Tuesday, July 22, 2025
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AcquisitionsFloridaRetailSoutheast

Rainier Realty Buys 315,000 SF Power Retail Center in Central Florida

by Alex Tostado

OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.

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DevelopmentRetailTexas

Trez Forman Provides $59.3M Construction Loan for Retail Center in Metro Dallas

by Taylor Williams

MANSFIELD, TEXAS — Trez Forman Capital Group has provided a $59.3 million construction loan for Shops at Broad, a 193,825-square-foot retail power center in Mansfield, a southwestern suburb of Dallas. Belk, T.J. Maxx and Aldi will anchor the property, which will be situated on 58 acres. Other tenants will include Starbucks, Five Guys and FLIX Brewhouse. The $59 million loan was arranged by Brett Forman and John Hutchinson, President of Trez Capital Group Texas, based in Dallas. Trez Forman Managing Director Russ Holland, based in Atlanta, was also part of the origination team. The loan’s sponsor is Clarke Coole of Geyer Morris, who was advised by Will James of NorthMarq Capital. A firm timeline for construction has not yet been established, but the development team believes the project could be complete within the next couple years.    

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IllinoisLeasing ActivityMidwestRestaurantRetail

Adelphia Negotiates 3,608 SF Restaurant Lease in Park Ridge, Illinois

by Kristin Harlow

PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.

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Leasing ActivityRetailTexas

Alamo Drafthouse to Open 10-Screen Theater in Metro Austin

by Taylor Williams

CEDAR PARK, TEXAS — Alamo Drafthouse, a concept that combines movies, food and adult beverages, will open a 10-screen, 45,000-square-foot venue in the northwestern Austin metro of Cedar Park. The theater will be situated within Presidio, a master-planned community developed by Austin-based Riverside Resources. The development team expects to break ground in spring 2019 and open the theater, which will be the seventh Alamo Drafthouse in the region, in summer 2020.

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AcquisitionsRetailTexas

SRS Negotiates $2.7M Sale of Retail Asset Leased to Chick-fil-A in Odessa

by Taylor Williams

ODESSA, TEXAS — SRS Real Estate Partners has negotiated the $2.7 million sale of a 4,998-square-foot retail property leased to Chick-fil-A in the West Texas city of Odessa. The Atlanta-based restaurant chain has signed a 20-year corporate-guaranteed lease at the property and opened its doors in April. Matthew Mousavi, Patrick Luther and Dale Robbins of SRS represented the seller, Lisciotti Development Corp., in the transaction. The buyer was an undisclosed, Texas-based investor.

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AcquisitionsCaliforniaRetailWestern

Shea Properties Sells The Dunes on Monterey Bay Shopping Center for $45M

by Amy Works

MARINA, CALIF. — Shea Properties has completed the sale of the retail component of The Dunes of Monterey Bay, located on 19.3 acres at 101-145 General Stilwell Drive in Marina. A Southern California-based private investor purchased the property for $45 million. Built in 2007, the power center consists of 233,892 square feet of retail space along the Pacific Coast Highway. At the time sale of the property was 100 percent leased to national and regional tenants, including Best Buy, Old Navy, Kohl’s, Bed Bath & Beyond, Michaels, Party City and REI. Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow of CBRE’s National Retail Partners-West represented the seller in the deal.

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CaliforniaLeasing ActivityRetailWestern

SRS Brings Seven New Tenants to Burbank Town Center

by Amy Works

BURBANK, CALIF. — SRS Real Estate Partners has signed leases with seven tenants to bring 130,000 square feet of new retail space to Burbank Town Center, located at 201 E. Magnolia Blvd. in Burbank. With the new tenants, the 1.2 million-square-foot property is 94 percent occupied. The asset recently underwent a $60 million upgrade, including a new ground-floor food court and upper-level dining terrace. New tenants are: H&M (26,500 sf) Round 1 Bowling and Entertainment (45,000 sf) Bob’s Furniture (32,000 sf) A 7,200-square-foot contemporary Asian bar and grill concept Carter’s (4,600 sf) An international virtual reality concept (4,500 sf) Panini Kabob Grill (3,000 sf) Terrison Quinn and Casey Mahoney of SRS Real Estate Partners represented the landlord in the transactions.

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LoansNew YorkNortheastRetail

Progress Capital Arranges $23M Refinancing for Retail Property in Harlem

by David Cohen

NEW YORK CITY — Progress Capital has arranged a $23 million loan to refinance a retail property in Harlem. CVS and Zwanger Pesiri Radiology anchor the property, which is located at 324 W. 125th St. Abe Mann of Progress Capital secured financing on behalf of the borrower, Wharton Properties. The lender was Wells Fargo. Terms of the non-recourse loan include full-term interest-only payments and no prepayment penalty. The proceeds of the loan will be used to retire existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s portfolio.

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AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Directs $5.6M Acquisition of Diablo Plaza in Novato, California

by Amy Works

NOVATO, CALIF. — Marcus & Millichap has negotiated the purchase of Diablo Plaza, a retail property located in Novato. A limited liability company acquired the asset for $5.6 million. Ethan Pintard of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed. Located at 975 Diablo Ave., the 10,948-square-foot property was fully leased at the time of sale. Tenants include Panda Express, Orangetheory Fitness and Domino’s. The 38,202-square-foot lot also includes 46 parking spaces.

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Meridian Capital Arranges $5.5M in Financing for The Covell Building in Los Angeles

by Amy Works

LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.

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