Grocery-anchored

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DevelopmentGrocery-anchoredMixed-useNews

Retail Component of Rise Koreatown Mixed-Use Development in Los Angeles Nears Completion

by Abby Cox

Los Angeles — Nadel Architects has announced that the retail component of Rise Koreatown, a seven-story mixed-use development in Los Angeles’ Koreatown neighborhood, is nearing completion. The project will introduce more than 52,000 square feet of ground-floor retail space, which will be anchored by a 30,000-square-foot Zion Market, an American supermarket chain that specializes in Korean and Asian foods. The retail component of Rise Koreatown is expected to open later this year. Developed by Rescore Property Corp., the broader project includes over 350 residential units. Nadel’s design team drew inspiration from …

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grocery-anchored-retail-portfolio
GeorgiaGrocery-anchoredInvestment salesNew JerseyNewsSouth CarolinaVirginia

JLL Negotiates $115 Million Sale of Grocery-Anchored Retail Portfolio Across Four States

by Abby Cox

Atlanta — JLL Capital Markets has acquired a 588,000-square-foot portfolio of grocery-anchored retail centers in Georgia, South Carolina, Virginia and New Jersey, for $115 million. The portfolio comprises seven retail properties: Hickory Flat Village in Canton, Georgia; Deshon Plaza in Stone Mountain, Georgia; Flat Shoals Crossing in Decatur, Georgia; Cascade Corners in Atlanta; The Plaza at Carolina Forest in Myrtle Beach, South Carolina; Kroger Plaza in Virginia Beach, Virginia; and Lewandowski Commons in Lyndhurst, New Jersey. The portfolio is 99.6 percent leased and features a mix of grocers including Publix, Kroger …

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Grocery-anchoredInvestment salesMixed-useNewsTexas

Town Lane, Gillon Property Group Purchase 460,000-Square-Foot Mixed-Use Development in Allen, Texas

by Abby Cox

Allen, Texas — New York-based Town Lane and Dallas-based Gillon Property Group have acquired Watters Creek Village, a 460,000-square-foot mixed-use development located in the northeastern Dallas suburb of Allen. An Ares Real Estate fund provided the debt financing for the acquisition. Delivered in 2008, Watters Creek Village spans 46 acres and features approximately 360,000 square feet of retail and 100,000 square feet of boutique office space. A Market Street grocery store anchors the property, with additional tenants including Anthropologie, Barnes & Noble, Chico’s, Bath & Body Works, DSW, Kendra Scott, Loft, …

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Grocery-anchoredInvestment salesNew JerseyNews

Wafra Acquires 348,742-Square-Foot Interstate Shopping Center in Ramsey, New Jersey

by Abby Cox

Ramsey, N.J. — New York-based Wafra has acquired Interstate Shopping Center, a 348,742-square-foot shopping center located in the Northern New Jersey community of Ramsey. CBRE arranged the joint venture between Crossroads Cos. and Wafra to purchase the property, while Axiom Capital arranged the acquisition loan. This transaction marks the first time the property has been sold since an earlier and smaller version of the center was acquired in the early 1990s. ShopRite, T.J. Maxx, Burlington, Ulta Beauty, Michaels and DSW anchor Interstate Shopping Center, which comprises seven buildings across 42 retail …

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fairfield-shopping-center
Grocery-anchoredInvestment salesNewsVirginia

BC Wood Properties Acquires Fairfield Shopping Center in Virginia Beach for $34.9 Million

by Abby Cox

Virginia Beach, Va. — Lexington, Kentucky-based BC Wood Properties has acquired Fairfield Shopping Center, a 184,106-square-foot shopping center located in Virginia Beach, for $34.9 million. Food Lion and T.J. Maxx anchor the center, which was 93 percent leased at the time of sale. Additional tenants at the property include Burn Boot Camp, Papa John’s Pizza, Ivy Rehab, Jovi Salon, Fairfield Flowers, Truist Bank, Starbucks Coffee and Verizon Wireless. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller, Charlotte, North Carolina-based Crosland Southeast and an undisclosed joint venture partner, …

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Shops at Stonefield
FinanceGrocery-anchoredNewsVirginia

JLL Secures $74.5 Million in Refinancing for Grocery-Anchored Shopping Center in Central Virginia

by Abby Cox

Charlottesville, Va. — JLL Capital Markets has secured a $74.5 million loan to refinance the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, about 70 miles northwest of Richmond. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and includes a mix of additional tenants such as L.L. Bean, lululemon, Sephora and a 14-screen …

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Company newsGrocery-anchoredMarylandNews

Rappaport to Manage Reisterstown Shopping Center in Metro Baltimore

by Abby Cox

Reisterstown, Md. — McLean, Virginia-based Rappaport has been selected to provide leasing and management for Reisterstown Shopping Center, a 160,000-square-foot, grocery-anchored retail center located in Reisterstown, approximately 25 miles north of Baltimore. As part of the assignment, Rappaport will oversee $2 million in property upgrades. Built in 1964, Reisterstown Shopping Center is anchored by a 29,000-square-foot Lidl grocery store and a recently opened 33,000-square-foot Lowe’s Outlet. The center features a mix of additional tenants such as Starbucks Coffee, Chipotle Mexican Grill, Jersey Mike’s, Quickway Japanese Hibachi and Planet Fitness. Reisterstown …

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Somerset Shopping Center
Grocery-anchoredLeasingNew JerseyNews

Levin Management Signs Lease with Sprouts Farmers Market to Anchor Somerset Shopping Center in New Jersey

by Abby Cox

Bridgewater, N.J. — Levin Management Corp. (LMC) has signed a 28,750-square-foot lease with Sprouts Farmers Market to anchor Somerset Shopping Center, a 219,000-square-foot shopping center located in the northern New Jersey community of Bridgewater. Vanessa Kelty and Ed Vasconcellos of LMC represented the landlord in the lease negotiations, while Mike Horn and Steven Winters of RIPCO Real Estate represented Sprouts Farmers Market. Sprouts will serve as a co-anchor to Barnes & Noble. The Sprouts lease follows a series of recent additions and openings at Somerset Shopping Center, including D1 Training, …

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Whole-Foods-Madison-Yards
Grocery-anchoredInvestment salesMixed-useNewsWisconsin

Mid-America Brokers Sale of 51,361-Square-Foot Single-Tenant Retail Property in Madison, Wisconsin

by Abby Cox

Madison, Wis. — Mid-America Real Estate Corp. has brokered the sale of a newly developed, single-tenant retail property located in Madison. Whole Foods Market occupies the 51,361-square-foot building, which serves as the anchor tenant for Madison Yards, a 21-acre mixed-use development under construction. Dan Rosenfeld, Andrew Lund, Nick Kohlmann and George Ghattas represented the seller, Summit Smith Development, in the transaction. The property was acquired by a private buyer. In addition to Whole Foods Market, Madison Yards will feature more than 500 luxury apartments and 400,000 square feet of medical/office space, as well …

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Grocery-anchoredInvestment salesNew YorkNews

Cronheim Arranges $33.3 Million in Financing for Grocery-Anchored Center in New City, New York

by Abby Cox

New City, N.Y. — Cronheim has arranged a $33.3 million bridge loan for New City Center, a 128,801-square-foot center located in New City, approximately 30 miles north of Manhattan. Dev Morris, Allison Villamagna, Brandon Szwalbenest, and Andrew Stewart of Cronheim secured the three-year loan through Voya Investment Management on behalf of a JV partnership between KABR Group and BTF Capital Fund. The loan provided 75 percent of the total project costs, with additional future funding available for capital improvements. Anchored by ShopRite, New City Center features a mix of tenants such …

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