Monday, May 5, 2025
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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of 56,401 SF Jacksonville Crossing Shopping Center in Alabama

by John Nelson

JACKSONVILLE, ALA. — Marcus & Millichap has brokered the sale of Jacksonville Crossing, a 56,401-square-foot shopping center located at 1555 Pelham Road S in Jacksonville, a city in northeast Alabama. The sales price was not disclosed. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer, both of which are private investors that requested anonymity. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction. Situated about 36 miles from Talladega Superspeedway, Jacksonville Crossing was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center.

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FloridaLeasing ActivityRetailSoutheast

Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road

by John Nelson

MIAMI BEACH, FLA. — Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant. The store at 900-904 Lincoln Road will serve as the new flagship location in the city for Victoria’s Secret, which is relocating from an adjacent location at 901 Lincoln Road. The specialty retailer is backfilling space formerly occupied by Aerie and Express.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of Fully Leased Retail Property in Chicago’s Streeterville Neighborhood

by Kristin Harlow

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a fully occupied, multi-tenant retail property in the heart of Chicago’s Streeterville neighborhood for an undisclosed price. The standalone building at 227 E. Ontario St. is leased to Sweetgreen, Nando’s, CorePower Yoga, Big City Optical and Movement Physical Therapy. Joe Girardi and Emily Gadomski of Mid-America represented the undisclosed seller. The Shiner Group was the buyer.

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Fremont-Brewing-Building-Seattle-WA
IndustrialLoansMultifamilyOfficeRetailWashingtonWestern

Gantry Secures $34.3M in Loans Across Four Seattle Region Assets

by Amy Works

SEATTLE — Gantry has secured a total of $34.3 million of loans to refinance four Seattle-area assets owned by different and unaffiliated entities. Each transaction was placed with one of Gantry’s life company correspondent lenders and each structure provided the borrowers with non-recourse, fixed-rate loans. Mike Wood of Gantry represented three of the borrowers. The financings included:

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AcquisitionsMichiganMidwestRetail

EverBank Agrees to Acquire Michigan-based Sterling Bank for $261M

by Kristin Harlow

SOUTHFIELD, MICH. AND JACKSONVILLE, FLA. — Southfield-based Sterling Bancorp Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust FSB, has entered into a definitive agreement to sell all of its shares to Jacksonville-based EverBank Financial Corp. for $261 million. The sale is subject to customary closing conditions, including regulatory approvals and approval by Sterling’s shareholders. Sterling’s board of directors has unanimously approved the transaction, which is expected to close in the first quarter of 2025. As a condition of the sale, Sterling will sell its residential mortgage loans to Delaware-based Bayview Acquisitions LLC. The closing of the loan sale is to occur immediately prior to the closing of the sale of the bank. In December 2022, Sterling engaged Keefe Bruyette & Woods to serve as financial advisor to assist in exploring and evaluating potential opportunities for a strategic combination with another bank. As that process began, Sterling was also finalizing a settlement with the U.S. Department of Justice. “Ultimately, Sterling’s board of directors determined that there was no practical way to pursue any form of standalone independent operations given the extremely high costs required and the multiple years needed to execute a new strategic vision without risking ongoing …

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Leasing ActivityMidwestMissouriRestaurantRetail

Wingstop Leases 1,600 SF at Frolics Plaza Shopping Center in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Wingstop has leased 1,600 square feet at Frolics Plaza Shopping Center in Kansas City. Jody Minder of Block & Co. Inc. Realtors represented the undisclosed landlord, while Andrew Sandburg of Lane4 Property Group represented the tenant. Construction will start immediately to devise the 3,250-square-foot space, with 1,600 square feet utilized for Wingstop and the remaining available for lease. Wingstop is expected to open in summer 2025. Frolics Plaza is home to Rainbow Chinese Restaurant, Ixtapa Fine Mexican Cuisine, Moti Mahal Indian Restaurant, ISmoke Vape Shop and Smoothie King. Block & Co. handles leasing and management of the property.

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Leasing ActivityRetailTexas

Kids Empire to Open 10,527 SF Indoor Playground in Cedar Hill, Texas

by Taylor Williams

CEDAR HILL, TEXAS — Kids Empire will open a 10,527-square-foot indoor playground in the southwestern Dallas suburb of Cedar Hill. The space is located within Hillside Village, a 615,000-square-foot, open-air power center that anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy and H&M. Gretchen Miller, Emilie Paulson and Bryn Carden of Weitzman represented the landlord, PREP Property Group, in the lease negotiations. Robin Barrow and Eddie Liebman, also with Weitzman, along with Austin Diemer and Shelby Pedroza with E & R Property Group, represented Kids Empire.

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Styertowne-Shopping-Center
AcquisitionsNew JerseyNortheastRetail

Cronheim Mortgage Arranges $20M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams

CLIFTON, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $20 million loan for the refinancing of Styertowne Shopping Center, a 236,000-square-foot retail property located in the Northern New Jersey community of Clifton. Stew Leonard’s Farm Fresh Food & Wine anchors the center, which was originally built in 1949. Other tenants include Michaels, Planet Fitness, Dollar Tree and GNC. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan through Reinsurance Group of America on behalf of the undisclosed borrower.

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Leasing ActivityNortheastPennsylvaniaRetail

GIANT to Open 50,000 SF Grocery Store at Andorra Shopping Center in Philadelphia

by Taylor Williams

PHILADELPHIA — Grocery chain GIANT will open a 50,000-square-foot store at Andorra Shopping Center in Philadelphia. The center’s owner, Federal Realty Investment Trust, will develop the grocery space from the ground up beginning next year and also reposition 30,000 square feet of existing retail space. The two projects represent a combined investment of $25 million. Repositioning plans include the addition of landscaped plazas, outdoor dining and curbside pick-up spaces as well as expanded sidewalks.

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AcquisitionsGeorgiaRetailSoutheast

Faris Lee Arranges $4.7M Sale of New Retail Building in Dalton, Georgia Leased to Starbucks, AFC Urgent Care

by John Nelson

DALTON, GA. — Faris Lee Investments has arranged the $4.7 million sale of a freestanding retail pad building located in Dalton, a city in northern Georgia near the Tennessee border. Starbucks Coffee and AFC Urgent Care currently occupy the property. Developed in 2023, the two-tenant building features a drive-thru and is situated at the entrance to Dalton Square, a shopping center leased to Food City, Ross Dress for Less, Ulta Beauty and PetSmart. Scott DeYoung, Jeff Conover, Don MacLellan and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. A Georgia-based 1031-exchange private investor was the buyer.

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