DAVIE, FLA. — JLL Capital Markets has arranged the $22.3 million sale of Ridge Plaza, a shopping center in the South Florida city of Davie. JBL Asset Management acquired the property from Baltimore-based Continental Realty Corp. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. Located at 9000-9200 W. State Road 84, the property totals 138,554 square feet. Tenants at Ridge Plaza, which was 98.6 percent occupied at the time of sale, include Paragon Theaters, Goodwill and Off The Wall.
Retail
Gantry Arranges $15.5M Refinancing for Lake View Village Mixed-Use Building in Lake Oswego, Oregon
by Amy Works
LAKE OSWEGO, ORE. — Gantry has secured a $15.5 million permanent loan for the refinancing of Lake View Village, a mixed-use office and retail property in downtown Lake Oswego, a suburb south of Portland. The master-planned project is located at State Street and A Avenue and offers 91,000 square feet of rentable office and retail space in six village-style buildings ranging from one- to three-stories. Tenants include dining, retail and professional services tenants. Blake Hering and Alicia Sabanero of Gantry represented the borrower, a private real estate investor and the center’s original developer. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 30-year amortization at a fixed interest rate.
SPENCERPORT, N.Y. — New York-based brokerage firm Legacy Realty Group Advisors has negotiated the sale of Spencerport Village Plaza, a 99,096-square-foot shopping center located on the western outskirts of Rochester. Tops Friendly Markets anchors the property, which is also home to tenants such as Dollar Tree, M&T Bank and Lamont Awards & Apparel. Jacob Baruch and Daniel Baruch of Legacy Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — New York-based nonprofit organization Innovative Resources for Independence has purchased a 9,227-square-foot retail building in the Rego Park area of Queens. The sales price was $5.2 million. The building, which previously housed a Rite-Aid, is located at 65-35 Woodhaven Blvd. and includes 21 parking spaces. Andrew Jaworski, Dean Rosensweig, Chris Betting and Jojo Lewis of CBRE represented the undisclosed seller in the transaction.
NEWTOWN, PA. — Norman’s Hallmark has signed leases to open nine stores that will range in size from 5,000 to 7,000 square feet in New Jersey and Pennsylvania. The New Jersey stores are located in Princeton, Somers Point, Marlton, Ocean Township, Manalapan, Turnersville and Mays Landing. The Pennsylvania stores are located in Allentown and Wyomissing. Rose Urban of Equity Retail Brokers represented the Pennsylvania-based home décor retailer in all lease negotiations.
DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.8 million acquisition loan for Sam Moon Center, a 126,513-square-foot retail property located at 11814 Harry Hines Blvd. in North Dallas. The shopping center was built in 2003. Robert Bhat of MMCC arranged the financing through an undisclosed local bank on behalf of the borrower, which also requested anonymity. The loan carried a 7 percent interest rate, 10-year term, 25-year amortization schedule and 12 months of interest-only payments.
SPRING, TEXAS — Cushman & Wakefield has negotiated a 12,078-square-foot retail lease in the northern Houston suburb of Spring. The tenant, interactive entertainment concept Activate Games, is taking space within Grogan’s Mill shopping center for its second location in the Houston area. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Activate Games in the lease negotiations. Adam Bluestein of Global Fund Investments represented the undisclosed landlord.
GREENWOOD VILLAGE, COLO. — Malman Commercial Real Estate has arranged the sale of a multi-tenant retail building in Greenwood Village, a suburb south of Denver. Peakview Center Inc. sold the asset to 215-291 Larchmont Boulevard for $5.5 million. Located at 9251 E. Peakview Ave., the 14,760-square-foot property is fully leased. Jake Malman and Dan Prevedel of Malman Commercial Real Estate represented the seller in the deal.
Marcus & Millichap Brokers Sale of Dutch Bros Retail Ground Lease in Porterville, California
by Amy Works
PORTERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a ground lease at 451 W. Vandalia Ave. in Porterville, located in the San Joaquin Valley. A partnership sold the asset to an undisclosed buyer for $1.4 million. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap, along with Adam Christofferson of Marcus & Millichap as broker of record, represented the seller. A drive-thru Dutch Bros coffee shop occupies the 800-square-foot property, which was constructed in 2024, under a new, 15-year, absolute triple-net ground lease featuring 10 percent rental increases every five years and multiple renewal options.
OMAHA, NEB. — Darland Construction Co. is building a new 6,114-square-foot branch for CharterWest Bank & Mortgage Center on South 24th Street in South Omaha. The facility will offer a full suite of financial services, including consumer and commercial banking as well as mortgage lending. The building’s exterior will feature a distinctive Spanish style with a natural stone finish and a barrel tile roof. Completion is slated for early 2025. EK Schulz is the project architect.