Retail

HomeSense to Open 30,000 SF Store at University Town Center in Sarasota, Florida

by John Nelson October 17, 2022

SARASOTA, FLA. — HomeSense will open a 30,000-square-foot store at University Town Center (UTC) in Sarasota, marking the home furnishing retailer’s first location in the state. Benderson Development’s UTC is a mixed-use property comprising over 250 specialty stores, more than 80 restaurants, three hotels and over 250,000 square feet of office space. HomeSense, part of the TJX Cos. portfolio, is scheduled to open its store on Nov. 10. Other soon-to-open retailers at the 4 million-square-foot UTC property include Christmas Tree Shops, Rocco’s Tacos and Tequila Bar, Yard House, Foxtail Coffee Co., 3Natives Acai and Juicery, Anna Maria Oyster Bar, Kelly’s Roast Beef, Post Kitchen & Bar and The Breakfast Company.

October 17, 2022

Acquisitions Northeast Pennsylvania Retail

CBRE Brokers $7.4M Sale of Veterinary Clinic in Norristown, Pennsylvania

by Taylor Williams October 17, 2022

NORRISTOWN, PA. — CBRE has brokered the $7.4 million sale of a 25,150-square-foot veterinary clinic in Norristown, a northwestern suburb of Philadelphia. Metropolitan Veterinary Associates occupies the facility, which was originally built in 1987 and renovated in 2019, on a triple-net basis. Michael Shover, Matthew Gorman, Thomas Finnegan and Rob Thompson of CBRE represented the seller, an entity doing business as LMP Van Buren LLC, in the transaction. The team also procured the buyer, a Nashville-based limited liability company.

October 17, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Alfred Sanzari Enterprises to Open 3,350 SF Food Hall in Teaneck, New Jersey

by Taylor Williams October 17, 2022

TEANECK, N.J. — Locally based owner and developer Alfred Sanzari Enterprises will open Marketplace, a 3,350-square-foot food hall in the Northern New Jersey community of Teaneck. Located within the firm’s 670,000-square-foot Glenpointe campus, Marketplace has already received commitments from concepts such as kosher deli Ma’adan, Colombian coffee shop Coffeecol, French-inspired Balthazar Bakery and ice cream maker Sip N Swirl. Marketplace will officially open this Friday, Oct. 21. White Lodging will manage the venue.

October 17, 2022

Acquisitions Midwest Missouri Retail

First National Realty Partners Acquires 157,779 SF Shopping Center in O’Fallon, Missouri

by Kristin Harlow October 17, 2022

O’FALLON, MO. — First National Realty Partners has acquired River City Marketplace in O’Fallon, about 37 miles northwest of St. Louis, for $22.5 million. A 31,000-square-foot Fresh Thyme Market anchors the 157,779-square-foot shopping center, which was built in 2004 and is currently 93 percent leased. Fresh Thyme has operated at the property since 2015. Additional tenants include Total Wine & More, Ross Dress for Less, Five Below, Kirkland’s and Kay Jewelers. There is 10,000 square feet of available space for lease. Evan Halkias, David Matheis and Link Dierks of Cushman & Wakefield represented the seller, PEBB Enterprises, which acquired the center in 2015 when it was 55 percent occupied.

October 17, 2022

Development Illinois Midwest Retail

Newcastle Properties to Build New Retail Development at Eastgate Crossing in Naperville, Illinois

by Kristin Harlow October 17, 2022

NAPERVILLE, ILL. — Newcastle Properties is set to begin construction on a new 8,300-square-foot, multi-tenant outlot building and a new 3,260-square-foot endcap space at the 270,327-square-foot Eastgate Crossing in Naperville. The development will include Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, while Phil Golding of CBRE represented NaanSense. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing is currently home to tenants such as HMart, Dollar Tree, CVS, Panera Bread and Citibank.

October 17, 2022

Acquisitions Arizona Retail Western

Tradewinds Capital Acquires Laveen Park Place Shopping Center in Phoenix for $40.3M

by Amy Works October 14, 2022

PHOENIX — Tradewinds Capital LP, a private investor out of Alberta, Canada, has purchased the newly constructed Laveen Park Place, a Class A shopping center located in the Laveen neighborhood of Phoenix. LB 59th LLC, an entity formed by Phoenix-based Kitchell Corp., sold the property for $40.3 million. Built in phases between 2019 and 2022, Laveen Park Place offers 109,219 square feet of retail space on 17.5 acres at the southeast corner of Loop 202 and Baseline Road. Sprouts Farmers Market, TJ Maxx and Michaels are tenants at the fully occupied shopping center. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

October 14, 2022

Acquisitions California Restaurant Retail Western

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works October 14, 2022

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

October 14, 2022

Acquisitions New York Northeast Retail

Regal Ventures Acquires Manhattan Retail, Parking Condo for $35.2M

by Taylor Williams October 14, 2022

NEW YORK CITY — Locally based investment firm Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood. The sales price was $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.

October 14, 2022

Acquisitions Midwest Missouri Retail

Colliers Brokers $32M Sale of Twin Creeks Shopping Center in Kansas City

by Kristin Harlow October 14, 2022

KANSAS CITY, MO. — Colliers has brokered the sale of Twin Creeks Shopping Center in Kansas City for $32 million. The 257,450-square-foot property is located along North Madison Avenue. The center is 99 percent leased to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity doing business as AREP III BT LLC. Buyer information was not provided.

October 14, 2022

Acquisitions Retail Southeast Virginia

First National Realty Partners Acquires Home Depot-Anchored Shopping Center in Manassas, Virginia

by John Nelson October 14, 2022

MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

October 14, 2022

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