Thursday, January 16, 2025
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Abby Cox

Mountain’s Edge Marketplace
Grocery-anchoredInvestment salesNevadaNews

CBRE Arranges $50.3 Million Sale of Shopping Center in Las Vegas

by Abby Cox

Las Vegas — CBRE has arranged the $50.2 million sale of a 115,037-square-foot portion of Mountain’s Edge Marketplace, a 250,000-square-foot shopping center located within the master-planned community of Mountain’s Edge in Las Vegas. Built in 2016, the property is situated on roughly 14.8 acres. Tenants at the center, which was 98 percent leased at the time of sale, include Ross Dress for Less, Planet Fitness, Starbucks Coffee, Supercuts, The UPS Store, China A Gogo and T-Mobile. The sale excluded the parcel occupied by Albertsons, as well as multiple single-tenant parcels. …

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Kings Lake Center
FloridaInvestment salesNews

Marcus & Millichap Brokers $6.1 Million Sale of Retail Center in Metro Tampa

by Abby Cox

Gibsonton, Fla. — Marcus & Millichap has brokered the $6.1 million sale of Kings Lake Center, a retail strip center located in Gibsonton, roughly 10 miles outside Tampa. The 15,000-square-foot property was fully leased at the time of sale. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Blissett Hayes Big Bend LLC, in the transaction. Marcus & Millichap also procured the 1031-exchange buyer, Pacific West Land LLC. Ryan Nee is the firm’s broker of record in Florida.

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Allendale Town Center
Company newsGrocery-anchoredLeasingNew JerseyNews

Ritual Fitness Signs 3,206-Square-Foot Lease at Shopping Center in Allendale, New Jersey

by Abby Cox

Allendale, N.J. — Fitness studio Ritual Fitness has signed a 3,206-square-foot lease at Allendale Town Center in Allendale, bringing the property to full occupancy. Azarian Realty Co. leases and manages the 79,374-square-foot retail center, which comprises 20 tenant spaces, as well as an 11,290-square-foot freestanding building. Acme Supermarkets anchors the property. Kevin Pelio of Azarian represented both the landlord and the tenant in the lease negotiations.

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Valor Acres
DevelopmentFinanceMixed-useNewsOhio

BGL Real Estate Secures Financing for Mixed-Use Project in Brecksville, Ohio

by Abby Cox

Brecksville, Ohio — Brown Gibbons Lang & Co. (BGL) has secured development financing for the second phase of Valor Acres, a mixed-use project located in Brecksville, approximately fifteen miles south of Cleveland. BGL secured the financing on behalf of the developer and borrower, DiGeronimo Cos. in the transaction. Upon completion, the second phase will comprise 70,000 square feet of retail and entertainment space, 44,000 square feet of office space, 221 apartment units, a 700-space parking garage and an on-site safety station. Fifth Third Bank and First Commonwealth Bank provided the senior …

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JOANN
Company newsFinanceNew YorkNews

JOANN Files for Second Chapter 11 Bankruptcy

by Abby Cox

New York City — Fabrics and crafts retailer JOANN, which operates roughly 800 stores in 49 states, has filed for Chapter 11 bankruptcy protection, marking its second filing within a year. JOANN first filed for bankruptcy in March 2024. According to a statement issued by the company, JOANN has faced “significant and lasting challenges in the retail environment,” as well as “constrained inventory levels.” The retailer’s current debt totals $615 million, according to CNN. The company is now planning to sell all its assets, with Gordon Brothers Retail Partners — …

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Miami-Live-Plaza
DevelopmentEntertainmentFloridaNewsRestaurants

Miami Marlins, Cordish to Develop Miami Live! Entertainment Destination at loanDepot Park

by Abby Cox

Miami — Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations. The official opening of Miami Live! is anticipated for early 2026. LoanDepot Park opened in 2012 and hosts events such as the World Baseball Classic, Caribbean Series and Choque de Gigantes in addition to Marlins home …

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South Philadelphia Shopping Center
Grocery-anchoredInvestment salesNewsPennsylvania

Palomar Brokers Sale of 221,157-Square-Foot Shopping Center in Philadelphia

by Abby Cox

Philadelphia — The Palomar Group has brokered the sale of South Philadelphia Shopping Center, a 221,157-square-foot retail center located in Philadelphia. Tenants at the property include ShopRite, Ross Dress for Less, Five Below, Burger King, Sherwin-Williams, The Aaron’s Company and Dunkin’ Donuts. Palomar facilitated the transaction on behalf of the seller, a publicly traded REIT. A New York-based investor was the buyer.

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Redondo Shores Shopping Center
Architecture and DesignCaliforniaDevelopmentNews

Haagen Underway on Renovation Project at 131,844-Square-Foot Redondo Shores Shopping Center in Metro Los Angeles

by Abby Cox

Redondo Beach, Calif. — Haagen Co. is underway on a renovation project at Redondo Shores Shopping Center, a 131,844-square-foot retail center located in Redondo Beach, roughly 20 miles south of Los Angeles. Haagen owns and manages the property, which is situated on 11.8 acres. Whole Foods Market and Michaels anchor the center. Other tenants at the property, which totals 37 storefronts, include Madison Reed Hair Color Bar, Carbon Health, Einstein Bros. Bagels and Panda Express. MMA Architecture will design the renovation, which will include upgrades to exterior colors, landscaping and …

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Matawan Mall
Investment salesNew JerseyNews

Marcus & Millichap Brokers $3 Million Sale of Shopping Center in Matawan, New Jersey

by Abby Cox

Matawan, N.J. — Marcus & Millichap has brokered the $3 million sale of Matawan Mall, a shopping center located in Matawan, approximately 27 miles outside Newark. Originally developed in the 1980s, the 20,665-square-foot property comprises 11 tenants and is anchored by Dunkin’ Donuts. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Burpat Holdings, in the transaction. Marcus & Millichap also procured the buyer, a local private investor.

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