South Barrington, Ill. — Star Cinema Grill has signed a 15-year lease to open a 38,000-square-foot location at The Arboretum of South Barrington in the northwest Chicago suburb of South Barrington. Star Cinema Grill is opening in a space previously occupied by IPIC Theaters. Slated to open this spring, the movie theater will offer an extensive menu and full-service bar. Mike Zucker, managing partner of Peak Properties LLC, was named receiver of the 480,000-square-foot shopping center in late 2020. Madeline Wheeler of JLL represented Peak, while Kristen Barker of Wulfe …
Greenfield, Wis. — Mid-America Real Estate Group has negotiated the $9.3 million sale of 84South Small Shops in Greenfield, a southern suburb of Milwaukee. Built in 2018, the 17,805-square-foot retail center is located along Layton Avenue. Tenants at the time of sale included Men’s Hair House, Hand & Stone Massage and Facial Spa, MOD Pizza, FedEx Office and Café Zupas. Dan Rosenfeld of Mid-America Real Estate Wisconsin LLC represented the seller, Cobalt Partners. E&K Land LLC was the buyer.
North Decatur, Ga. and Crestwood, Mo. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to contend with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a …
Braintree, Mass. — JLL Capital Markets has arranged the $44.2 million sale of Stop & Shop Plaza, a 173,798-square-foot neighborhood shopping center in Braintree, roughly 13 miles outside Boston. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the disposition of the property to Sterling Organization. Situated on 18.8 acres at 238-310 Grove St., the center was home to tenants including Stop & Shop, CVS/pharmacy, Town Fair Tire, The Paper Store and Crunch Fitness at the time of sale.
Pearland, Texas — Fidelis Realty Partners has purchased Shadow Creek Ranch, a 613,468-square-foot retail power center located in the southern Houston suburb of Pearland. Built in 2008 and anchored by grocer H-E-B, Shadow Creek Ranch was 98 percent leased at the time of sale. Other tenants include Academy Sports + Outdoors, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Men’s Wearhouse, Pure Barre, Salata, Taco Cabana, Longhorn Steakhouse and Subway. Ryan West, Chris Gerard, Barry Brown, Wendy Vandeventer and Katherine Miller of JLL represented the seller, EDENS, in the transaction. Fidelis …
Schaumburg, Ill. — A joint venture between PCCP and KPR Centers has acquired Schaumburg Corners, a 160,301-square-foot shopping center in the Chicago suburb of Schaumburg. The purchase price was undisclosed. Anchored by Amazon Fresh, the fully leased property was also home to Bob’s Furniture, Office Depot, Petco and H Mart at the time of sale. Kensington Development Partners was the seller.
Rosamond, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of four single-tenant, net-leased retail properties at a shopping center in Rosamond for a combined $19.3 million. Four separate buyers acquired the properties, which feature a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property …
Golden, Colo., Charlotte, N.C. and Lithonia, Ga. — Marcus & Millichap has arranged the sale of three retail properties in Colorado, North Carolina and Georgia. Dispositions include an Advance Auto Parts location at 17151 South Golden Road in Golden, Colorado; a Dollar General location at 3708 Oakdale Road in Charlotte, North Carolina; and a Napa Auto Parts located at 7227 Covington Highway in Lithonia, Georgia. The three properties were purchased in one transaction by an undisclosed publicly-traded real estate investment company. Drew Isaac of Marcus & Millichap represented the seller, …
Brea, Calif. — Brixmor Property Group has purchased Brea Gateway Center, a 181,891-square-foot retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the property for $85.7 million. At the time of sale, the center was 98 percent occupied by tenants including Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
Santa Maria, Calif. — NewMark Merrill Cos. has acquired North Broadway Plaza, a 97,555-square-foot retail center located at the NE corner of N. Broadway & E. Grant St. in Santa Maria. Reza Investment Group represented NewMark Merrill and the undisclosed seller in the acquisition. North Broadway Plaza has tenants including Food Maxx, CVS/pharmacy, Goodwill, Chase and Verizon Wireless.