Bensalem, Pa. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.
Reno, Nev. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name …
Southport, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.
From axe throwing and bowling to gaming lounges and escape rooms, entertainment users that feature competitive activities are rapidly expanding into traditional retail centers. A recent study by JLL coined the term “competitive socializing” to describe this class of new leisure tenants and how they are driving foot traffic to suburban shopping centers and poised for stronger growth. Eatertainment concepts, another term used to describe these concepts which blend an arcade experience with food and beverage offerings, comprise 22.6 percent of the competitive socializing market share and have proven to …
Indianapolis — Kite Realty has acquired Nora Plaza, a 139,743-square-foot shopping center located at 1300 E. 86th St. in Indianapolis. The purchase price was not disclosed. Tenants include Whole Foods Market, Marshalls, Goodman’s Shoes and Firestone. CBRE represented the seller, a joint venture between RPT Realty and an institutional partner.
Stockton, Calif. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.
Garland, Texas — Berkadia has arranged CMBS financing totaling $18.9 million for two retail properties near San Antonio and Dallas. The financing included a $15.4 million, 10-year loan that Argentic provided for Courtyard Plaza, a retail strip center located at 155 S. Interstate 35 in the San Antonio suburb of New Braunfels. The other deal was a 10-year, $3.5 million loan that Wells Fargo provided for Duck Creek Community Shopping Center, a retail center located at 5006 N. Jupiter Road in the Dallas suburb of Garland. Joseph Hevey Jr. of Berkadia’s …
Cranberry, Pa. — Middletown Income Investors Cranberry LLC has purchased a single-tenant retail property in Cranberry, a northern suburb of Pittsburgh, for $14.1 million. A 24-hour Walmart Supercenter has fully occupied the property since 1999, and the retailer recently signed a 10-year lease extension. Patrick Luther of SRS, Phil Sambazis of Marcus & Millichap, along with Jeff Christian and Ryan Morita of First Street Brokerage, represented the seller, ACV Cranberry LLC, in the transaction. Zackary Hilgendorf of Quantum Real Estate Advisors represented Middletown.
Atlanta — Velvet Taco has opened its first Atlanta restaurant in Buckhead. The 2,500-square-foot establishment is situated at 77 W. Paces Ferry Road within a Whole Foods Market-anchored shopping center. The late-night joint offers a variety of chicken, beef, pork, fish and vegetarian tacos as well as brunch options. Velvet Taco expects to open a second Atlanta location next year at the Interlock development in West Midtown, according to local media. Based in Dallas, the brand also operates restaurants in Austin, Chicago and Houston.
Alton, Ill. — NorthMarq has arranged an $8.4 million loan for the refinancing of Alton Corners Shopping Center in Alton, about 15 miles north of St. Louis. The 50,063-square-foot retail center is located at 309-319 Horner M Adams Parkway. Tenants include Office Depot, Mattress Firm, Firehouse Subs and Applebee’s. Susan Branscome of NorthMarq arranged the loan, which features an 80 percent loan-to-value ratio, with a regional bank.
