Richmond, Va. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located in Richmond. Triple BAR White Oak acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff and Catharine Spangler of Cushman & Wakefield represented the seller in the transaction.
Finding the ideal time to buy or sell a retail investment is next to impossible. This task seems to be made even harder as sellers long for the prices and demand of 2020 and 2021, while buyers wish for the interest rates associated with that time period. But the past is the past. Retail investors can engage in shoulda, woulda, coulda until the cows come home, but it’s not a productive exercise. What is productive is operating with today’s fundamentals in mind. Part of doing that, notes Shaun Riley, Jeff …
Clifton, N.J. — Cronheim Mortgage has arranged a $20 million loan for the refinancing of Styertowne Shopping Center, a 236,000-square-foot retail center located in the Northern New Jersey community of Clifton. Stew Leonard’s Farm Fresh Food & Wine anchors the property, which was originally built in 1949. Other tenants at the center include Michaels, Planet Fitness, Dollar Tree and GNC. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim secured the 10-year loan through Reinsurance Group of America on behalf of the undisclosed borrower.
Schaumburg, Ill. — CBRE has arranged the sale of Woodfield Village Green, a 420,740-square-foot shopping center located in Schaumburg, roughly 30 miles outside Chicago. Bridge33 Capital acquired the property from an undisclosed seller. Tenants at the center include Trader Joe’s, Marshalls, Nordstrom Rack, The Container Store, Bloomingdale’s Outlet, PetSmart and HomeGoods. CBRE represented the seller in the transaction.
Hinesville, Ga. — Branch Properties has acquired 9.7 acres of land for Flemington Village, a 57,851-square-foot shopping center to be developed in Hinesville, approximately 40 miles southwest of Savannah. A 46,791-square-foot Publix will anchor the center, which is scheduled for completion in the third quarter of 2025. The property will also feature 11,060 square feet of inline retail space and an outparcel.
Guilford, Conn. — Zelco Properties, the development and acquisition arm of Charter Realty, and Haverford Retail Partners have acquired Guilford Commons, a 123,000-square-foot retail center located in Guilford. Tenants at the property, which was originally opened in 2015, include The Fresh Market, Michaels, DSW, Ulta Beauty, Panera Bread, MOOYAH, Spavia, Pure Barre and Ivy Rehab. T.J. Maxx and Old Navy also recently signed leases at the center. Charter Realty will manage leasing at property.
Philadelphia — Grocery chain GIANT will open a new, 50,000-square-foot store at Andorra Shopping Center in Philadelphia. Construction of the space is scheduled to begin in 2025. Federal Realty Investment Trust is the landlord and also plans to reposition 30,000 square feet of existing retail space, with the two projects representing a combined investment of $25 million. Repositioning plans include the addition of landscaped plazas, outdoor dining and curbside pick-up spaces and expanded sidewalks.
Middle River, Md. — Neuman Commercial Group has arranged the $6.4 million sale of Hawthorne Plaza, a shopping center located in Middle River, roughly 10 miles outside downtown Baltimore. Originally developed in 1960, the property totals 69,582 square feet. Tenants at the center, which was 98 percent leased at the time of sale, include Family Dollar, ExoticHaus Furniture and Geresbeck’s Food Market. Gil Neuman of Neuman Commercial Group represented the buyer, Rockpark Group with Redwood Capital Group, in the transaction. Thornhill Properties Management represented the seller, Hawthorne Inc.
Newark, N.J. — New Jersey-based PGIM Real Estate has sold a portfolio of seven grocery-anchored shopping centers in Florida. An undisclosed buyer purchased the portfolio, which comprises a total of 608,314 square feet of retail space, for $223.9 million. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in the disposition. Properties in the portfolio include Crestwood Square in Royal Palm Beach; Davie Shopping Center and Regency Square in Davie; Gladiolus Gateway in Fort Myers; Town Center at Orange Lake and Village Shops at Bellalago in Kissimmee; …
Providence Village, Texas — GBT Realty Corp. is underway on the development of Providence Marketplace, a retail center that will total 33,700 square feet in Providence Village, roughly 45 miles north of Dallas. A 23,300-square-foot Sprouts Farmers Market will anchor the property, which will also feature roughly 10,400 square feet of small shop space and three outparcels. GBT acquired the development site in August.
