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Katie Sloan

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Tauro Capital Secures $149.7 Million Refinancing for 24-Property Walgreens Portfolio

by Katie Sloan

Los Angeles — Tauro Capital Advisors has secured the $149.7 million refinancing of a 24-property Walgreens portfolio primarily located across Tennessee, Wisconsin and Alabama. Matt Bucaro of the Los Angeles-based firm secured the one-year floating bridge loan through Benefit Street Partners on behalf of the borrower, IBF Properties LLC. The portfolio spans 314,852 square feet and was purchased by IBF in 2021. The company is currently acquiring retail assets occupied by investment-grade tenants with plans to create a REIT. 

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DevelopmentFloridaInvestment salesNews

Electra America and BH Group Buy South Florida Mall for $100.4 Million, Plan Mixed-Use Redevelopment

by Katie Sloan

Cutler Bay, Fla. — Electra America and BH Group have formed a joint venture to purchase Southland Mall, a 808,776-square-foot shopping mall in the Miami suburb of Cutler Bay. The buyers purchased the 80-acre site for $100.4 million with plans to reposition the mall and develop new Class A apartments on the campus. The joint venture is working closely with the Town of Cutler Bay on the redevelopment project. Located at 20505 S. Dixie Highway, Southland Mall was 80 percent leased at the time of sale to more than 100 …

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AlabamaFloridaInvestment salesIowaNewsSouth Dakota

Timber Development Sells Three Retail Centers Shadow-Anchored by Walmart

by Katie Sloan

Longwood, Fla. — Timber Development Corp. has sold three retail centers shadow-anchored by Walmart. Dispositions include a 40,000-square-foot retail property in Monroeville, Alabama, occupied by tenants including Dollar Tree, Shoe Show and Cato; a 37,000-square-foot center in Sioux City, Iowa, occupied by Cato, Dollar Tree, Gamestop, Great Clips and Sally Beauty Supply; and a 28,000-square-foot strip center in Huron, South Dakota, home to tenants including Maurices, Shoe Sensation and Verizon. The buyers and terms of the transactions were undisclosed. Timber Development Corp. is based in Longwood, Florida. 

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Burlington-Ulta
Investment salesNewsOklahoma

SRS Arranges $10 Million Sale of 53,872-Square-Foot Retail Property in Metro Oklahoma City

by Katie Sloan

Moore, Okla. — SRS Real Estate Partners has arranged the $10 million sale of a 53,872-square-foot retail property located at 790 SW 19th St. in Moore, roughly 10 miles south of Oklahoma City. Chris Tramontano and Aaron Johnson of SRS’ Investment Properties Group represented the seller, BlueCiel Oklahoma LLC, in the disposition of the property to Agree Realty. Built in 2018, the center was 93-percent occupied at the time of sale by tenants including Ulta Beauty and Burlington. The property is located within a larger center that is home to …

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Investment salesNewsWisconsin

Marcus & Millichap Negotiates $3.8 Million Sale of KinderCare-Occupied Property in Wisconsin

by Katie Sloan

Germantown, Wis. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.

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FeaturesFrom The Magazine

The Evolving Arc Of Junior Box Centers

by Katie Sloan

By mid-2021, retail properties were back in favor with investors and the active buyer pool had expanded from single-tenant and multi-tenant retail pads to grocery-anchored shopping centers. With the unprecedented buyer demand and limited inventory of institutional quality retail investments for sale, some owners of shopping centers with a collection of junior box anchors have successfully tested the buyer market and heralded the latest retail investment category to make a comeback, the power centers. However, given the recent 100-basis-point rise in the 10-year treasury rate and increasing inflationary pressures, the …

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Investment salesNewsWashington

Bridge33 Capital Sells 166,800-Square-Foot Retail Property in Washington for $18.4 Million

by Katie Sloan

Mount Vernon, Wash. — Bridge33 Capital has completed the $18.4 million disposition of Skagit Valley Square, a 166,800-square-foot power center located at 102-310 E. College Way in Mount Vernon, to Transnational Management. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was recently backfilled with a new tenant roster including Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree.

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FloridaInvestment salesNews

Greenberg Gibbons Acquires 214,789-Square-Foot Power Center in Florida for $23.6 Million

by Katie Sloan

Sanford, Fla. — Greenberg Gibbons has acquired Gateway Plaza, a 214,789-square-foot power center located in Sanford, for $23.6 million. Floor & Décor, Ashley Furniture, Bed Bath & Beyond, Dollar Tree and Michaels anchor the center. The property was purchased through the company’s Greenberg Gibbons Real Estate Income Fund, which launched in March 2021 with a focus on the acquisition of shopping centers throughout the East Coast, Southeast and Midwest. This is the fund’s fourth acquisition and the company’s first property in Florida. The seller in the transaction was undisclosed. 

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ArizonaInvestment salesNews

Newmark Brokers $16.4 Million Sale of Phoenix West Plaza Shopping Center in Phoenix

by Katie Sloan

Phoenix — Newmark has arranged the $16.4 million sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, Aetna West, in the disposition of the property to an undisclosed buyer. 

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DevelopmentNewsTexas

Weitzman Completes Renovation of 108,778-Square-Foot Meadow Central Market in North Dallas

by Katie Sloan

Dallas — Weitzman has completed the renovation of Meadow Central Market, a 107,778-square-foot shopping center in North Dallas. The project centered on remodeling the anchor tenant space occupied by Tom Thumb, which now features an expanded beer and wine selection, full-service seafood department, expanded bakery and remodeled produce, dairy and meat departments. Weitzman also upgraded the center’s façade, signage, landscaping, parking and security. Other tenants at Meadow Center Market include CVS/pharmacy, Edible Arrangements, The UPS Store and Sylvan Learning Center.

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