Paris, Texas — Culpepper Realty Co. has sold Paris Towne Center, a 291,958-square-foot, grocery-anchored shopping center located in the Northeast Texas city of Paris. Adam Howells and Erin Myer of JLL Capital Markets represented the seller in the transaction. The buyer was Corsair Property Co. Built in 1976, Paris Towne Center was 96 percent occupied at the time of sale. Tenants include Aldi, Hobby Lobby, Ross Dress for Less, T.J. Maxx, Five Below, Ulta Beauty and Bath & Body Works.
Sterling Heights, Mich. — Gov. Gretchen Whitmer and the Michigan Strategic Fund Board have approved a $270.7 million Transformational Brownfield Plan (TBP) to support the redevelopment of the former Lakeside Mall site in Sterling Heights. The proposed plan includes roughly 1,545 residential units across nine multifamily buildings ranging in size from four to five stories, including a building targeted at residents over 55 years of age. Additionally, the project will add 154,007 square feet of new retail space, a central community park and green space, as well as a mix …
Seminole, Fla. — SRS Real Estate Partners has negotiated the $4.3 million sale of a single-tenant retail property located in Seminole, approximately 23 miles west of Tampa. Circle K occupies the 5,200-square-foot building on a new 15-year, corporate-guaranteed, absolute triple-net lease. William Wamble and Patrick Nutt of SRS represented the seller, an Ohio-based national investor and developer. The buyer was a South Florida-based private investor.
Waukegan, Ill. — Marcus & Millichap has brokered the $2.8 million sale of Grand Plaza East, a 36,018-square-foot retail center located in Waukegan, roughly 37 miles south of downtown Chicago. Built in 1972 on nearly three acres, the five-suite retail property is anchored by Domino’s Pizza. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, an Illinois-based corporation, and procured the buyer, a private investor.
Knoxville, Tenn. — A public-private partnership between the University of Tennessee and a newly formed development platform comprising Arctos, RVX Ventures and Magellan Development Group will soon begin the development of Neyland Entertainment District, a $280 million mixed-use village surrounding Neyland Stadium, the home football arena of the University of Tennessee. The waterfront development in Knoxville will feature approximately 100,000 square feet of entertainment space alongside a 24-story hotel and residences with rooftop space and a private members club. Arctos is the majority equity investor in the project and is …
Wichita Falls, Texas — Marcus & Millichap has brokered the sale of Parker Square, a 94,532-square-foot shopping center located in Wichita Falls. Built in 1955, the multi-tenant property features 23 retail suites and was 97 percent leased at the time of sale. Crunch Fitness occupies nearly half of the center’s rentable area. Other tenants include Jason’s Deli, Massage Envy, Heff’s Burgers and Deatherage Certified Optics, according to LoopNet Inc. Chris Gainey and Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, one of the largest privately …
Forest Park, Ill. — Greenstone Partners has negotiated the $8.4 million sale of Circle Plaza, an 18,486-square-foot, multi-tenant retail center located in Forest Park, roughly 10 miles west of Chicago. Brewster Hague and Connor Sheedy of Greenstone brokered the sale. Circle Plaza is fully occupied and is home to Dunkin’ Donuts, Pep Boys, Bloc Dispensary, HEAL Wellness and Sploot Veterinary Care. Originally developed in 1984, the property has mostly maintained 100 percent occupancy throughout its history.
Irvine, Calif. — Club Pilates has signed a franchise agreement with entrepreneur Saber Ammori to develop 70 new units across three states including Michigan, Maryland and New York. Ammori already owns and operates 14 Club Pilates studios in the New York City area. As part of the deal, Ammori and Boston-based private equity firm Cohere Capital have formed Renew Fitness to operate and develop the existing and future Club Pilates locations. The franchisee group’s total number of potential studios will increase to 84, making Renew Fitness one of Club Pilates’ …
Nashua, N.H. — Atlantic Capital Partners has sold a single-tenant retail property located in Nashua, approximately 45 miles north of Boston, for $22.5 million. Whole Foods Market occupies the 44,538-square-foot building, which is situated within Webster Square, a 182,348-square-foot shopping center. Justin Smith, Chris Peterson, Danielle Turpin and Matt Ericson of Atlantic Capital Partners represented the seller in the transaction.
Leesburg, Fla. — Marcus & Millichap has arranged the $11.5 million sale of Leesburg Marketplace, an 81,071-square-foot retail center located in Leesburg, about 45 miles northwest of Orlando. Salim Valiani of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer in the transaction. Located at 1101-1107 West North Blvd., Leesburg Marketplace sits on roughly 9.4 acres and was built in 1987. The property was 95 percent leased at the time of sale to Dollar Tree, Ollie’s Bargain Outlet and the U.S. Army Corps. of Engineers, …
