Shenandoah, Iowa — Cleeman Realty Group has arranged the sale of Orchard Corners, a 50,000-square-foot shopping center located in Shenandoah. Hy-Vee anchors the property, which was 87 percent occupied at the time of sale. Other tenants at the center include Scooter’s Coffee and McDonald’s. Jeremy Scheer of Cleeman represented both the buyer and seller in the transaction.
Arbutus, Md. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981. Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the …
Ocean Springs, Miss. — Legacy Realty Group Advisors has arranged the $8.2 million sale of Spring Plaza, a 110,248-square-foot shopping center located in Ocean Springs. Winn-Dixie anchors the property. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the buyer in the transaction. Dex Shill of NAI Latter & Blum represented the seller.
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.
