Retail

SRS Arranges Sale of 100,120 SF Karam Shopping Center in Lafayette, Louisiana

by John Nelson November 21, 2023

LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.

November 21, 2023

Leasing Activity New York Northeast Office Retail

Beechhurst Executive Suites Renews 6,936 SF Lease in Queens

by Taylor Williams November 21, 2023

NEW YORK CITY — Beechhurst Executive Suites has renewed its lease for 6,936 square feet on the second floor of Whitestone Plaza, a 62,000-square-foot urban community shopping center located on the north side of Queens. Randall Briskin represented the landlord, The Feil Organization, in the lease negotiations on an internal basis. The tenant was self-represented. Other tenants at Whitestone Plaza include CVS and North Shore Farms supermarket.

November 21, 2023

Acquisitions California Retail Western

Matthews Negotiates $34M Sale of Strawflower Village Shopping Center in Half Moon Bay, California

by Amy Works November 21, 2023

HALF MOON BAY, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, located at 50 Cabrillo Highway N. in Half Moon Bay, approximately 30 miles south of San Francisco. SJ Amoroso Properties Co. acquired the asset from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller, while Tim Gilmartin of The Gilmartin Group represented the buyer in the transaction. At the time of sale, Strawflower Village was 96 percent leased and anchored by a 33,000-square-foot Safeway. Situated on a 7.2-acre lot, the property features 78,940 gross leasable area and 29 total tenants, including T-Mobile, Chase Bank and US Bank.

November 21, 2023

Acquisitions Midwest Ohio Retail

Matthews Real Estate Brokers $31.5M Sale of Pavilion Shopping Center in Beachwood, Ohio

by Kristin Harlow November 21, 2023

BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.

November 21, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Georgia Leasing Activity Retail Southeast

Halpern Signs Marshalls, Five Below to Leases Totaling 26,450 SF at Old Orchard Square in Ellijay, Georgia

by John Nelson November 20, 2023

ELLIJAY, GA. — Halpern Enterprises has signed two new leases totaling 26,450 square feet at Old Orchard Square, a 131,200-square-foot shopping center located in Ellijay, roughly 80 miles north of Atlanta. Halpern has owned the property, which is anchored by a 68,000-square-foot Ingles grocery store, since 1994. Marshalls will replace Black Bear Antiques in an 18,000-square-foot space, and Five Below will occupy 8,450 square feet at the center. Other tenants include BenchMark Physical Therapy, Okinawa Restaurant, UPS, Pizza King and Farmer’s Home Furniture.

November 20, 2023

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 156,343 SF Shopping Center in Northeast Houston

by Taylor Williams November 20, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Shoppes at Kingsgate, a 156,343-square-foot shopping center located within the 14,000-acre Kingwood master-planned development in northeast Houston. Built in 1980 and renovated in 2013, the center was 95 percent occupied at the time of sale. Aldi anchors the property, and other tenants include Cell Doc, Binh’s Tailor, Trademark Kitchen & Bath, The Mint National Bank, Schlotzky’s and On the Park Toy Store. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller in the transaction. John Indelli and Ryan West of JLL represented the buyer, DML Capital.

November 20, 2023

Loans New Jersey Northeast Retail

JLL Arranges Refinancing of 700,000 SF Roxbury Mall in Northern New Jersey

by Taylor Williams November 20, 2023

SUCCASUNNA, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of Roxbury Mall, a 700,000-square-foot regional power center located in the Northern New Jersey community of Succasunna. Grocer ShopRite anchors the center, and other tenants include Home Depot, Kohl’s, Ramsey Outdoors, Petco, Panera and Planet Fitness. Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building. Jon Mikula, Jim Cadranell and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Roxville Associates.

November 20, 2023

Acquisitions Kansas Midwest Retail

RockStep Capital Acquires 367,000 SF Manhattan Town Center in Eastern Kansas

by Kristin Harlow November 20, 2023

MANHATTAN, KAN. — RockStep Capital has acquired Manhattan Town Center, a 367,000-square-foot shopping mall in Manhattan within eastern Kansas. The purchase price was undisclosed. Anchor tenants include Dillard’s, JC Penney and the AMC Dine-In IMAX Theater. There are more than 50 small shops and full-service restaurants at the regional mall, which was built in 1987. RockStep plans to make improvements to the property.

November 20, 2023

Acquisitions Retail South Carolina Southeast

ZRP Acquires Wando Crossing Shopping Center Near Charleston for $46.8M

by John Nelson November 17, 2023

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.

November 17, 2023

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