Henrico and Midlothian, Va. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin …
Sunrise, Fla. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June.
Hingham, Mass. — Newmark has brokered the $45.2 million sale of Lincoln Plaza, a 127,505-square-foot shopping center located in Hingham, approximately 20 miles outside Boston. A 68,087-square-foot Stop & Shop grocery store and a 31,882-square-foot Marshalls anchor the center, which was 99 percent leased at the time of sale. Robert Griffin, Jon Martin, Paul Penman and Matthew Adler of Newmark represented the seller, AEW, in the transaction and procured the buyer, a subsidiary of Jumbo Capital Inc. Casey O’Brien and Connor Scott of Newmark provided financial analysis support for the deal.
East Longmeadow, Mass. — ShopOne Centers REIT Inc., with joint venture partners Pantheon and an undisclosed institutional investor, has acquired Heritage Park Plaza, a 117,337-square-foot retail center located in East Longmeadow, a suburb of Springfield. Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at the center include Petco, Orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant and Pub and H&R Block.
Newport News, Va. — Legacy Realty Group Advisors has brokered the $6.7 million sale of Richneck Center, a 63,945-square-foot retail center located in Newport News, roughly 30 miles outside Norfolk. Food Lion anchors the property, which was 95 percent occupied at the time of sale. Jacob Baruch of Legacy represented both the buyer and seller in the transaction.
Phoenix — Westwood Financial has sold Ahwatukee Mercado, a 125,716-square-foot retail center located in Phoenix, to a private buyer for an undisclosed price. Built in 1985, the property is anchored by Safeway. Other tenants at the center, which was 95 percent leased at the time of sale, include Great Clips, H&R Block, Subway, Dogtopia and Biscuits Restaurants. Westwood acquired the center in 2019.
Long Island, N.Y. — Regency Centers and Blumenfeld Development Group have announced plans for the 168,000-square-foot redevelopment of SunVet Mall in Long Island. Upon completion, Whole Foods Market will anchor the property, which will be transformed into an open-air shopping center featuring two junior anchors, as well as 53,000 square feet of shops and six outparcels. Regency will hold the majority interest in the joint venture and oversee leasing and operations at the center.
Greenville, S.C. — Sprouts Farmers Market will open a 25,000-square-foot store at North Hills Shopping Center in Greenville. Originally built in 1975, the retail center is currently undergoing renovations including updates to facades, landscaping, patios, storefronts and parking lot repairs. Construction of the Sprouts is scheduled to begin this year, with the opening planned for 2024. This marks the second location for the brand in the Greenville market. Aston Properties is the landlord.
Twin Falls, Idaho — Wood Investments Cos. has announced the addition of three new tenants to Canyon Park West, a 160,140-square-foot retail center located in Twin Falls. Natural Grocers will open a 20,000-square-foot store at the property this fall. Additionally, Ashley HomeStore and Carter’s have signed leases totaling 18,000 and 4,084 square feet, respectively, and are now open at the center.
Temecula, Calif. — CBRE has brokered the $27.7 million sale of Meadows Village Center, a 67,336-square-foot retail center located in Temecula. Barons Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include Starbucks Coffee, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, The UPS Store and Pacific Dental. The property also features a CVS/pharmacy, which was not included in the sale. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the …