Chicago — Newmark has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue along Chicago’s Magnificent Mile. The 21,565-square-foot space is fully leased to tenants such as Bank of America, Chick-fil-A and Vans. The property traded at a cap rate of 5.93 percent. Keely Polczynski of Newmark represented the undisclosed seller. The buyer was a private investor.
Winter Garden, Fla. — Foundry Commercial has brokered the $24.5 million sale of The Exchange, a mixed-use building located at 270 W. Plant St. in downtown Winter Garden, a suburb of Orlando. Delivered in 2021, the 42,800-square-foot property was fully leased to office tenants and retailers at the time of sale. The buyer is James Larweth, a private investor who has actively acquired assets in downtown Winter Garden. Chris DeMartino, Rick Helton, Dale Peterson, Joe Chick and Christine Mansour of Foundry represented the seller, the Keating family, in the transaction. …
Allen, Texas — JLL Capital Markets has arranged the sale of The Village at Allen, an 851,457-square-foot retail center located in Allen, approximately 20 miles north of downtown Dallas. Chris Gerard, Barry Brown and Erin Lazarus of JLL represented the seller, an affiliate of DLC Management Corp. and American Realty Advisors. Sterling Organization was the buyer. The Village at Allen spans 109.5 acres and was 89 percent leased at the time of sale. Tenants include T.J. Maxx, HomeGoods, HomeSense, Sierra, Dick’s Sporting Goods, Ross Dress for Less, Best Buy, Nordstrom Rack, …
Atlanta — Selig Enterprises has signed leases with three new tenants at The Works, an 80-acre mixed-use development located in Atlanta’s Upper Westside neighborhood. Two of the tenants — Summer Breeze Flowers & Gifts and The Food Work Shop, which originated from Chattahoochee Food Works — will open this spring, while The Body Creamery will launch as a brand new concept later this year. The Body Creamery will feature a front-of-house retail component, while the other half of the store will house a dedicated workshop for classes and private parties. …
Dallas — JLL Capital Markets has arranged the sale of the Shops at Mockingbird, a 76,426-square-foot shopping center located in Dallas. Adam Howells, Erin Lazarus and Michael Jankovich of JLL represented the seller, Bill Hutchinson of locally based Dunhill Partners. Situated adjacent to Dallas Love Field Airport, the Shops at Mockingbird was built on 6.4 acres in 2008. LA Fitness anchors the property, which was 94.7 percent occupied at the time of sale. Additional tenants include Family Dollar, Tropical Smoothie, Leslie’s Pool Supplies and Fuzzy’s Taco.
Los Angeles — Nadel Architects has announced that the retail component of Rise Koreatown, a seven-story mixed-use development in Los Angeles’ Koreatown neighborhood, is nearing completion. The project will introduce more than 52,000 square feet of ground-floor retail space, which will be anchored by a 30,000-square-foot Zion Market, an American supermarket chain that specializes in Korean and Asian foods. The retail component of Rise Koreatown is expected to open later this year. Developed by Rescore Property Corp., the broader project includes over 350 residential units. Nadel’s design team drew inspiration from …
San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the $3.6 million sale of a single-tenant retail property leased to Starbucks Coffee in San Bernardino. The newly constructed, drive-thru-only café prototype spans 1,200 square feet and operates on a 15-year triple-net corporate lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller, a local developer, in the transaction. David Kluver of Lee & Associates represented the buyer, a local investor from Orange County, California.
Wausau, Wis. — Marcus & Millichap has brokered the $2.5 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Wausau. The newly constructed building totals 5,000 square feet. The property is secured by a 15-year, corporate-guaranteed net lease and is the only Chipotle within a 95-mile radius, according to the company. Jeff Rowlett, Blake Hanlon and Mark Peltin of Marcus & Millichap procured the buyer, Niets Investment Co. Michael Hughes of Marcus & Millichap Capital Corp. secured a five-year loan with a fixed interest rate …
Atlanta — JLL Capital Markets has acquired a 588,000-square-foot portfolio of grocery-anchored retail centers in Georgia, South Carolina, Virginia and New Jersey, for $115 million. The portfolio comprises seven retail properties: Hickory Flat Village in Canton, Georgia; Deshon Plaza in Stone Mountain, Georgia; Flat Shoals Crossing in Decatur, Georgia; Cascade Corners in Atlanta; The Plaza at Carolina Forest in Myrtle Beach, South Carolina; Kroger Plaza in Virginia Beach, Virginia; and Lewandowski Commons in Lyndhurst, New Jersey. The portfolio is 99.6 percent leased and features a mix of grocers including Publix, Kroger …
Albuquerque, N.M. — SimonCRE has acquired approximately 38 acres of land to develop Lobo Crossing, a 363,000-square-foot, open-air center located on the University of New Mexico’s south campus in Albuquerque. Lobo Crossing is set to be the largest retail center developed in New Mexico in recent decades, according to the company. Target will anchor Lobo Crossing, which will feature 11 junior anchors and 45,000 square feet of space for small retail and restaurant operators. Committed tenants include Burlington, Marshalls, HomeGoods, Sierra, Boot Barn, Five Below and Michaels. Seven additional retailers are …
