Westerly, R.I. — Marcus & Millichap has arranged the sale of Spindrift Village, a 42,200-square-foot retail property located in the coastal Rhode Island city of Westerly. The sales price was $3.4 million. The property consists of two adjacent parcels totaling four acres that house a multi-tenant strip center and a pad site. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
Gardena, Calif. — SBH Real Estate Group has completed the disposition of a commercial property located at 3121 Marine Ave. in Gardena. Masuda Investments acquired the asset for $6.9 million. 7-Eleven occupies the building on a 15-year corporate ground lease. The property includes a 3,000-square-foot convenience store and six gas station islands. The tenant opened for business in early 2022. Jeremy McChesney of Hanley Investment Group represented Eric Silverman of SBH Real Estate Group, while Trevor Morse and Chris Kostanecki of CPPRE represented the buyer in the deal.
Minneapolis and Tulsa, Okla. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 …
Lansing, Mich. — Gillespie Group has unveiled plans to redevelop a former Sears Roebuck location at 3131 E. Michigan Ave. in Lansing. The property is being marketed as ROECO, a retail and entertainment destination. Specific redevelopment plans have yet to be finalized. The name ROECO is a nod to Sears Roebuck, which occupied the property for 66 years. Most recently, Sparrow Health System utilized the site for COVID testing. Gillespie Group is working with CBRE to secure retailers, restaurants and entertainment concepts for the redevelopment project. The timeline and final product mix …
Moreno Valley, Calif. —Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground …
Union, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of …
Newport, Ky. — BC Wood Properties has purchased two retail centers in Newport, a suburb of Cincinnati. The adjacent assets, Newport Shopping Center and Newport Plaza, total 429,399 square feet. Newport Shopping Center’s tenant roster includes Newport Racing & Gaming, Crunch Fitness, Family Dollar, Dollar General, Cricket Wireless, H&R Block and GNC. Newport Plaza’s tenants include Fresh Thyme, Planet Fitness, Ace Hardware and Dollar Tree. Both centers also house several locally based stores and restaurants. BC Wood acquired the centers via its investment vehicle BC Wood Real Estate Fund III. The …
Huntington Park, Calif. — Stan Johnson Co. has brokered the sale of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. will complete the 56,000-square-foot building in January 2023. Target will occupy the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented …
Plantation, Fla. — Institutional Property Advisors (IPA) has arranged the $22.3 million sale of Plantation Crossings, a 70,369-square-foot retail center located in Plantation. Kirk Olson and Drew Kristol of IPA and Barry Wolfe of Marcus & Millichap represented the seller, Plantation Crossings LLC, and procured the buyer, Azora Exan – USA, in the transaction. The property was developed in 1999 and is home to tenants including ALDI, My Salon Suite, Sherwin Williams, Concentra Health, Fitness System and Family Eye Center.
Oakwood Village, Ohio — The Palomar Group has brokered the $3.3 million sale of Hawthorne Shops in Oakwood Village, a southern suburb of Cleveland. The 50,957-square-foot retail center, built in 1991, is shadow anchored by Sam’s Club. Palomar Group represented the seller, Tabani Group, in the disposition of the property to Z.E.A. Capital Realty Holdings.