Bel Air, Md. — A joint venture affiliated with Rappaport has acquired Festival at Bel Air, a 433,720-square-foot shopping center in the Harford County community of Bel Air. The shopping center was 94 percent occupied at the time of sale by 60 retailers, including anchors Klein’s ShopRite, Kohl’s, Burlington, Marshalls, Petco and The Tile Shop.
Bethesda, Md. and Costa Mesa, Calif. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that …
Richmond, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $13 million sale of Gold’s Gym Plaza in Richmond to Seminole Trail Annex LLC. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the sellers, West Tower LLC and SugarOak Investments. Located at 8900 West Broad St., the property includes 124,275 square feet of retail throughout five buildings. The center was fully leased at the time of sale and is co-anchored by Gold’s Gym and Regal Cinemas. The 44,000-square-foot box anchored by Regal Cinemas and an …
Savannah, Ga. — JLL Capital Markets has arranged the sale of Abercorn Walk, a 69,396-square-foot retail center in Savannah. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the undisclosed seller in the disposition of the property to GBT Realty Corp. Abercorn Walk is anchored by The Fresh Market. Other tenants at the property include Ethan Allen, Soma Intimates, White House Black Market, Chico’s, Nadeau, Jos. A. Bank, J. Jill, Talbots, StretchLab and Cycle Bar.
Indianapolis — Marcus & Millichap has brokered the $3.9 million sale of Thompson Commons in Indianapolis. The 21,125-square-foot retail property, located at 5202 E. Thompson Road, is home to a five-tenant building as well as a freestanding urgent care building. Joel Dumes and Kyle Teets of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.
Retail condominiums are a unique product type, and many real estate investors hold some misconceptions about the ownership structure. Here, we break down the complexities of retail condo ownership, answer a few of the questions frequently asked by investors new to the asset class, and also explore what may impact future supply and demand. Q: How does a condominium differ from other ownership structures? A: In major cities where high-density developments are popular, we frequently see mixed-use projects being built, either new construction from the ground-up or older buildings being …
Hemet, Calif. — SRS Real Estate Partners has arranged the sale of Ramona Plaza, a retail center located at 1300-1480 E. Florida Ave. in Hemet. A Southern California-based investor sold the property to a California-based private investor for $13.9 million. Winston Guest, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while The Visintainer Group represented the buyer in the transaction. Built in 1974 on 6.4 acres, Ramona Plaza features 102,546 square feet of retail space. At the time of sale, the property was 88 …
Melrose Park, Ill. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza …
San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $10 million sale of World Plaza, a 55,810-square-foot multi-tenant retail property located in San Bernardino. Matt Burnett of Hanley Investment Group represented the seller, Presidio Property Trust Inc. Brian Heron of Commercial Retail Associates represented the undisclosed buyer in the transaction. Located at 1535 E. Highland Ave., the property was home to seven tenants at the time of sale including Chuze Fitness, Citizen’s Bank, Mother’s Nutrition, County of San Bernardino, Five Keys School, a dental office and …
Lake Mary, Fla. — JLL Capital Markets has arranged the $8.7 million sale of Lake Mary Pointe, a 51,052-square-foot shopping center anchored by Publix in Lake Mary, about 27 miles from Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL marketed the property on behalf of the seller, HS Capital Funds Inc. Tricon Development of Brevard Incorporated acquired the property. The property was 98 percent leased at the time of sale to tenants including Healthy Pets and Urgent Care, Flawless Hair Salon, China Star, Mariner Finance, Jailisco, Divine Nails …