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Abby Cox

Pinecrest Center
FinanceFloridaNews

MMG Equity Secures $38 Million in Refinancing for Four Retail Centers in South Florida

by Abby Cox

Miami — Miami-based MMG Equity Partners has secured $38 million in refinancing for a four-property retail strip center portfolio located across Miami-Dade County in South Florida. The portfolio totals roughly 128,000 square feet and includes Pinecrest Center, Pinecrest Shoppes, Westlake Plaza and Naranja Plaza, which are all situated along South Dixie Highway or Bird Road. MMG originally purchased the properties between 2018 and 2020 for a combined $28.9 million. Notable tenants within the retail portfolio include Key Foods Supermarket, Sergios Restaurant, Veterinary Emergency Group (VEG), Dollar General, O’Reilly Autoparts, Mister …

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JCPenney
Company newsInvestment salesLeasingNew JerseyNews

Onyx Partners to Acquire JCPenney Retail Portfolio for $947 Million 

by Abby Cox

Jersey City, N.J. — Onyx Partners of Boston has entered into a binding purchase and sale agreement to acquire 119 JCPenney stores from Copper Property CTL Pass Through Trust, a real estate investment trust created as part of JCPenney’s 2020 Chapter 11 bankruptcy filing, for $947 million. The sale price represents roughly $8 million per store property. The portfolio, which totals nearly 16 million square feet across 34 states, is net leased to JCPenney under a long-term master lease with Penney Intermediate Holdings LLC. The all-cash sale is scheduled to …

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Palm Beach Promenade
Company newsFloridaGeorgiaGrocery-anchoredNewsPower centers

Pine Tree to Manage Two Shopping Centers Totaling 700,000 Square Feet 

by Abby Cox

West Palm Beach, Fla. and Buford, Ga. — Northbrook, Illinois-based Pine Tree has been selected to provide management services for two shopping centers owned by Invesco, which total 700,000 square feet. The properties include the Palm Beach Promenade in West Palm Beach, Florida, and Georgia Crossing in Buford, Georgia. Pine Tree’s Southeast management portfolio now totals 3.8 million square feet. The 300,000-square-foot Palm Beach Promenade is anchored by Whole Foods Market and features a mix of more than 100 tenants including Ross Dress For Less, TJ Maxx, Marshalls, HomeGoods and …

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Ellingson Crossing
Investment salesNewsWashington

Northmarq Arranges Sale of Ellingson Crossing in Metro Seattle

by Abby Cox

Auburn, Wash. — Northmarq has arranged the sale of Ellingson Crossing, a 15,270-square-foot retail center located within the Auburn/Kent Valley Industrial District, roughly 20 miles south of Seattle. Starbucks Coffee anchors the property, which was originally built in 2007. Tenants at the center include Wingstop, Domino’s Pizza, Taco Time, American Family Insurance and You First Dental Care. Sean Tufts, Kevin Adatto and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the local private seller in the transaction. New York City-based Curbline Properties was the buyer.

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Polaris Fashion Place
Company newsMixed-useNewsOhio

O’Connor Capital Acquires Full Ownership of Polaris Fashion Place in Columbus, Ohio

by Abby Cox

Columbus, Ohio — O’Connor Capital Partners has acquired full ownership of Polaris Fashion Place, a 1.6 million-square-foot mixed-use lifestyle center located in Columbus. As part of the acquisition, O’Connor will assume full operational control of the center, overseeing day-to-day management, as well as leasing and operations through the existing on-site team. Macy’s, Saks Fifth Avenue and JCPenney anchor Polaris Fashion Place, which has a tenant mix of more than 160 retail, restaurant and entertainment options. Other tenants include Abercrombie & Fitch, American Eagle, Beetlebug Art Collective, BoxLunch, California Pizza Kitchen, …

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Lincoln Road
FloridaLeasingNews

New Retailers, Restaurants to Open on Lincoln Road in Miami Beach

by Abby Cox

Miami Beach, Fla. — The Lincoln Road Business Improvement District (BID) has announced a new wave of retailers and restaurants opening on Lincoln Road, the retail high street of Miami Beach. The new concepts include All’Antico Vinaio, an Italian sandwich concept that will occupy 1,793 square feet at 647 Lincoln Road; Che by Chelsey, an apparel concept that opened its 675-square-foot boutique at 830 Lincoln Road in May; and Davinci Gelato, which opened its 1,350-square-foot gelato shop at 645 Lincoln Road in May. Other newcomers will include Prince Street Pizza …

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North Madison Corners
AlabamaInvestment salesNews

Montana Property Group Acquires 73,600-Square-Foot Retail Center in Huntsville, Alabama, for $12.5 Million

by Abby Cox

Huntsville, Ala. — New York City-based Montana Property Group (MPG) has acquired North Madison Corners, a 73,600-square-foot retail center located in Huntsville, for $12.5 million. Originally built in 2005, the center features a mix of eight tenants including Marshalls, Michaels, H&R Block, pOpshelf, European Wax Center, Massage Envy, Grill & Smoke BBQ Store and Pizza Hut. MPG’s Huntsville retail portfolio now totals 350,000 square feet. The seller was RAP Properties.

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The Promenade
Investment salesMississippiNews

CBL Properties Sells The Promenade in D’lberville, Mississippi, for $83 Million

by Abby Cox

D’lberville, Miss. — CBL Properties has sold The Promenade, a 621,000-square-foot open-air retail center located in D’lberville, roughly three miles north of Biloxi, for $83 million. The center features a mix of more than 45 retail and restaurant tenants including Best Buy, Chick-fil-A, Dick’s Sporting Goods, PetSmart, Buffalo Wild Wings, Target, Bath & Body Works, Olive Garden and Ulta Beauty. CBL Properties has owned and operated the property since its opening in 2009. The center’s buyer was not disclosed.

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Chiefland Regional Shopping Center
FloridaInvestment salesNews

Coldwell Banker Arranges Sale of 140,664-Square-Foot Shopping Center in Chiefland, Florida

by Abby Cox

Chiefland, Fla. — Locally based Coldwell Banker Commercial M.M. Parrish Realtors has arranged the sale of Chiefland Regional Shopping Center, a 140,664-square-foot regional shopping center located in Chiefland, approximately 30 miles southwest of Gainesville. Bealls anchors the center, which was 95.6 percent occupied at the time of sale. Other tenants include Rent-A-Center, Tractor Supply, Subway, Metro by T-Mobile and a Winn-Dixie grocery store, which will be converted into an ALDI. This transaction marks the first time the property has been sold since its original development in 1989. Jim Michalak and Jeff …

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The Seam
DevelopmentMixed-useNewsTexas

Adolfson & Peterson Begins 160,000-Square-Foot Redevelopment of Former Oak Lawn Design Plaza in Dallas

by Abby Cox

Dallas — Adolfson & Peterson Construction has begun construction of The Seam, a 160,000-square-foot redevelopment project located in the Dallas Design District. Formerly Oak Lawn Design Plaza, the multi-million-dollar project will provide nearly 50 spaces for retail, restaurants, wellness providers and showrooms. Morris Adjmi Architects (MA) is serving as the design architect for the project, while GFF Design is serving as the architect of record. Construction of the development began in March, and delivery is targeted within a year from the start date. Originally built in the 1970s, improvements to the nine-acre property …

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