Kennesaw, Ga. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million.
Carmen Spinoso, chairman and CEO of Spinoso Real Estate Group, has followed the chatter about malls alongside the rest of us. While he knows the traditional way of doing things no longer works, Spinoso is confident many malls are still viable shopping destinations as long as their owners know how to pivot. While individual asset analysis is essential, demographics, location and surrounding competition (or lack thereof) can really dictate a center’s future success. Repurposing old anchor spaces, adding entertainment and services, reshaping co-tenancy provisions, and cultivating the appropriate mix of …
Mixed-use isn’t a new strategy, but this concept certainly took center stage at RECon this year. Brett Hutchens, president of Casto Southeast, has been following this trend for nearly two decades when he entered the game by redeveloping a mall in Florida to include multiple uses. Now known as Winter Park Village, that project is still focusing on its many uses as it recently received a new multifamily component. Hutchens believes we will see this trend continue, particularly among areas hurting for a bevy of services, such as the Westshore …
Hollywood, Calif. —Artisan Realty Advisors has purchased Space 15 Twenty, a 40,000-square-foot retail property in Hollywood. Cahuenga Lofts and Ivar Group sold the property for $61 million.
Owings Mills, Md. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located 20 miles northwest of Baltimore.
Fullerton, Calif. — Merlone Geier Partners has purchased College Plaza Shopping Center from a private investor for $29.7 million.
Lilburn, Ga. — Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located in Lilburn, 20 miles northeast of Atlanta.
Tampa, Fla. — Plaza Advisors has arranged the $6.1 million sale of Northpointe Crossing, a 64,017-square-foot retail center in Tampa.
Hoffman Estates, Ill. — In its first-quarter results released today, Sears Holdings Corp. says that it has identified approximately 100 non-profitable stores, 72 of which will begin store-closing sales in the near future.