MILFORD, MASS. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.
BOSTON — Samuel Adams has opened a 14,000-square-foot brewery and taproom in Boston’s Faneuil Hall Marketplace. The brewery will serve as an experimental facility for specialty brews. Along with Samuel Adams’ year-round beer roster, guests can taste taproom-exclusive offerings and share feedback directly with the brewers. The taproom will feature three bar floors with large community tables and a rooftop patio. The Boston Beer Co. owns the Samuel Adams brands. Bergmeyer Associates Inc. designed the space, and Gilbane Building Co. constructed it.
POWDER SPRINGS, GA. — Coro Realty has acquired Varner Crossing, an 80,466-square-foot retail center in Powder Springs. An undisclosed Chicago investor sold the property for $12.7 million. Kroger anchors the center, which was 98 percent leased at the time of sale to tenants including Subway, Marco’s Pizza and Macland Animal Hospital. Coro Realty also plans to pursue a ground lease or build-to-suit opportunity for a vacant outparcel included in the deal. The property is situated at 4150 Macland Road, 25 miles northwest of downtown Atlanta. Anthony Blanco of TSCG led the team that represented the seller in the transaction.
NEW YORK CITY — The Boulder Group has arranged the $6.9 million sale of a 2,156-square-foot retail property occupied by 7-Eleven in Manhattan. The space is located at the base of a 351 Bowery, a 15-story residential condominium on the border of NoHo and East Village. Randy Blankstein and John Feeney of The Boulder Group represented the seller, an East Coast-based real estate fund. The buyer was a private investor based in the Northeast. Both parties requested anonymity.
CHICAGO — Marcus & Millichap has negotiated the sale of Courtesy Plaza in Chicago for $7.5 million. Built in 1987, the 42,346-square-foot retail center is located at 5160 S. Pulaski Road. It is fully leased. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. The team also procured the buyer, a private investor.
ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.
MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.
MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.
GRAND RAPIDS, MICH. — Wingstop has leased 1,950 square feet in Grand Rapids for its second location in West Michigan. The chicken wing restaurant occupies space at 1633 28th St. Bill Tyson of NAI Wisinski of West Michigan assisted the tenant in the lease. Headquartered in Dallas, Wingstop operates and franchises more than 1,100 restaurants worldwide.
TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.
