclosed. Burlington has been a tenant at the 187,650-square-foot center since 2003 and plans to upgrade its space. Ken Bryan internally represented Burlington in the lease negotiations. Randall Briskin represented the landlord, The Feil Organization, also on an internal basis.

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AcquisitionsCompany NewsNortheastPennsylvaniaRestaurantRetailTop Stories

Parent Company of Circle K Agrees to Acquire 270 GetGo Convenience Stores, Makes ‘Friendly’ Takeover Bid for 7-Eleven Owner

by John Nelson

LAVAL, QUEBEC AND CRANBERRY TOWNSHIP, PA. — Alimentation Couche-Tard Inc., the Canadian parent company of Circle K, has agreed to acquire GetGo Café + Markets from Giant Eagle Inc., a supermarket chain based in Pennsylvania. GetGo operates 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The company staffs approximately 3,500 employees. “We are excited to welcome GetGo into the Couche-Tard family,” says Brian Hannasch, president and CEO of Couche-Tard. “We look forward to growing together as we learn from and continue GetGo’s innovative approaches to serving its local customers and communities.” “We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction,” adds Bill Artman, CEO of Giant Eagle. “This enhances our focus on our core supermarket and pharmacy businesses.” GetGo has multiple retail models, including open-concept stores and standalone kiosks, with an emphasis on “food first.” As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s myPerks loyalty program for customers. Couche-Tard expects the deal to close in 2025 following standard regulatory approvals and customary closing conditions. The financial terms of the transaction were not disclosed …

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AcquisitionsFloridaRetailSoutheast

Colliers Brokers $33.1M Sale of Palm Aire Marketplace in Pompano Beach, Florida

by John Nelson

POMPANO BEACH, FLA. — Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez, Billy Weiser and Ariel Davis of Colliers represented the seller, an entity doing business as Pompano Realty USA, in the transaction. Longpoint Realty Partners acquired the asset, which is situated across from The Pomp, a $2 billion mixed-use project currently underway at the 223-acre site of the former Pompano Park racetrack. The Pomp will include a Topgolf venue and a 1.5 million-square-foot industrial park by Rockpoint, as well as the existing Harrah’s Pompano Beach Casino.

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AcquisitionsRetailSoutheastVirginia

CRC Acquires 126,304 SF Creekside Station Retail Center in Winchester, Virginia

by John Nelson

WINCHESTER, VA. — Continental Realty Corp. (CRC) has acquired Creekside Station, a 126,304-square-foot retail center located at 3103 Valley Ave. in Winchester, roughly 80 miles northwest of Washington, D.C. Creekside Properties sold the center for $19.5 million. Gilbert Trout of Trout Daniel & Associates represented the seller in the transaction and procured the buyer. CRC, which was self-represented in the transaction, purchased the property via the Continental Realty Opportunistic Retail Fund I LP (CRORF), marking the second acquisition in the state this year for the buyer. Built in 2003 and situated within Creekside Town Center, Creekside Station was 95 percent leased at the time of sale to tenants including Chico’s, J.Jill, Jos. A Bank, IJ Canns American Grille, The Little Gym and Virginia National Bank. The shopping center totals 10 buildings on more than 13 acres.

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