Irvine, Calif. — Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers. Scott DeYoung, Jeff Conover and Hunter Steffien of Irvine, California-based Faris Lee represented the seller, an entity doing business as MP Holdings LLC, in the transaction. The 10 freestanding locations feature drive-thrus and are located in metro New Orleans, Baton Rouge, Lafayette and Houma.
New York City — Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal …
Denver — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 23,300-square-foot property occupied by Sprouts Farmers Market in Denver’s Green Valley Ranch neighborhood. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller, Evergreen DevCo, and procured the buyer, Rustic Partners, in the deal. The grocery store anchors a new shopping center development located at the northeast corner of 56th Avenue and Tower Road.
Orlando, Fla. — Marcus & Millichap has arranged the $5.8 million sale of Shoppes at Lee, a two-building, 19,970-square-foot retail strip center in Orlando. Located at 1084 Lee Road, the property was leased to tenants including FedEx Office, Boost Mobile, Little Caesar’s and Trustco Bank at the time of sale. Nick Ledvora of Marcus & Millichap represented the seller, an entity doing business as Peak 14 LLC, and procured the buyer, Malhan Investments LLC, in the transaction.
Indian Land, S.C. — JLL Capital Markets has arranged the sale of Promenade at Carolina Reserve, a 255,868-square-foot shopping center in Indian Land, about 25 miles from Charlotte. Jim Hamilton, Brad Buchanan, Tom Kolarczyk, Ryan Eklund and Andrew Kahn of JLL represented the seller, Hutton. Bandera Ventures acquired the property. Completed in 2018, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby and Petco. Additionally, the center includes five single-tenant outparcel pads …
Shelton, Conn. — Urstadt Biddle Properties Inc. has acquired Shelton Square, a 186,000-square-foot shopping center in Shelton, about 10 miles from New Haven, for $33.6 million. Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
Henderson, Nev. and Millwood, Wash. — Faris Lee Investments has brokered the $22.4 million sales of two single-tenant grocery stores totaling 106,254 square feet in Nevada and Washington. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deals. The transactions included the disposition of a 58,254-square-foot Albertsons property in Henderson, roughly 16 miles outside Las Vegas; and a 48,000-square-foot Safeway in Millwood, roughly 8 miles outside Spokane.
Rockford, Ill. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
Austin, Texas — AutoZone has signed a lease to open a 33,000-square-foot “mega hub store” at Southbridge Plaza in Austin. The automotive retailer will operate its store, which will feature an expanded selection of parts and accessories, out of a 46,000-square-foot space that formerly housed an H-E-B grocery store. The remaining 13,000 square feet is leased to Hispanic grocer Casa Grande Supermercado. Cam Longmire and Gabe Sanchez of Weitzman represented the undisclosed landlord in the lease negotiations. Edwin Williams represented AutoZone. Other tenants at Southbridge Plaza include Dollar Tree, Sherwin-Williams, …
Alhambra, Calif. — Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra, about 9 miles from Los Angeles. Office Depot formerly occupied the 26,000-square-foot property, which offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.
