Retail

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

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MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

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BOSTON — A partnership between two Boston-based firms, Wilder Cos. and TA Realty, has acquired a portfolio of nine grocery-anchored shopping centers totaling 729,437 square feet for $390 million. Eight of the properties are located in Massachusetts, and one is located in Rhode Island. At the time of sale, the portfolio was 95 percent leased, with grocers such as Whole Foods Market, Shaw’s, Star Market and Dave’s Fresh Marketplace serving as anchor tenants. Robert Griffin, Geoffrey Millerd, Jonathan Martin, Paul Penman and Mathew Adler of Newmark represented the undisclosed seller and procured the buyer in the transaction. Richard Ruggerio of Newmark assisted in closing the deal as the local broker of record.

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PLANO, WAUKEGAN AND NEW LENOX, ILL. — Hanley Investment Group Real Estate Advisors has arranged the sales of three retail properties in suburban Chicago for roughly $10 million. In the first transaction, Lakewood Springs Commons in Plano sold for $3 million. The 26,300-square-foot center was built in 2007. Dylan Mallory, Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller, a private investment group based in Chicago. Greg Cline of The Cline Co. represented the buyer, a New Jersey-based private investor. Cedar Center in New Lenox sold for $3.4 million. The 22,370-square-foot property was built in 2007. The Hanley team represented the seller, a Chicago-based private investment group. David Cendejas of SVN Vanuard represented the buyer, a Los Angeles-based private investor. In the final transaction, Bay Ridge Court in Waukegan sold for $3.6 million. Built in 1991 and remodeled in 2020, the property spans 27,687 square feet. Lefko and Asher represented the seller, Fortune Bank. Douglas Cole of Marcus & Millichap represented the buyer, a Los Angeles-based private investor.

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SKOKIE, ILL. — Newcastle Properties has acquired the 14,856-square-foot Boardwalk Plaza retail center in Skokie. Located at the intersection of Dempster Street and Keeler Avenue across from the Evanston Country Club, the property is home to Starbucks, SAS Comfort Shoes, Devonshire Montessori School and Albert Memi Salon. The seller and sales price were not provided. Newcastle owns and operates 82 properties in 23 states with a focus on the retail, multifamily, hospitality and office sectors.

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PHILADELPHIA — Puttshack, an entertainment concept that combines mini golf with food and beverages, will open a 26,000-square-foot entertainment venue in Philadelphia. The facility will be located within The Shops at Liberty Place in the Center City district and will house four tech-driven courses, two bars and private event space. The opening is slated for summer 2023. Metropolis Investment Holdings Inc. owns the property. Puttshack currently operates facilities in Atlanta and Chicago and plans to open new venues in Boston and Miami this summer.

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MARTINEZ, CALIF. — Newmark has negotiated the sale of Village Oaks, a 79,875-square-foot shopping center in Martinez. An undisclosed private family investor sold the asset to an institutional investment group for an undisclosed price. Situated on 7.9 acres at 1185 Arnold Drive, Village Oaks was 96 percent leased at the time of sale to tenants within the financial, medical, restaurant and service retail sectors. Grocer Lucky California and Rite Aid currently anchor the property. Nicholas Bicardo and Cheyne Bloch of Newark represented the seller in the transaction.

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ARVADA, AURORA, DENVER AND FORT COLLINS, COLO. — JLL has arranged a $54 million loan for the refinancing of a four-property, 436,055-square-foot retail portfolio in Denver and Fort Collins. The borrower is Denver-based Gart Properties. Eric Tupler of JLL placed the 10-year, fixed-rate loan with an undisclosed life insurance company. Gart used the proceeds from the nonrecourse loan to retire existing debt and to realize significant value that has been created through the renovation and repositioning of the assets, including strategic leasing and management over several years. The portfolio includes Indian Tree Shopping Center at 7705-7739 Wadsworth Blvd. in Arvada; Saddle Rock Village at 7400 S. Gartrell Road in Aurora; Micro Center Shopping Center at 8800 E. Quincy Ave. in Denver; and Pavilion Shopping Center at 4200-4372 S. College Ave. in Fort Collins. Constructed between 1974 and 2005, the portfolio was 92.5 percent leased at the time of closing. Current tenants include Sprouts Farmers Market, Super Target, Ace Hardware, Anytime Fitness, Christy Sports, Hand & Stone, Michaels, Micro Center, Natural Grocers, Sherwin-Williams and T.J. Maxx.

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HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

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SLIDELL, LA. — A partnership between The Woodmont Co. and The Criterion Fund has acquired Village at Northshore, a 144,638-square-foot shopping center located at 105-115 Northshore Blvd. in Slidell. The sales price was not disclosed. Situated adjacent to I-12, the property was developed in 1988 and renovated in 2020. The retail center’s tenant roster includes Marshalls, JoAnn’s, Ollie’s Bargain Outlet, Boot Barn and Dollar Tree. Shadow anchors include Walmart Supercenter, Sam’s Club, The Home Depot and Aldi. SRS Real Estate Partners represented the seller, Atlanta-based RCG Ventures, in the transaction. Woodmont was self-represented. Andy Thelen of Woodmont worked with Louisiana National Bank to secure a loan for the acquisition. David Adams and Jake McCoy will oversee leasing at Village at Northshore for Woodmont on an internal basis.

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