New York City — RD Management LLC has announced the formation of its new entity, RD Property LLC. RD Property comprises 50 real estate properties that span approximately 4 million square feet and features shopping centers, self-storage facilities, hotels and net lease properties across the U.S. The consolidation of RD Management is meant to streamline operations, enhance growth prospects and strengthen capital resources. Additionally with its formation, RD Property has closed on a $350 million loan and revolving credit facility that will provide the company with financial flexibility and liquidity to …
Miami — El Paso, Texas-based River Oaks Properties (ROP) has acquired a 5,875-square-foot retail property located at 111-115 NE 40th St. in Miami’s Design District for $27 million. Luxury luggage manufacturer Rimowa and footwear brand Birkenstock fully occupy the property on long-term, triple-net leases. Pegasus Investments Real Estate Advisory represented the buyer in the transaction. Jordan Gimelstein of Inhouse Commercial represented the seller, an affiliate of Harbor Group International. Akerman LLP’s Miami office served as legal advisor to ROP. Miami’s Design District features a mix of high-end retailers including Louis Vuitton, …
Waco, Texas — JLL Capital Markets has negotiated the sale of a portion of Central Texas Marketplace, a 526,000-square-foot power center located in Waco. A James Nix entity doing business as G3C Operating LLC purchased a 181,708-square-foot component of the center, which features Sprouts Farmers Market, Best Buy, Office Depot and Burlington. Adam Howells, Barry Brown, Erin Lazarus and Brennan Fewin of JLL’s Investment Sales and Advisory team represented the seller, Ball Ventures, in the transaction. Built between 2005 and 2015, Central Texas Marketplace is anchored by Cabela’s. Other tenants …
Santa Barbara, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a single-tenant retail property located at 402 N. Milpas St. in Santa Barbara. Starbucks Coffee occupies the 2,149-square-foot building, which opened in April, and features the company’s new café-only prototype design. Sean Cox and Bill Asher of Hanley Investment Group represented the seller, a Los Angeles-based developer, while the buyer, a San Francisco-based 1031 exchange investor, represented itself.
Yucca Valley, Calif. — Progressive Real Estate Partners has brokered the $1.9 million sale of a multi-tenant retail building located at 57990 29 Palms Highway in Yucca Valley. The 13,593-square-foot property was fully leased to three tenants at the time of sale including Crazy Bargains, Luxury Nail Spa and No Limits Boutique. The building is situated within a Stater Bros.-anchored retail center, which features a mix of other tenants such as Dollar Tree, Tractor Supply Co. and Harbor Freight. Lance Mordachini of Progressive represented the seller, a Los Angeles County-based private …
Stuart, Fla. — Conshohocken, Pennsylvania-based CenterSquare has acquired Baron Shoppes, a 16,316-square-foot service retail center located in Stuart, approximately 40 miles north of West Palm Beach. Tenants at the center, which was fully leased at the time of sale, include Carmela Coffee, Firehouse Subs and Jupiter Medical. Baron Shoppes was originally built in 2018 on nearly 7 acres, according to LoopNet Inc. This transaction marks CenterSquare’s 8th acquisition in Florida.
Edgewater, N.J. — JLL has arranged the $53.5 million sale of Edgewater Towne Center, a mixed-use development located in Edgewater, roughly eight miles from New York City. The property comprises 76,414 square feet of retail space and 64 apartment units. The retail portion of Edgewater Towne Center was 98 percent leased at the time of sale and features a mix of tenants including Club Pilates, Amazon One Medical, Bond Vet and Pure Barre. Whole Foods Market anchors the property. Meanwhile, the residential component of the building was 94 percent occupied. …
Savannah, Ga. — Atlantic Capital Partners has sold Twelve Oaks, a 104,915-square-foot neighborhood shopping center located in Savannah, for $35.8 million. The property was 99 percent leased at the time of sale. Publix anchors Twelve Oaks, which has operated at the site since 1992. Additional tenants include Sephora, Cold Stone Creamery, Great Clips, Five Guys Burgers & Fries, LensCrafters and Bonefish Grill. Twelve Oaks was built in 1985 and is situated on approximately 10 acres. Fred Victor of Capital Markets represented both the buyer, Downers Grove, Illinois-based InvenTrust, and the seller, …
Pembroke Pines, Fla. — Galium Capital has sold Palm Square, a 77,621-square-foot retail center in Pembroke Pines, for $25 million. Built in 1987 on 8 acres, Palm Square features a mix of tenants including Dunkin’, Sherwin-Williams, KFC, Goldfish Swim School, Smile Xperts Family Dentistry & Orthodontics, Florida Medical Healthcare, Fordham Fitness and the Atlantic Montessori Charter School. Kirk Olson and Drew Kristol of Marcus & Millichap represented the seller and procured the buyer, an affiliate of JBL Asset Management, in the transaction.
Long Beach, Calif. — CenterCal Properties and DRA Advisors has acquired Long Beach Towne Center, with plans to redevelop the 870,000-square-foot property into a prominent retail and entertainment destination. Redevelopments will include new dining options such as chef-driven restaurants, fast-casual concepts and cafés; new retail brands; outdoor gathering areas with shaded seating, enhanced landscaping, public art and year-round programming; updated entertainment offerings with the addition of boutique fitness, wellness and family-oriented experiences; and renovated signage, lighting, pedestrian pathways and parking areas.