Retail

Wilmington-Plaza-Wilmington-CA

LOS ANGELES — PSRS has arranged $13.2 million in refinancing for Wilmington Plaza, a retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse loan, which features a five-year term, 30-year amortization and cash-out proceeds. One of PSRS’ correspondent life insurance companies provided the capital. Northgate Gonzalez Market, CVS/pharmacy and Chase Bank are tenants at the 64,222-square-foot Wilmington Plaza, which is located along Pacific Coast Highway.

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BRUNSWICK AND JESUP, GA. — Convenience store retailer Wawa has broken ground on two new stores in Georgia. Scheduled to open later this year, the stores will be located at the intersection of U.S. 341 and Community Road in Brunswick and 356 W. Orange St. in Jesup. The new shops mark the beginning of the brand’s expansion plans for southern and coastal Georgia, where Wawa plans to build and open 26 stores over the next five to eight years. Future locations in the state include Hinesville, Pooler, Waycross, Bainbridge, Tifton, Valdosta and Albany. Pennsylvania-based Wawa plans to invest roughly $7 million in the development of each store. Originally established as an iron foundry in 1803 and later evolving into a dairy business and then food market and convenience retailer, Wawa currently operates more than 1,000 stores.

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ROCKINGHAM, N.C. — IPA, a division of Marcus & Millichap, has brokered the $12.7 million sale of Richmond Plaza, a 202,504-square-foot retail center in Rockingham. Ross Dress for Less, Planet Fitness, Belk and Burkes Outlet anchor the property, which is located about 70 miles east of Charlotte. Other tenants include Dunkin’ and Hibbett Sports. Zach Taylor of IPA arranged the transaction on behalf of the seller, CF Smith Property Group, and secured the buyer, Florida-based Coastal Equities. “This sale marks the culmination of a very successful repositioning by the sellers, who replaced JC Penney, Save-A-Lot and a movie theater with Burkes Outlet, Ross Dress for Less and Planet Fitness, respectively,” says Taylor.

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University-Square-Rocklin-CA

ROCKLIN, CALIF. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination project at the intersection of Sunset Boulevard and University Avenue in Rocklin, approximately 20 miles northeast of Sacramento. Slated for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.

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BATAVIA, ILL. — German discount grocer Aldi has announced plans to add 800 new locations across the United States by the end of 2028. The company will invest more than $9 billion into the expansion plan, which will be implemented through a combination of new openings and store conversions. In August, Aldi acquired American grocery brands Winn-Dixie and Harveys Supermarket as part of a larger divestiture of parent company Southeastern Grocers. Aldi’s expansion plans in the Southeast include both new openings and converting some of the former Winn-Dixie and Harveys locations to Aldi-branded stores. The locations that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Aldi plans to add nearly 330 stores across the Northeast and Midwest. Additionally, Aldi will expand its presence in the West by adding more stores in Southern California and Phoenix, as well as entering new markets such as Las Vegas. “Our growth is fueled by our customers, and they are asking for more Aldi stores in their neighborhoods nationwide,” says Jason Hart, CEO of Aldi. “With this commitment to add 800 stores in the next five years, we’ll be where our shoppers need us while positively impacting the communities we serve.”  Aldi …

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WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

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RICHARDSON, TEXAS — Amped Fitness, a Florida-based fitness retail chain, will open a 38,562-square-foot gym at Richardson Plaza, a retail center located at 110 W. Campbell Road on the northeastern outskirts of Dallas. Grayson Duyck of California-based brokerage firm Matthews Real Estate Investment Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. The gym, which will be the 25th in the country for Amped Fitness, is scheduled to open at the end of the year.

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CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.

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DOWNERS GROVE, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Downers Park Plaza, a 124,005-square-foot shopping center in the western Chicago suburb of Downers Grove. Anchored by Shop & Save Market, the property is 94 percent leased. Additional tenants include Dollar Tree, Phenix Salon Suites, Super CDA, Quilters Quest, CosmoProf, AAA and Hallmark. The center, situated at the northeast corner of 75th Street and Lemont Road, is shadow anchored by TJ Maxx, Best Buy and Old Navy. Ben Wineman and Emily Gadomski of Mid-America represented the seller, PMAT Real Estate Investments. Detroit-based Broder & Sachse Real Estate was the buyer.

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CHICAGO — Interra Realty has brokered the $10.5 million sale of a 2.3-acre retail redevelopment site in Chicago’s Logan Square neighborhood. The property is located at 2053 N. Milwaukee Ave. near the intersection of Milwaukee, Western and Armitage avenues. The site currently houses a vacant 25,473-square-foot retail building, formerly a CVS store, and approximately 125 parking spaces. Colin O’Malley of Interra represented the seller, a local real estate owner and investor. The undisclosed buyer is hoping to redevelop the site under the existing zoning, according to Interra.

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