Mount Dora, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.4 million sale of Tri-Cities Shopping Plaza, a 71,172-square-foot shopping center located in Mount Dora, roughly 30 miles northwest of downtown Orlando. Kirk Olson and Drew Kristol of IPA represented the seller, Davie, Florida-based Ross Realty Investments, and procured the buyer, a Florida-based investor. T.J. Maxx, Ross Dress for Less and Dollar Tree anchor Tri-Cities Shopping Plaza, which was fully leased at the time of sale. Additional tenants include VIPcare Mount Dora, Victoria’s …
Abby Cox
Surmount Arranges $10.8 Million Sale of 25,690-Square-Foot Neighborhood Center in Gilbert, Arizona
Gilbert, Ariz. — New York City-based Surmount has arranged the $10.8 million sale of The Shops at Civic Center, a 25,690-square-foot neighborhood center located in Gilbert, a suburb of Phoenix. Constructed in 2005, The Shops at Civic Center is situated within the 180-acre Gilbert Town Center development. Tenants at the property, which was 95 percent leased at the time of sale, include Zipps Sports Grill, One Stop Nutrition and Lifetime Family Dental. Ross Sanzari of Surmount served as the listing agent and represented the seller, a private investor, in the transaction. …
Montgomery, Ala. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a single-tenant retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and …
JLL Secures $74.5 Million in Refinancing for Grocery-Anchored Shopping Center in Central Virginia
Charlottesville, Va. — JLL Capital Markets has secured a $74.5 million loan to refinance the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, about 70 miles northwest of Richmond. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and includes a mix of additional tenants such as L.L. Bean, lululemon, Sephora and a 14-screen …
Chesterfield, Mo. — Gantry has arranged a $22 million permanent loan to refinance maturing debt for Chesterfield Commons, a 750,000-square-foot power center located in Chesterfield, approximately 22 miles west of St. Louis. Joe Monteleone and Rulin Dai of Gantry secured the five-year, fixed-rate, nonrecourse loan through one of Gantry’s correspondent insurance company lenders on behalf of the borrower, a private real estate investor. Gantry will service the loan. Chesterfield Commons is anchored by Walmart, Sam’s Club, Best Buy and Ross. The center features a mix of 40 additional tenants, including …
Carolina Commercial Invests $18 Million to Renovate Biggs Park Mall in Southeastern North Carolina
Lumberton, N.C. — Carolina Commercial has broken ground on an $18 million renovation of Biggs Park Mall, a 250,000-square-foot shopping center located in Lumberton, roughly 32 miles south of Fayetteville. In addition to leading the redevelopment, the firm will oversee leasing, asset management and all future daily operations for the property. The redevelopment includes a curated tenant mix and physical upgrades. New retail tenants include T.J. Maxx, Burlington and Five Below, along with several new restaurants. Carolina Commercial is also negotiating new lease extensions with existing retailers Shoe Show, Tomlinson’s, Bath …
SimonCRE Purchases 28 Acres to Develop 316,000-Square-Foot Farmington Crossings Retail Center in Southeast Missouri
Farmington, Mo. — SimonCRE has purchased roughly 28 acres of land to develop Farmington Crossings, a 316,064-square-foot open-air center located in Farmington, approximately 75 miles southwest of St. Louis. Situated at the gateway to St. Joe State Park, Farmington Crossings will include a 129,000-square-foot national big box retailer, which will be disclosed at a later date, as well as a 55,000-square-foot Academy Sports store. The developer has also secured a lease with Burlington, which is set to join a range of national soft goods retailers ranging in size from 22,000 …
Why fitness and recovery concepts are strengthening suburban centers. As consumer priorities continue shifting toward convenience and healthier lifestyles, grocery-anchored centers remain among the most resilient formats in retail. But the modern grocery trip is increasingly complemented by another fast-growing category: wellness. Fitness operators, recovery-focused retailers, and beauty-focused brands are now among the highest-performing co-tenants with grocery anchors. Their emergence is driving repeat visits, expanding dwell time, and reinforcing the long-term stability of suburban centers. The Power of Pairing Fitness with Grocery Trips Shoppers may visit a grocery store one …
With development costs high, developers are turning to mixed-use projects to maximize land while offering consumers a more rounded experience. As 7 a.m. rolls around, the elevator doors open to the smell of fresh espresso drifting up from the downstairs café. By noon, the outside plaza is alive with office workers grabbing lunch, parents pushing strollers and residents walking their dogs past storefront windows. In the evening, string lights flicker above the courtyard as neighbors gather for dinner just steps from their home. This is not a weekend destination or …
Creation Completes Construction of $250 Million Park Algodon Mixed-Use Development in Phoenix
Phoenix — Locally based Creation has completed construction for Park Algodon, an industrial and mixed-use development at the northwest corner of Loop 101 and Indian School Road in Phoenix. Spanning 86 acres, Park Algodon includes 1.3 million square feet of Class A industrial space and an adjacent 7-acre mixed-use destination with retail and restaurant space. The first phase of the industrial portion of Park Algodon was developed in partnership with Clarion Partners. The two-phase speculative industrial project includes four buildings, totaling 725,000 square feet, designed to accommodate tenants ranging from …