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Alex Tostado

Grocery-anchoredInvestment salesNew JerseyNewsRetailers

JLL Brokers $32.3 Million Sale of Grocery-Anchored Retail Center in Monroe, New Jersey

by Alex Tostado

Monroe, N.J. — JLL has brokered the $32.3 million sale of Concordia Shopping Center, a 135,090-square-foot retail center in Monroe, located approximately 30 miles northeast of Trenton. Situated at 1600 Perrineville Road, the retail center was 95 percent leased to tenants including Stop & Shop, UPS and Monroe Physical Therapy at the time of sale. Chris Munley, Jose Cruz and James Galbally led a JLL team that represented the seller, Concordia Shopping Manager Corp., in the transaction. A joint venture of KPR and DRA Advisors was the buyer.

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Investment salesNewsPennsylvaniaRetailers

NKF Arranges $16 Million Sale of Mall at Whitney Field Retail Center in Leominster, Massachusetts

by Alex Tostado

Leominster, Mass. — Newmark Knight Frank (NKF) has arranged the $16 million sale of The Mall at Whitney Field, a 744,107-square-foot retail center in Leominster, located approximately 42 miles northwest of Boston. At the time of sale, the property was 95 percent leased to tenants including Sears, Macy’s JCPenney, Burlington and regional grocer Market Basket. Geoffrey Millerd, Justin Smith and Paul Penman led an NKF team that represented the seller, Colony Capital. Hull Property Group was the buyer.

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FloridaInvestment salesNewsRetailers

SRS Negotiates $10.9 Million Sale of Retail Property Near Daytona International Speedway

by Alex Tostado

Daytona Beach, Fla. — SRS Real Estate Partners has negotiated the $10.9 million sale of Speedway Village, a three-building, 28,075-square-foot retail center located directly across the street from Daytona International Speedway. The center was fully occupied at the time of sale to tenants including Verizon Wireless, Jimmy John’s, FedEx Office, Vitamin Shoppe, Eyeglass World and Smashburger. The seller, Evans Speedway LLC, developed the property in 2008. The buyers, Ty and Tovah Lohman, represented themselves. Kevin Yaryan, Patrick Luther and Matthew Mousavi of SRS represented the seller in the transaction.

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DevelopmentNewsRetailersTexas

CityRow to Open First Texas Fitness Studio in Allen

by Alex Tostado

Allen, Texas — CityRow, a boutique fitness concept based in New York, plans to open its first Texas studio at 1314 W. McDermott Drive in Allen. Set to open Feb. 8, CityRow Allen will feature personal instructors leading 50-minute classes that utilize water-based rowing machines and weighted strength training. David Regelean is the owner of CityRow Allen. The studio will be situated within McDermott Towne Crossing, a Kroger-anchored shopping center.

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DevelopmentMallsNew YorkNews

University of Rochester Plans $240 Million Orthopedics Campus at Marketplace Mall

by Alex Tostado

Rochester, N.Y. — The University of Rochester (UR) will develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility will be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, will sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, …

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Investment salesNewsPennsylvaniaRetailers

Joint Venture Acquires Shopping Center Near Philadelphia for $43.3 Million

by Alex Tostado

Jenkintown, Pa. — A joint venture between Inland Institutional Capital LLC and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia, for $43.3 million. Whole Foods Market anchors the shopping center with other tenants including Planet Fitness, Panera Bread and Penn Community Bank. Mark Cosenza of Inland Real Estate Acquisitions LLC and Paul Brandes of Charter represented the joint venture in the transaction. The seller was undisclosed.

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IllinoisInvestment salesNewsRetailers

JLL Brokers Sale of 193,536-Square-Foot Retail Center in Broadview, Illinois

by Alex Tostado

Broadview, Ill. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.

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ArizonaInvestment salesNewsRetailers

Sun Valley Plaza Holdings Acquires Retail Center Near Phoenix for $6.4 Million

by Alex Tostado

Mesa, Ariz. — Sun Valley Plaza Holdings Inc. has acquired Sun Valley Plaza, a 94,094-square-foot retail center in Mesa. The center was 96 percent leased at the time of sale to tenants including Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant. The seller, Michael A. Pollack Real Estate Investments, purchased the property in 2004 for $3.1 million when the center was 16 percent leased. Sun Valley Plaza is located at 7336 E. Main St., 30 miles east of downtown Phoenix.

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Investment salesNewsTexas

Matthews Brokers $5.5 Million Sale of New Retail Property in Houston Leased to Regions Bank

by Alex Tostado

Houston — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to …

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DevelopmentEntertainmentLeasingNewsNorth CarolinaRetailers

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

by Alex Tostado

Fayetteville, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & …

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