CHELMSFORD, MASS. — Winstanley Enterprises and Surrey Equities have purchased Chelmsford Mall, located northwest of Boston, for $28 million in an off-market transaction. The seller was the original developer. Tenants at the property, which was fully leased at the time of sale, include Kohl’s, Michaels, PetSmart, Staples, Famous Footwear, Carter’s and Best Fitness. The buyers plan to make immediate upgrades to the property’s exterior painting, parking lot, landscaping and signage.
NEW YORK CITY — Round1 Bowling & Arcade, a Japanese entertainment concept, will open an 80,300-square-foot venue in Queens. The space will be situated within the 700,000-square-foot Shops at Skyview development in the borough’s Flushing area and will be the operator’s first location in the city. David Friedman and Andrew Stern of Newmark represented the tenant in the lease negotiations. ShopCore Properties, a subsidiary of Blackstone, owns Shops at Skyview.
MERCED, CALIF. — BWE has secured a $20 million bridge loan to finance the redevelopment of an outparcel adjacent to Marketplace at Merced in Merced. Sears formerly occupied the 85,000-square-foot property. The project will include a complete interior renovation, as well as the addition of two pad sites totaling 6,164 square feet. The redevelopment was fully preleased at the time of financing. Tenants at the property will include Ulta Beauty, Five Below, Petco, Rack Room Shoes and Burlington Coat Factory. Mike Guterman of BWE arranged the 30-month loan on behalf of the borrower. Citivest Commercial Investments LLC provided the financing.
OAKLEY, CALIF. — Marcus & Millichap has arranged the sale of Main Street Shops, a retail center located at 2170 Main St. in Oakley. The developer, which built the property, sold the asset to a private investor for $4.6 million. Constructed in 2007, the 10,867-square-foot Main Street Shops consists of seven retail suites, including restaurants, dentists and salons. Quentin Caruso and Vince Schwab of Marcus & Millichap represented the seller and procured the buyer in the deal.
EAST PEORIA, ILL. — Boot Barn and Best Buy have joined the tenant lineup at The Levee District, a mixed-use center and shopping destination owned by Cullinan Properties in East Peoria. Both stores are expected to open in 2025. Best Buy is moving from its current location in metro Peoria. The Levee District is home to anchor retailers Target, Costco, Slumberland Furniture, Ulta and Ross Dress for Less. The development features a 137-room Holiday Inn & Suites hotel and is home to the City of East Peoria offices and the Fondulac Public Library.
LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times. The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.” The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper. In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …
GRAPEVINE, TEXAS — Locally based brokerage firm The Woodmont Co. has negotiated the sale of Grapevine Centre, an 85,421-square-foot retail property located in the northern-central part of the metroplex. The center was fully leased at the time of sale to tenants such as Petco, Harbor Freight Tools, Joann Fabrics, Dollar Tree and Angel’s Attic. Russel Wehsener and Bryan Dyer of Woodmont represented the seller in the transaction. Roger Smeltzer of Vision Commercial represented the undisclosed buyer.
OXFORD, PA. — NAI Emory Hill has brokered the $3.4 million sale of a 15,600-square-foot retail strip center in Oxford, about 60 miles southeast of Philadelphia. Walgreens anchors the center, which was fully leased at the time of sale. Other tenants include sandwich shop Bigfoot’s Express, Domino’s Pizza and Vape2Go. Rich Dudek of NAI Emory Hill brokered the deal. The buyer and seller were not disclosed.
LARGO, FLA. — Plaza Advisors has negotiated the sale of Central Park Plaza, a 47,653-square-foot shopping center in Largo, a city in the Tampa metro area. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. Situated on 4.3 acres along Missouri Avenue, Central Park Plaza was 95 percent leased at the time of sale to tenants including NAPA Auto Parts, Rent-A-Center, Boost Mobile and AMA Medical Group (Humana).
YORBA LINDA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Home Ranch Commons, a mixed-use medical and retail property in Yorba Linda. Greenbridge Partners sold the asset to Optimus Properties LLC for $35.6 million. Tom Lagos, Mark DeGiorgio, Jose Carrazana and Patrick Toomey of IPA represented the seller in the transaction. Built in 1984 and renovated in 2018, the 60,737-square-foot Home Ranch Commons is co-anchored by UCI Health and Kiddie Academy. Additional tenants at the property include Blue Agave, YL Family Chiropractic, Bodhi Leaf Trading Co., Coder School and Torkian Aesthetic Center.