FLOWER MOUND, TEXAS — Los Caminos Modern Cocina will open a 5,680-square-foot Mexican restaurant at Lakeside, a 160-acre mixed-use development in Flower Mound, a northern suburb of Fort Worth. The site spans 1.3 acres, and the space will include an 1,810-square-foot, climate-controlled patio. The opening is slated for fall 2024. Dallas-based Realty Capital Management owns Lakeside.
PHILADELPHIA — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $5.2 million sale of a 10,640-square-foot retail strip center in Philadelphia’s Kensington area. Built on two acres in 2015, the center was fully leased at the time of sale to Rise Dispensary and Fine Wine & Good Spirits. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the deal. The buyer and seller were not disclosed.
SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $3.8 million sale of Springfield Commons, a 15,680-square-foot retail property located at 2701 N. Dirksen Parkway in Springfield. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The property sold near list price to an all-cash, coastal buyer.
HUNTSVILLE, ALA. — Tanger has acquired Bridge Street Town Centre, an open-air retail center located in Huntsville, for $193.5 million. Alabama-based Bayer Properties is the developer and former owner of the 825,000-square-foot development. Tenants at the property include lululemon athletica, Sephora, Main Event, a 14-screen Cinemark movie theater, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M and Belk, among others. The center was 93 percent occupied at the time of sale. This marks Tanger’s 39th property and first open-air lifestyle center.
LUTZ, FLA. — SRS Real Estate Partners has arranged the $13.6 million sale of a 42,311-square-foot single-tenant retail property in Lutz, about 14 miles north of Tampa. EoS Fitness occupies the building on a 15-year triple-net lease. Located at 17634 Harpers Run, the property is situated on 3.9 acres within Cypress Ranch, a 164-acre mixed-use development that features 598 residential units and 100,000 square feet of office space. Upon completion, Cypress Ranch will also include 11 freestanding retail parcels. Tenants at the parcels include Chick-fil-A, Aldi and Panda Express. Patrick Nutt and William Wamble of SRS represented the seller, Barclay Group, in the transaction. A California-based buyer acquired the property in a 1031 exchange.
COMMACK, N.Y. — Connecticut-based life insurance company Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. The open-air center sits on a 15-acre site along the Jericho Turnpike and is home to tenants such as Lidl, Planet Fitness and the PGA Superstore. Andrew Stewart and Allison Villamagna of New Jersey-based financial intermediary Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.
THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center, which it has renamed the Collection at Janss Marketplace, in the Los Angeles suburb of Thousand Oaks. Seritage Retail Group sold the asset for an undisclosed price. With this purchase, NewMark Merrill is responsible for the oversight of new acquisition and the adjacent 458,000-square-foot Janss Marketplace for a combined 630,000-square-foot regional center. Originally built as a multi-story Sears department store, The Collection was over 60 percent leased to Dave & Buster’s, DSW and Nordstrom Rack at the time of sale. The property shares parking and access points with the adjoining center, including a newly remodeled Regal Cinemas and Gold’s Gym. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of Newmark Merrill oversaw the acquisition. Phil Voorhees and Jimmy Slusher of CBRE represented the seller in the deal. Bryna Gortikov with Gortikov Financial secured financing for the deal from Prime Finance.
CHICAGO — Good Eating Co. has leased 5,000 square feet at 77 W. Wacker Drive, a 51-story office tower totaling 960,000 square feet in Chicago’s Central Loop. The restaurant is slated to open in the first quarter of 2024 and will occupy space on the first floor. Good Eating Co. focuses on organic, locally sourced dishes. Transwestern Real Estate Services represented the undisclosed landlord. Transwestern leases and manages the property. Amenities at the building include a 12,000-square-foot wellness center with a basketball court, conferencing center and outdoor plaza.
LOUISVILLE, KY. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located at 4055 Summit Plaza Drive in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. The seller and sales price were not disclosed. According to the property website, tenants at Paddock Shops include Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks, Total Wine & More and West Elm, among others.
SOMERVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Union Avenue Plaza, a 20,866-square-foot retail center located in the Central New Jersey community of Somerville. The center was fully leased to eight tenants at the time of sale, with the New Jersey Department of Motor Vehicles serving as the anchor. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, SNS Real Estate Investment Group, in the deal and procured an undisclosed individual/personal trust as the buyer.