Chattanooga, Tenn. — Matthews Real Estate Investment Services has brokered the sale of Hurricane Creek, a 62,590-square-foot shopping center located in Chattanooga. Publix anchors the property, which was built in 2007. Southeast U.S. Retail Fund L.P. sold the center to an entity doing business as Hurricane Creek Center LLC for an undisclosed price. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews arranged the transaction.
Phoenix — Lena Centers, a division of Longpoint, has acquired El Monte Shopping Plaza, a 101,269-square-foot shopping center located in Phoenix. Built in 1962, the property was 99 percent leased to 15 tenants at the time of sale. El Rancho Market IGA anchors the center, and other tenants include dd’s DISCOUNTS, Shoe Palace, ArchWell Health, Cute Smiles, Cricket Wireless and Baskin Robbins. Mindy Korth and JK Jackson, El Warner and Caitlin Zirpolo of Colliers brokered the transaction. ASI Real Estate handles leasing at the property.
Madison, Ala. — Fairway Investments has sold Heritage Square, a 60,767-square-foot retail center located in Madison. Halpern Enterprises acquired the property, which is anchored by T.J. Maxx, for an undisclosed price. Built in 2008, the center was fully leased at the time of sale. Franklin Street represented Fairway Investments in the transaction.
Mount Holly, N.J. —G.S. Wilcox & Co. has arranged a $12 million loan for the refinancing of Fair Ground Plaza, a 178,532-square-foot shopping center located in Mount Holly in southern New Jersey. The property was 90 percent leased at the time of the financing. Acme Markets anchors the center, and other tenants include Staples, Dollar Tree and Advance Auto Parts. David Fryer of G.S. Wilcox arranged the loan through an undisclosed life insurance company.
La Vista, Neb. — Marcus & Millichap has brokered the $6.4 million sale of Val Verde Place Shopping Center, a retail property located in La Vista. Built in 2000, the property totals 48,712 square feet across 23 tenant suites. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller in the transaction. Jon Ruzicka is the firm’s broker of record for Nebraska.
Gainesville, Ga. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta. Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes. Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new …
Grand Rapids, Mich. — PREIT has received an $80 million mortgage for the refinancing of Woodland Mall in Grand Rapids. Tenants at the recently redeveloped property include Von Maur, The Cheesecake Factory, Sephora and Urban Outfitters. According to the company, the refinancing will save PREIT roughly $5 million in interest expense over the life of the loan. JLL arranged the financing through a commercial mortgage-backed security (CMBS) lender.
Osage Beach, Mo. — Sky Real Estate has acquired Osage Beach Outlet Marketplace, a 391,000-square-foot retail center located on a 60-acre parcel in Osage Beach. Tenants at the property include Polo Ralph Lauren, Under Armour, Bath & Body Works and LOFT. A subsidiary of Simon Property Group sold the center for an undisclosed price.
Yucaipa, Calif. — Marcus & Millichap has brokered the $10.8 million sale of Center Point Plaza, a shopping center located in Yucaipa. Constructed in 2007, the property totals 28,924 square feet. Ivan Prochko, Orbell Ovaness and Ara Rostamian of Marcus & Millichap’s Ovaness-Rostamian Group represented the seller, an undisclosed partnership, in the transaction. Bashir Tariq of Keller Williams Realty represented the buyer, a private investor.
Voorhees, N.J. — CenterSquare has acquired Cedar Hill Shopping Center, a 16,891-square-foot retail center located in Voorhees, roughly 20 miles southeast of Philadelphia. Tenants at the property, which was fully leased at the time of sale, include Starbucks Coffee, Orange Theory, UPS, Great Clips, Vitamin Shoppe and AT&T. This marks CenterSquare’s first service property acquisition in metro Philadelphia.
