Cincinnati – Phillips Edison & Co. (PECO) will separate its strategic investment and net lease investment business units from its grocery-anchored shopping center business. The new standalone company will be called PECO Real Estate Partners (PREP).
By Faith Hope Consolo, Douglas Elliman Real Estate
Tysons Corner, Va. — Finmarc Management Inc. and its partners have sold a 40,000-square-foot neighborhood shopping center located in Tysons Corner for $31.1 million.
Grandville, Mich. — The Cooper Commercial Investment Group has brokered the $7.2 million sale of the Rivertown Center, a 60,876-square-foot, multi-tenant retail center in Grandville.
Peoria, Ill. — Cullinan Properties Ltd. has hired Scott Fitzgerald as vice president of leasing and development. Fitzgerald brings 15 years of leasing, development, property management and accounting experience to the Cullinan team.
Jensen Beach, Fla. — Phillips Edison Grocery Center REIT II Inc. has purchased Ocean Breeze Plaza in Jensen Beach for $14.9 million.
Chicago — Envoy Net Lease Partners LLC has created a new lending program that provides up to 100 percent loan-to-cost financing for developers, retail and restaurant companies involved in ground lease developments, up to $4 million per property.
Naples, Fla. — Barron Collier Cos., The Lutgert Cos. and Madison Marquette have sold Mercato, a mixed-use lifestyle and entertainment centers with over 450,000 square feet of retail and Class A office space in Naples in southwest Florida.
By Georgia Buckhalter Thompson, Richman Greer
Owings Mills, Md. — The Greysteel Co. has brokered the $31.7 million sale of New Town Village Center, a 117,593-square-foot grocery-anchored shopping center located in Owings Mills.