New Lenox, Ill. — Marcus & Millichap has arranged the $4.9 million sale of a retail strip center in New Lenox, a southwest suburb of Chicago. Chipotle Mexican Grill anchors the 9,907-square-foot property. Other tenants include MOD Pizza, Smoothie King, Classy Nails and Vino Gaming Wine Bar. Brian Parmacek of Marcus & Millichap represented the seller, a Chicago-based developer. The buyer was undisclosed.
Las Vegas — Brixton Capital has completed the sale of Rainbow Plaza, a 259,980-square-foot shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. At the time of sale, the dual grocery-anchored center was 94 percent occupied by tenants including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank.
Charleston, S.C. — Stiles has sold Point Hope Commons, a 75,000-square foot neighborhood shopping center in Charleston, for $29 million. Publix anchors the center, which was developed by Stiles in 2019. The property was 92 percent leased at the time of sale to tenants including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital.
Chesnee, S.C. — Marcus & Millichap has arranged the $3.1 million sale of a 62,799-square-foot Food Lion-anchored shopping center located in Chesnee. Ani Paulson and Pearce Vogler of Marcus & Millichap represented the seller, an undisclosed private investor. The team also secured and represented the undisclosed buyer. Located at 712 S Alabama Ave. on 5.6 acres, the shopping center is occupied by tenants including O’Reilly Auto Parts.
San Gabriel, Calif. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel, roughly 10 miles outside Los Angeles. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in …
Lemont, Ill. — Cooper Commercial Investment Group has brokered the $8.1 million sale of Centennial Plaza, a 38,500-square-foot retail center located in the Chicago suburb of Lemont. Jewel-Osco shadow-anchors the center, which was 97 percent leased at the time of sale. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a New Jersey-based private investment group. A California-based private group was the buyer. The asset traded at a cap rate of 7.4 percent.
Sugar Land, Texas — Department of Wonder, an entertainment concept that combines interactive theater with puzzle-solving and immersive technology, will open a 10,000-square-foot venue at Sugar Land Town Square on the southwestern outskirts of Houston. The opening of the flagship venue is slated for early 2022. Department of Wonder was created by a team of storytellers, technologists, designers and producers with decades of collective experience producing novel forms of digital and interactive entertainment.
Atlanta — Four restaurants are set to open at mixed-use project Westside Paper during the second quarter of 2022 in Atlanta’s West Midtown. The four restaurant tenants include Pancake Social, Glide Pizza, Girl Diver and Boxcar Betty’s. A joint venture between Third & Urban and FCP is developing the project, which is a 245,000-square-foot adaptive reuse of a former 1950s-era warehouse facility. Bridger Properties is managing leasing on behalf of the development team.
Tampa, Fla. — Polestar, an electric vehicle provider, will open its first Florida location at Midtown Tampa, a $500 million mixed-use district with 1.8 million square feet of retail in Tampa. Polestar will open during the second quarter of 2022 within a 2,500-square-foot space across from Sephora and behind Ponte Tampa. All sales at Polestar will be handled online. Midtown Tampa is nearly fully leased with restaurants, shops and businesses opening throughout 2022 and 2023.
Columbus, Ga. — Cotton Cos. has signed Cleaver & Cork, a butcher and artisan market, to an 1,800-square-foot lease at Highside Market, an adaptive reuse mixed-use development in Columbus. Cleaver & Cork will offer a selection of charcuterie, meats, seafood, artisan goods and local cheeses, as well as a variety of craft beer and wine. Slated to open this summer, Highside Market will feature 20,000 square feet of restaurants, 20,000 square feet of retail, 15,000 square feet of office space, a greenspace and outdoor lounge areas. Cotton Cos. has received …