Irondequoit, N.Y. — Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located in Irondequoit, a suburb of Rochester. The center is home to tenants including Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
West Palm Beach, Fla. — Four new tenants have signed leases to join Nora District, a $1 billion mixed-use project underway in downtown West Palm Beach. The new tenants — Luce, Pompanos Boutique, SWEAT440 and Warby Parker — will debut at Nora District this fall. Developed by West Palm Beach-based NDT Development, Place Projects and Greenwich, Connecticut-based Wheelock Street Capital, Nora District’s first phase — which will be delivered this summer — totals more than 100,000 square feet of retail and 55,000 square feet of creative office space. Additional confirmed tenants at the property …
Carmel, Ind. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the city of Carmel’s Arts & Design District. The property will comprise 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. Designed in the manner of an Italian villa, the project is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team …
Charlotte, N.C. — CenterSquare Investment Management has acquired Gold Hill Commerce Park, an 11,835-square-foot service retail shopping center located in Charlotte. The property was fully leased to tenants including Marco’s Pizza, UrgentVet, Select Physical Therapy and Allen Tate Realty at the time of sale. This transaction marks CenterSquare’s 20th acquisition in the Southeast.
Miami — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately …
Gilbert, Ariz. — A partnership between two developers, Creation and Crescent Communities, has broken ground on the first phase of Heritage Park, a mixed-use development that will occupy a full city block in downtown Gilbert. The project will function as the northern gateway of Heritage District, which at full build-out will revitalize 10 acres in the East Valley of the metropolitan Phoenix area. Phase I of Heritage Park will feature 47,000 square feet of shops and restaurants, the 288-unit NOVEL Heritage Park apartments, a public square with water features and more …
Toledo, Ohio — Toledo-based Eidi Properties has acquired 39 shopping centers totaling 650,257 square feet across Illinois, Florida, Virginia, Michigan, North Carolina and Indiana. This transaction, which features a mix of power centers, grocery-anchored plazas and community hubs, brings Eidi’s portfolio to nearly 80 retail properties and more than 1.5 million square feet. The properties were all purchased from Dembs Development. Joel Jerger of WesBanco, Andy Maher and Brian White of Waterford Bank, N.A., as well as John Skeldon and Joe Bajas of Cooperative Business Services (CBS), all based in …
Elk Grove, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.1 million sale of a newly constructed, 9,990-square-foot single-tenant retail property located in the Sacramento suburb of Elk Grove. The Learning Experience, an early childhood education and childcare center, occupies the building on a 17-year corporate lease with 6 percent rent increases every five years. Completed in 2022, the Elk Grove facility is operated by the chain’s largest franchisee. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, Armstrong Development Properties, in the transaction. …
Gadsden, Ala. — RealSource Group has facilitated the $3 million sale of a newly constructed, 2,500-square-foot single-tenant retail property located in Gadsden. Starbucks Coffee occupies the building on a 10-year, double-net-lease with 10 percent rental increases every five years. This transaction marks the first single-tenant Starbucks property sold in Alabama in 2025, according to RealSource Group. Austin Blodgett and Jonathan Schiffer of RealSource Group, in association with ParaSell Inc., represented both the Ohio-based private buyer and the Tampa, Florida-based private developer in the transaction.
San Tan Valley, Ariz. — A joint venture between Pennant Development and REALM LP has acquired a 31-acre land parcel in San Tan Valley, roughly 47 miles southeast of Phoenix, for $10 million, with plans to develop a retail center at the site. Upon completion, Skyline Ranch Marketplace will total 225,000 square feet. The seller, WinCo Foods, originally acquired the parcel from Miller Global in 2023 and has retained 10 acres of the site for the construction of a new WinCo Foods store, which is currently underway. Ed Beeh, Chuck …