Sunday, July 27, 2025
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AcquisitionsMarylandRetailSoutheast

Finmarc Management Purchases Riverview Plaza Shopping Center in Frederick, Maryland for $30M

by John Nelson

FREDERICK, MARYLAND — Finmarc Management Inc. has purchased Riverview Plaza, a 185,275-square-foot regional shopping center in Frederick, for $30 million. Ryan Sciullo and H. Casey Benson Smith of CBRE represented the seller, a joint venture between Edens and JPMorgan Chase & Co., in the transaction. Built in 1998 on 23 acres, Riverview Plaza fronts Urban Pike (Maryland Route 355) and is situated approximately 40 miles from Washington, D.C. The shopping center was 95 percent leased at the time of sale to 10 retailers, including T.J. Maxx, PetSmart, Michaels, Staples, Sierra and Old Navy. Target and The Home Depot shadow-anchor the property, which features approximately 9,260 square feet available for lease, according to Finmarc.

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CaliforniaMarket ReportsRetailWesternWestern Market Reports

Inland Empire Retail Market Remains Upbeat

by Jeff Shaw

— By Brad Umansky, President & Head Coach, Progressive Real Estate Partners — Occupancy and lease rates have continued to trend higher throughout Southern California’s Inland Empire retail market as a lack of new construction combined with strong retail demand has kept vacancies near record lows. Looking ahead, factors affecting the market are 99 Cent Only’s bankruptcy, the substantial slowdown in sales activity, and the minimum wage increase to $20/hour for fast food workers.   Occupancy & Lease Rates  Occupancy is currently reported at 94.3% by Costar, but removing spaces 10,000 SF or larger, results in occupancy of 97.2% which demonstrates the lack of available shop space. In my 30+ years of working in this market, I have never seen such a lack of options for shop tenants. As a result, when shop spaces become available owners are mostly commanding a higher lease rate than what the previous tenant was paying.  99 Cent Only Bankruptcy Dominates Recent Activity Since April, when 99 Cent Only declared bankruptcy and promptly decided to liquidate all 371 stores in the chain, industry participants have been analyzing these locations. As of June 2nd, it has been determined that Dollar Tree is acquiring 170 of the …

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.

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Leasing ActivityRetailTexas

Khaadi Opens 4,700 SF Store at Houston’s Galleria Mall

by Taylor Williams

HOUSTON — Khaadi, a women’s apparel retailer based in Pakistan, has opened a 4,700-square-foot store at Houston’s Galleria Mall. The store will be the second in the United States for the brand, with the other being located in Tysons, Va. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Khaadi, which is also in talks to open stores in the New York City and Chicago areas, in lease negotiations. Simon Property Group owns the mall.

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CaliforniaLoansRetailWestern

Majestic Realty Co. Receives $12.6M Refinancing for Two Shopping Centers in Walnut, California

by Amy Works

WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

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414-434-Main-St-Placerville-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Marcus & Millichap Brokers Sale of 13,827 SF Mixed-Use Property in Placerville, California

by Amy Works

PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Negotiates $1.7M Sale of Andy’s Frozen Custard-Occupied Property in Mokena, Illinois

by Kristin Harlow

MOKENA, ILL. — Marcus & Millichap has negotiated the $1.7 million sale of a 2,200-square-foot retail property occupied by Andy’s Frozen Custard in Mokena, a southwest suburb of Chicago. Built in 2024, the net-leased building is located at 11275 W. Lincoln Highway near Meijer, Panda Express and PetSmart. Nicholas Kanich of Marcus & Millichap represented the seller, an Illinois-based real estate investment firm. Kirk Trammel, David Cutler and Joshua Johnson of Marcus & Millichap represented the buyer, a California-based family trust. The property sold at 98 percent of the listing price. Andy’s Frozen Custard maintains more than 135 locations nationwide.

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AcquisitionsNew JerseyNortheastNorthmarqRetail

Marcus & Millichap Brokers $7.5M Sale of Retail Strip Center in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 7,388-square-foot retail strip center in Flemington, about 60 miles southwest of Manhattan. The center was renovated in 2023 and is home to Aspen Dental and City MD Urgent Care. Dean Zang, David Crotts, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller, New Jersey-based investment firm Paramount Realty, in the transaction. Tom Georges of Northmarq represented the buyer, a local private investor.  

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AcquisitionsNew YorkNortheastOfficeRetail

Marcus & Millichap Brokers $9M Sale of Manhattan Commercial Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a five-story, 17,645-square-foot commercial building located at 216 E. 49th St. in Manhattan’s Turtle Bay area. The building currently houses office space on the upper floors but is zoned to accommodate residential conversion. The building also features a 3,800-square-foot ground-floor space that is vented for a restaurant with a fully built-out basement. Peter Dodge, Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller, a family office that owned and operated the property for 25 years, in the transaction. The buyer was a local restaurateur that plans to occupy the space.

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AcquisitionsKansasMidwestRetail

Equity Bancshares Completes Merger with KansasLand Bancshares

by Kristin Harlow

WICHITA, KAN. — Equity Bancshares Inc., the Wichita-based holding company of Equity Bank, has completed its acquisition of KansasLand Bancshares Inc., the parent company of KansasLand Bank. With the acquisition, Equity has added to its existing presence in Quinter, Kan., and expanded into Americus, Kan. KansasLand locations opened as Equity Bank on July 2. The company expects to consolidate the core and digital banking systems late in the third quarter. Equity first announced the merger in April. Equity has approximately $5.3 billion in proforma consolidated assets and operates 74 locations in Kansas, Missouri, Arkansas and Oklahoma. Equity’s Kansas franchise now includes 37 banks. 

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