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Katie Sloan

Price-Chopper-Plaza-Binghamton
Grocery-anchoredInvestment salesNew YorkNews

IPA Negotiates $14 Million Sale of Upstate New York Shopping Center

by Katie Sloan

Binghamton, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Market-Square_Fort-Myers
FloridaInvestment salesNews

Cushman & Wakefield Arranges Sale of 118,583-Square-Foot Shopping Center in Fort Myers, Florida

by Katie Sloan

Fort Myers, Fla. — Cushman & Wakefield has arranged the sale of Market Square, a 118,583-square-foot shopping center located in Fort Myers. An affiliate of Centro Corp., a Florida-based shopping center owner and operator, purchased the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction. Built in 1993, Market Square was fully leased at the time of sale to tenants including DSW, Total Wine and More and American Signature Furniture. The …

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McDonalds-Clearwater
FloridaInvestment salesNews

SRS Brokers $3.1 Million Sale of McDonald’s Ground Lease in Clearwater, Florida

by Katie Sloan

Clearwater, Fla. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest …

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Escondido-Commons-Escondido-CA
CaliforniaInvestment salesNews

Marcus & Millichap Arranges Sale of 8,388-Square-Foot Escondido Commons Retail Property in California

by Katie Sloan

Escondido, Calif. — Marcus & Millichap has brokered the sale of Escondido Commons, a retail property in the San Diego suburb of Escondido. Garry Hanafin of The Hanafin Family Trust sold the asset to Bobby Hrdina of STNC Properties LLC for $1.6 million. Located at 145-49 S. Orange St. and 412-20 W. 2nd Ave., Escondido Commons offers 8,388 square feet of space in 12 retail suites spread across three adjacent buildings and two parking lots. At the time of closing, the center was fully leased to nine tenants. Nick Totah …

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Amherst-Shopping-Center_Massillon-Ohio
Investment salesNewsOhio

Axiom Purchases 98,385-Square-Foot Amherst Shopping Center in Ohio

by Katie Sloan

Massillon, Ohio — Axiom Realty has purchased Amherst Shopping Center, a 98,385-square-foot shopping center located in Massillon. Marc’s anchors the property, which was 64 percent occupied at the time of sale. Other tenants at the center include Dollar General and a fitness retailer. Jonah Warshaw and Jacob Baruch of Legacy Realty Group Advisors brokered the transaction. 

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Investment salesMassachusettsNews

DLC Acquires Colony Place in Metro Boston for $86 Million

by Katie Sloan

Plymouth, Mass. — DLC has acquired Colony Place, a shopping center located in Plymouth in metro Boston, for $86 million. DLC purchased the property as part of joint venture with Temerity Strategic Partners (TSP). According to a press release issued by the company, DLC launched the venture in December 2023, with plans to double its portfolio by 2025. Principal Asset Management acted as adviser for the transaction. 

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South Terrace Plaza
Investment salesNewsTennessee

Marcus & Millichap Brokers $5.3 Million Sale of Retail Center in Chattanooga

by Katie Sloan

Chattanooga, Tenn. — Marcus & Millichap has brokered the $5.3 million sale of South Terrace Plaza, a 46,700-square-foot retail center located in Chattanooga. The property, which is shadow anchored by AMC Theatres, was 94 percent leased at the time of sale to 12 tenants. According to Marcus & Millichap, six new leases have been executed at the center within the past year. Zach Taylor and Eric Abbott of Marcus & Millichap office represented the seller, a Tennessee-based developer, in the transaction. Jody McKibben of Marcus & Millichap served as the broker …

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Company newsNewsVirginia

Divaris Group Acquires S.T. Burke Retail Partners

by Katie Sloan

Virginia Beach, Va. — Virginia Beach-based Divaris Group has acquired S.T. Burke Retail Partners, a retail tenant representation and corporate services company founded in 2014. As part of the acquisition, Sean Burke, founder of S.T. Burke, will join Divaris as principal, national retail markets and retail corporate services. Burke’s tenure in the field includes experience representing brands including Punch Bowl Social, Wagamama, Voicebox Karaoke, Paladar Latin Kitchen, Bomba Taco Bar, Tin Shop Restaurant Group, Gap, Banana Republic, Old Navy, DSW, Urban Outfitters, Anthropologie, Free People, Terrain, Carhartt and Paper Source. Burke …

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Burger-King
Company newsDevelopmentFloridaNews

Burger King to Invest $300 Million to Remodel 1,100 US Restaurants by 2028

by Katie Sloan

Miami — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital …

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Walmart-Health
ArkansasCompany newsNews

Walmart to Shutter All 51 Walmart Health Centers, Virtual Care Service

by Katie Sloan

Bentonville, Ark. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when …

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