New York City — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center located in Queens in New York City, from Acadia Realty Trust. Stop & Shop anchors the property, which was fully leased at the time of the acquisition. The purchase price was $48 million.
Riverside, Calif. — Gantry has secured a $17 million loan for the refinancing of Magnolia Towne Center, a retail center located in Riverside. Tenants at the property, which totals 133,000 square feet, include Ralph’s and Wells Fargo. Strategic Real Estate Advisors (SRA) is currently negotiating 27,000 square feet of leases at the property on behalf of the ownership. James Ruiz of Gantry arranged the 10-year, fixed-rate financing through a life insurance company on behalf of the borrower.
East Setauket, N.Y. — Brixmor Property Group has acquired West Center, a 41,920-square-foot shopping center located in East Setauket on Long Island. Wild by Nature, a grocer, anchors the property. Other tenants at the center include Walgreens, Pure Barre, Starbucks Coffee and AT&T.
Canton, Mich. — Michaels has signed a 17,514-square-foot lease at Premier Center, a shopping center located in Canton. The new lease brings the property to full occupancy. Other tenants at the center include Kroger, Home Depot and Dick’s Sporting Goods. First National Realty Partners (FNRP) is the landlord.
Eatontown, N.J. — Kushner has today broken ground on the $500 million mixed-use redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City. Upon completion, the property will comprise 900,000 square feet of retail and restaurant space. Whole Foods Market will anchor the development, which will also feature a public green, pedestrian pathways, 1,000 residential units and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site.
Middletown, Del. — Blenheim Group has broken ground on Bayberry Town Center, a 280,000-square-foot mixed-use project in Middletown. A 64,000-square-foot Weis Markets with a fuel facility will anchor the property. Other tenants at the development will include a bank, pet store, spa and nail salon. Construction on Weis Markets is scheduled to begin this fall, with the opening of Weis and several other tenants planned for 2025. Upon completion, the project will also feature office space, two green spaces, 145 townhomes and internal street and trail connectivity. Jim Tancredi of LMT …
Waynesboro, Va. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy represented both the buyer and seller in the transaction.
Albany, N.Y. — An affiliate of Heidenberg Properties has acquired Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants at the center include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured the buyer.
Sumter, S.C. — First National Realty Partners has acquired Sumter Square, a 66,765-square-foot shopping center in Sumter, roughly 45 miles east of Columbia. A 39,365-square-foot Piggly Wiggly grocery store anchors the center. The acquisition of Sumter Square marks First National Realty’s entry into South Carolina. David Robinov of Ackman-Ziff represented the undisclosed seller in the transaction.
Lexington, Ky. — RD Property Group is underway on the development of a 34-acre mixed-use development located in Lexington. The City of Lexington recently certified plans for the construction of a 122,000-square-foot Kroger Marketplace at the project, dubbed Newton Springs. Plans for the store include a drive-thru pharmacy, adjoining wine and spirits shop and 476 parking spaces. Other tenants at the property — which features two four-story buildings, a restaurant space and three additional buildings — include Estepp’s Shell, Jimmy Johns, Hot Head Burritos, The UPS Store, Tire Discounters and Starbucks Coffee.