Las Vegas — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway.
Grocery-anchored
Salina, Kan. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas located roughly 100 miles north of Wichita. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019, and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. …
Cary, N.C. — ShopOne Centers REIT Inc., in a joint venture with Pantheon and an undisclosed institutional investor, has acquired Shoppes on the Parkway in Cary, about ten miles west of downtown Raleigh. The Fresh Market anchors the 40,000-square-foot center, which was 96 percent leased at the time of sale. The transaction marks the first acquisition by the joint venture.
Crawfordville, Fla. — Cushman & Wakefield have arranged the sale of Crawfordville Commons, a 54,804-square-foot shopping center located in Crawfordville, Florida, roughly 18 miles southwest of Tallahassee. Lane Breedlove, Margaret Jones, Adam Feinstein, Mitchell Halpern, and Mark Gilbert of Cushman & Wakefield represented the seller, Hand Properties. A joint venture of private buyers purchased the property, which was occupied by tenants including Publix at the time of sale.
Boynton Beach, Fla. — A joint venture between PEBB Enterprises and Banyan Development has sold Mainstreet at Boynton Beach, a 52,152-square-foot retail center in Florida. West Parkway Realty bought the center, which was completed in 2021, for $33 million. Sprouts anchors the fully leased development, with other tenants including AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets. Danny Finkle and Eric Williams of JLL represented PEBB and Banyan in the transaction.
Deerfield Beach, Fla. — TSCG has brokered the sale of Palm Trails Plaza, a 76,067-square-foot shopping center located at Military Trail and SW 10th Street in Deerfield Beach. An affiliate of Savitar Realty Advisors sold the retail center to an affiliate of Boca Raton, Florida-based Investments Limited for $17 million. Anthony Blanco, Mallory Silva and Nick Ureta of TSCG represented the seller in the all-cash transaction. Completed in 1998 and 2012, Palm Trails Plaza was fully leased at the time of sale to tenants including anchor Walmart Neighborhood Market. The …
NewMark Merrill Cos. Breaks Ground on 96,011-Square-Foot Shopping Center in Rialto, California
Rialto, Calif. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta Beauty, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice …
BridgeCore Provides $2.6 Million Acquisition Financing for Vacant Grocery Property in Indianapolis
Indianapolis — BridgeCore Capital has provided $2.6 million in acquisition financing for a vacant, single-tenant retail property located in Indianapolis. The asset was formerly occupied by an undisclosed grocery tenant. The financing features an 8.5 percent fixed interest rate, with a 12-month term at a 70 percent loan-to-purchase price. The borrower in the transaction was not released.
Continental Realty Corp. Purchases Shopping Center Portfolio in Suburban Chicago for $93.6 Million
Chicago — Continental Realty Corp. (CRC) has entered the Chicago market with its acquisition of a five-property shopping center portfolio for $93.6 million. The properties total more than 900,000 square feet of gross leasable area and are located in Cicero, Mount Prospect, Naperville and Palatine. Specifically, the properties include Cicero Marketplace in Cicero; Northwest and English Valley shopping centers in Palatine; Golf Plaza II in Mount Prospect; and Fox River Commons in Naperville. DiMucci Cos. was the seller. Tucker Development served as an acquisition and development consultant on the transaction. The portfolio …
IPA Secures $62.4 Million Acquisition Financing for Six-Property Grocery-Anchored Retail Portfolio
Florida, Colorado and Indiana — Institutional Property Advisors (IPA) has secured $62.4 million in acquisition financing for a six-property portfolio of grocery-anchored retail centers in Florida, Colorado and Indiana. Sunny Sajnani and Todd McNeill of IPA worked on behalf of the borrower, Essential Growth Properties, to place the five-year, fixed-rate, non-resource financing through three separate lenders. The portfolio includes Gainesville Shopping Center in Gainesville, Florida; Cheyenne Meadows Shopping Center in Colorado Springs, Colorado; Woodlands Crossing in Elkhart, Indiana; Plymouth Plaza in Plymouth, Indiana; Crawfordsville Square in Crawfordsville, Indiana; and Auburn Plaza, …