Merced, Calif. — BWE has secured a $20 million bridge loan to finance the redevelopment of an outparcel adjacent to Marketplace at Merced in Merced. Sears formerly occupied the 85,000-square-foot property. The project will include a complete interior renovation, as well as the addition of two pad sites totaling 6,164 square feet. The redevelopment was fully preleased at the time of financing. Tenants at the property will include Ulta Beauty, Five Below, Petco, Rack Room Shoes and Burlington Coat Factory. Mike Guterman of BWE arranged the 30-month loan on behalf …
Braintree and Peabody, Mass. — Simon has signed new leases with Dick’s Sporting Goods at two of its properties in metro Boston. DICK’S House of Sport will be located within Northshore Mall in Peabody, roughly 20 miles outside Boston, and a Dick’s Sporting Goods store will open at South Shore Plaza in Braintree, approximately 15 miles outside Boston. Both stores are scheduled to open in 2026.
Midlothian, Va. — S.L. Nusbaum Realty Co. (SLN) has brokered the $16 million sale of a 13-acre development parcel located in Midlothian, roughly 14 miles outside Richmond. Larry Agnew and Andrew Thacker of SLN represented the buyer, SJC Ventures, in the transaction. SJC Ventures plans to develop Midlothian Depot, a mixed-use project, at the site. Upon completion, the development will feature a specialty grocer, retail and restaurant space, residential units, multi-modal pathways, green spaces and a dog park. Site work will begin in fall 2025, with vertical construction scheduled to …
Miami — Development firm Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use development located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story multifamily buildings that house 470 market-rate apartment units. JVP Management issued a $187 million loan for the development’s multifamily component, with Hudson Bay Capital issuing a $104 million loan for the retail portion. The funds will be used to pay off …
Spanaway, Wash. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures.
Austin, Texas — Presidium will break ground on the next phase of The Row, a 314-acre mixed-use project in Austin. Featuring a 6,250-square-foot freestanding restaurant site and 22,000 square feet of additional retail space, this phase will be developed in partnership with PentaGrowth Capital and a subsidiary of Biolink Capital. The project team will include architect Chioco Design, landscape architect Blacksmith Collaborative and civil engineer KFM Engineering & Design, as well as LandDesign, Leap!, Bay MEP, HWA Parking and O’Brien Architects. Asterisk Design will oversee renaming and rebranding for the development, …
West Palm Beach, Fla. — Three new tenants have signed leases at The Nora District, a mixed-use project currently underway in West Palm Beach. IGK Salon, Indaco and ZenHippo will occupy 2,347; 2,945; and 1,369 square feet at the property, respectively. The first phase of Nora District — which is being developed by a partnership between NDT Development, Place Projects and Wheelock Street Capital — is scheduled for completion in early 2025. Upon completion, Phase 1 will feature 150,000 square feet of retail, office and hospitality space. Other retail tenants at …
Westlake, Fla. — An entity doing business as Westlake Palms, led by Don Hearing, has announced plans to develop a 10,400-square-foot retail center in Westlake in southeast Florida. Upon completion, the property, dubbed Westlake Palms, will comprise a multi-tenant building with seven tenant suites ranging from 1,305 square feet to 1,648 square feet in size. Situated within the Westlake master-planned community, the development will also feature 48 parking spaces, two electric vehicle charging spaces and bike storage. The project is fully pre-leased to tenants including an optometrist, dentist, orthodontist and café. …
Aliso Viejo, Calif. — ValueRock Realty has completed the first phase of The Commons — a 21-acre mixed-use development in Aliso Viejo — with the grand opening held on Dec. 14. The project is a redevelopment of a 200,000-square-foot vacant former Lowe’s property. In addition to 200,000 square feet of retail space, The Commons will include a proposed 343-unit residential community. Retail tenants at the project include Tesla, 99 Ranch Market, Daiso and Philz Coffee, all of which are scheduled to open by the end of the year. Additional tenants, including Bowlero …
Grandville, Mich. — Poag Development Group has announced plans to complete a $1.3 million renovation at RiverTown Crossings, a regional mall in the Grand Rapids suburb of Grandville. Improvements at the property will new landscaping, updates to the parking lot and repairs to the merry-go-round. Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods anchor the 1.3 million-square-foot mall. Poag will also work with JLL, which manages leasing at the RiverTown Crossings, to “maximize the potential of the property.”