Hempstead, N.Y. — PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a retail center located in Hempstead on Long Island. Agus Holdings is the borrower. Tenants at the property, which totals 248,569 square feet, include The Home Depot, Stop & Shop, Old Navy and AT&T. The center was 99 percent leased at the time of sale.
Naples, Fla. — WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center in Naples. Publix will anchor the property, which will total more than 60,000 square feet. Other tenants at the center will include Great Clips and Le Nail Salon. Scheduled for completion in late summer 2025, the project is situated at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment destination, and adjacent to apartment community Emblem at Orange Blossom.
Tempe, Ariz. — Four new tenants have signed leases totaling 150,000 square feet at Tempe Marketplace, a 1.3 million-square-foot retail development located in Tempe. Sam’s Club is scheduled to open at the property next summer, with Nothing Bundt Cakes and Enclave Salon Suites set to open this fall. Happy Beauty Co. will also join the tenant lineup, with its opening scheduled for 2025. Vestar is the owner and landlord.
Los Angeles — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has brokered the $2.2 million sale of a retail building located on Melrose Avenue in Los Angeles. Tenants at the property, which comprises 2,933 square feet, include jeweler The Great Frog. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson represented the seller, Quiet Lion, in the transaction. This marks the final property to be sold within a three-property Melrose Avenue portfolio. In total, Quiet Lion garnered $9 million from the portfolio sales.
Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …
Bossier City, La. — The Cordish Cos. has topped off construction of its Live! Casino & Hotel Louisiana, a $270 million hospitality and gaming entertainment complex located in Bossier City. The retail entertainment owner and operator broke ground on the project in December 2023, and general contractor AnderCorp finished vertical construction at the property yesterday. Scheduled to open in first-quarter 2025, the development will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness …
Downingtown, Pa. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located in Downingtown, roughly 40 miles outside Philadelphia. Kevin Hicks of BWE secured the financing through a life insurance company on behalf of the borrower, Allied Properties. Wegman’s anchors the property. Other tenants at the center include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy.
Richardson, Texas — JLL Capital Markets has arranged the sale of Richardson Heights, a 201,433-square-foot shopping center located in Richardson, roughly 15 miles outside Dallas. Constructed in the 1950s, the property was 79 percent leased at the time of sale. Tenants at the center include Alamo Draft House, T.J. Maxx and Half Priced Books. Adam Howells, Chris Gerard, Ben Esterer and Keenan Ryan of JLL represented the seller, Silver Star Properties REIT, in the transaction. JAH Realty acquired the property for an undisclosed price.
Dallas — Dallas-based food-and-beverage franchising company BRIX Holdings LLC has entered into an agreement with franchise owner Richard Stassi to open four new units in Arizona and Missouri. Stassi will open three Smoothie Factory + Kitchen and Red Mango co-branded shops within the next three years in metro Phoenix and Scottsdale, Arizona. The first of the units is scheduled to open in early 2025. Franchisee Gary Patel signed the fourth deal with Stassi and will open a Red Mango store in Kansas City, Missouri, in early 2025, marking the first entry …
St. Charles, Ill. — Quantum Real Estate Advisors Inc. has arranged the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, approximately 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to tenants including Syrup, Consume Cannabis, CD One Price and La Huerta Market. Brett Berlin of Quantum represented the seller, an Illinois-based developer. A private group of investors based in Illinois and New Jersey acquired the center.
