Retail

APPLETON, WIS. — Prairie Hill Holdings Fund I LP has acquired the Shops at Fox River in Appleton for $12.9 million. The 70,414-square-foot retail center is home to 11 tenants such as JoAnn Fabrics, Dollar Tree and Kirkland’s. The property is adjacent to the Fox River Mall, which is Wisconsin’s largest mall. The seller was undisclosed. Prairie Hill is a commercial real estate investment manager that owns and manages retail and industrial properties throughout the Midwest on behalf of its investors.

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SAN DIEGO — San Diego-based CEG Capital Partners has purchased Mesa College Square, a retail center at 7604-7608 and 7612 Linda Vista in San Diego. M.C. Square and AFJR Partnership sold the property for $10.5 million. Marc Posthumus and Evan McDonald of Colliers represented the buyer, while Posthumus and McDonald, along with Byram Frost of Big Block Realty, represented the sellers in the transaction. Robert Shaw and Cameron Aldrich of Chicago Title Co. provided escrow and title services. Mesa College Square features 25,409 square feet of multi-tenant retail space. The acquisition is the first time the property has sold since its original construction in 1980. CEG plans to rebrand the center as Kearny Square.

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By Brandon Rawlins, Principal Broker, and Bronson Rawlins, Retail Lead and Associate, JLL Like much of the country, the Idaho retail market is seeing a strong rebound in various retail sectors that appeal to the return of social gatherings and a hybrid approach to work life. Moreover, experiential retail is making a strong comeback as consumers crave fun and a return to normalcy. According to JLL’s recent Retail Outlook report, retail fundamentals continue to improve across most of the country, but particularly in the Sunbelt states. Shoppers are heading back to stores, moviegoers are going back to the theaters, and new demand for fun and immersive experiences is on the rise. The Boise area is no exception, with the announcement of several new major players, including Top Golf, Scheels and several mixed-use concepts that appeal to the new hybrid work experience that combines food, shopping and residential. Eatertainment concepts — entertainment with an emphasis on food and beverage — saw a national traffic surge of 22 percent from April 2019 levels and more than 36 percent year over year. Interestingly, retail activity is not just taking place in certain submarkets or neighborhoods; there is strong activity throughout the entire state. The impact of these developments will bring new tenants …

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NEWINGTON, N.H. — Boston-based brokerage firm Atlantic Capital Partners has arranged the sale of a 127,058-square-foot retail building formerly occupied by Sears in Newington, located in the southeastern part of the Granite State. The building is situated within Fox Run Mall. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Shops of Beverly, a 21,571-square-foot retail center in Chicago’s Beverly neighborhood. The fully leased property is home to tenants such as Chipotle, Chase Bank and For Eyes. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, Sperry Equities. A private investor purchased the asset for an undisclosed price.

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SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

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NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion.  At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services.  The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

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QUAKERTOWN, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Richland Marketplace, a 162,000-square-foot shopping center in Quakertown, about 50 miles north of Philadelphia. Built in 2009, the center houses tenants such as Aldi, Best Buy, PetSmart, Planet Fitness, Staples, Ulta, Visionworks, Sally Beauty and Skechers. Colin Behr, Jim Galbally, Chris Munley and James Graf of JLL represented the  seller, KPR, in the transaction.

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GAHANNA, OHIO — PEBB Enterprises has sold Hunter’s Ridge Shopping Center in Gahanna near Columbus for $10 million. WB Ventures LLC purchased the 84,724-square-foot retail center, which is 93 percent leased. Planet Fitness and Goodwill are the anchor tenants. PEBB acquired the asset in 2018. The property was originally built in 1975. Evan Halkias and Hank Davis of Cushman & Wakefield represented PEBB in the sale.

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PLAINFIELD, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company. The property sold at the full list price.

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