Friday, April 19, 2024
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Julia Sanders

Neiman Marcus
IllinoisInvestment salesNews

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

by Julia Sanders

Chicago — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy …

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La Frontera Village
Investment salesNewsTexas

IPA Negotiates Sale of 534,566-Square-Foot La Frontera Village Power Center in Metro Austin

by Julia Sanders

Round Rock, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of La Frontera Village, a 534,566-square-foot regional power center located in Round Rock, about 19 miles from Austin. Built on 62 acres in 1980, the center is situated within the 330-acre La Frontera master-planned community. At the time of sale, the property was 92 percent leased to tenants such as Kohl’s, Hobby Lobby, Burlington, Marshalls, Barnes & Noble and Cost Plus World Market. Andrew Margulies, Erin Patton, Scott Wiles and Craig Fuller …

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Investment salesNewsVirginia

JLL Arranges Sale of 396,961-Square-Foot Open-Air Retail Center in Richmond

by Julia Sanders

Richmond, Va. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the property. Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s and an 83,600-square-foot Saks Fifth Avenue. The center is also home to RH, Tiffany & Co., Brooks …

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Investment salesNew YorkNews

Wegmans to Open 100,000-Square-Foot Grocery Store on Long Island

by Julia Sanders

Lake Grove, N.Y. — Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.

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Beverlywood Plaza
CaliforniaInvestment salesNews

Passman Group Brokers $6.7 Million Sale of Beverlywood Plaza in Los Angeles

by Julia Sanders

Los Angeles — The Passman Group has arranged the $6.7 million sale of Beverlywood Plaza, a shopping center located in Beverlywood, a neighborhood in the Westside region of Los Angeles. The names of the buyer and seller were not released. Situated on a 13,500-square-foot lot, the property features 9,500 square feet of retail space. Current tenants include Beverly Robertson Veterinary Clinic and Beverlywood Market. David Passman, Marc Pakravan and Michael Navi of The Passman Group represented the seller in the deal.

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Brass Mill Commons
ConnecticutInvestment salesNews

Newmark Completes Sale of 204,447-Square-Foot Retail Center in Metro New Haven

by Julia Sanders

Waterbury, Ct. — Newmark has completed the sale of Brass Mill Commons, a grocery-anchored power center located in Waterbury, about 23 miles from New Haven. Geoffrey Millerd of Newmark represented the seller and procured the buyer. Mathew Adler of Newmark provided additional support on the transaction and Coley Cannon of Newmark provided financial analysis support. Totaling 204,447 square feet, Brass Mill Commons is anchored by Save A Lot and features retailers including Dick’s Sporting Goods, T.J.Maxx, Michaels, Petco, Barnes & Noble, Ulta Beauty and Buffalo Wild Wings. The property also …

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AlaskaInvestment salesNews

Time Equities Acquires Retail, Warehouse Portfolio in Anchorage for $44 Million

by Julia Sanders

Anchorage, Alaska — Time Equities Inc. has purchased Midtown Mall and 5900 Old Seward Highway in Anchorage from Seritage Growth Properties for $44 million. Midtown Mall is a 164,664-square-foot, grocery-anchored shopping center. At the time of sale, the property was 81 percent leased to tenants including Carr’s Grocery Store, Guitar Center, Nordstrom Rack and Planet Fitness. Situated on 7.8 acres, 5900 Old Seward Highway is a 98,087-square-foot former Sears warehouse building, which is currently vacant. Ami Ziff, Jonathan Kim and Grant Scott provided in-house representation for Time Equities, while Dino …

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Investment salesNewsTexas

Stan Johnson Co. Arranges $25 Million Sale of Metro Dallas Shopping Center

by Julia Sanders

Carrollton, Texas — Stan Johnson Co. has arranged the $25 million sale of Northcrest Village, a 136,061-square-foot shopping center in the northern Dallas suburb of Carrollton. The property was 85 percent leased at the time of sale to tenants including Aldi ,Ace Hardware, Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars Pizza and State Farm Insurance. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Co. represented the seller, an Oklahoma-based developer, in the transaction. A Texas-based private investor purchased the property via a 1031 exchange. Both parties …

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Merritt Manor
Investment salesMarylandNews

Continental Realty Corp. Sells Shopping Center in Metro Baltimore for $11.9 Million

by Julia Sanders

Dundalk, Md. — Continental Realty Corp. has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk, about 9 miles from Baltimore. Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all …

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Green Oak
LeasingMichiganNews

Three New Tenants Sign Leases at Green Oak Village Place in Brighton, Michigan

by Julia Sanders

Brighton, Mich. — Three new tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all scheduled to open this summer. Athleta will occupy 4,400 square feet. F45 will occupy 2,838 square feet. US Mattress will lease 3,000 square feet. Green Oak Village Place is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.

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