MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.
MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.
RICHMOND, TEXAS — Locally based brokerage firm NewQuest Properties has arranged the sale of a 15,750-square-foot retail property in Richmond, a southwestern suburb of Houston. The property, which was fully leased at the time of sale, represents Phase II of a larger project known as Commons at Harvest Green. Rick Ragan of NewQuest represented the buyer in the deal. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller. Both parties were limited liability companies that requested anonymity.
NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.
CHARLESTON, S.C. — NAI Charleston has brokered the $12 million sale of two retail buildings located at 585 and 587 King St. in Charleston’s Upper King Street district. These buildings, which span approximately 13,700 square feet, were leased to Fuji Sushi Bar and Uptown Social at the time of sale. Thomas Boulware of NAI Charleston represented the undisclosed buyer in the transaction. Tim Weldon of Colony Commercial Real Estate represented the locally based seller, Vanderking Properties.
VERNON TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of Vernon Valley Plaza, a 93,029-square-foot shopping center in Northern New Jersey’s Sussex County. An ACME grocery store anchors the property, which was built between 2001 and 2004. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties were New Jersey-based entities that requested anonymity. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged a $13.3 million acquisition loan for the deal that carried a five-year term, fixed interest rate and a 30-year amortization schedule.
CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.
FISHERS, IND. — The Klink Group of Marcus & Millichap has brokered the sale of Pine Creek Shoppes in the Indianapolis suburb of Fishers for $3.3 million. Constructed in 2000, the retail center is located at 8958 E. 96th St. Tenants include H&R Block, Nail Bar, Bailey & Wood Mortgage and Moon Face & Body Studio. Jordan Klink of the brokerage represented the seller, Vamoz LTD, a private investor based in New York. Matthew Ferguson and Pete Alveal of Premier Commercial procured the buyer, NOC Pine Creek LLC, an Indianapolis-based limited liability company.
FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.
TOMS RIVER AND BRICK, N.J. — Marcus & Millichap has brokered the $46 million sale of the Ocean County Middle Market Portfolio, a collection of 10 commercial properties totaling 310,023 square feet that are located in Southern New Jersey’s Toms River and Brick. The portfolio comprises five multi-tenant retail properties, two medical office buildings and three net-leased retail assets, one of which is vacant. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, along with Brad Nathanson of Institutional Property Advisors, represented the seller, private investor Edele Hovnanian, in the transaction. The team also procured the buyer, Horizon Equities. At the time of sale, the portfolio was leased to more than 100 tenants and had a collective occupancy rate of 70 percent.