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Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Bethesda for $52.3 Million

by Alex Tostado

Bethesda, Md. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Bethesda. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

GBT Realty to Develop Sprouts Farmers Market in Southwest Florida

by Alex Tostado

Estero, Fla. — GBT Realty Corp. has signed a 10-year lease with Sprouts Farmers Market and will develop a 30,000-square-foot store at Estero Grande in Estero. The Phoenix-based grocery chain is expected to move into the space in spring 2020. Estero Grande is a mixed-use development that sits on 30 acres, offering 200 multifamily units and an 8,700-square-foot retail building with tenants such as Starbucks Coffee, Verizon, Woof Gang Bakery, Noire Nail Spa and Zoom Tan. Additionally, a Texas Roadhouse is expected to open this month.

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Grocery-anchoredInvestment salesNewsPennsylvaniaRetailers

JLL Brokers Sale of 70,378-Square-Foot Grocery-Anchored Retail Center in Bensalem, Pennsylvania

by Alex Tostado

Bensalem, Pa. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.

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Grocery-anchoredInvestment salesNewsRetailersWisconsin

Mid-America Brokers $18.1 Million Sale of Shopping Center in West Allis, Wisconsin

by Alex Tostado

West Allis, Wis. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ’n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.

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DevelopmentGrocery-anchoredNewsRetailersVirginia

Barnett Properties Breaks Ground on Publix-Anchored Shopping Center in Northern Virginia

by Alex Tostado

Stafford, Va. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations in Williamsburg and Fredericksburg as the only Publix stores in Virginia outside of the Richmond metro …

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DevelopmentGrocery-anchoredMarylandNews

Giant Food Store Opens 66,730-Square-Foot Store in Metro Baltimore

by Alex Tostado

Owings Mills, Md. — Giant Food Store has opened a 66,730-square-foot store in Owings Mills, 17 miles northwest of downtown Baltimore. The new store, located at 10210 Mill Run Circle, features Giant’s Pickup service, a full pharmacy and expanded departments. Giant Food locations at 9934 Reisterstown Road and 9730 Groffs Mill Road in Owings Mills closed when the new store opened.

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FloridaGrocery-anchoredInvestment salesNewsRetailers

Palomar Group Arranges $9.1 Million Sale of Winn Dixie-Anchored Center Near Tampa

by Alex Tostado

Brooksville, Fla. — The Palomar Group has arranged the $9.1 million sale of South Plaza, a 127,224-square-foot, Winn Dixie-anchored shopping center in Brooksville. The property was 97 percent leased at the time of the sale to tenants including Winn Dixie, Auto Zone, Beall’s Outlet, Focus Fit, UPS Store, Buddy’s Home Furnishings and T-Mobile. South Plaza is located at the corner of Cortez Boulevard and S. Broad Street, 50 miles north of downtown Tampa. David Rivers, Steve Collins and Ryan McArdle of The Palomar Group represented the seller, an undisclosed regional …

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FloridaGrocery-anchoredInvestment salesNewsRetailers

Avison Young Brokers $16 Million Sale of Publix-Anchored Shopping Center in Boca Raton, Florida

by Alex Tostado

Boca Raton, Fla. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Tenants include Publix, Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.

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DevelopmentGrocery-anchoredNew YorkNews

Whole Foods to Open 60,000-Square-Foot Store in Manhattan

by Alex Tostado

New York City — Whole Foods Market will open a 60,000-square-foot store within 63 Madison Avenue, a 15-story office building in Manhattan. The store will occupy 10,000 square feet on the ground floor of the building and 50,000 square feet on the second floor. The building owner, a partnership between George Comfort & Sons, Jamestown and Loeb Partners Realty, plans to renovate the first and second floors with glass walls and a new lobby. The time frame of the construction was not specified. Peter Duncan, Matt Coudert and Alex Bermingham of …

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DevelopmentGrocery-anchoredNewsPennsylvaniaRetailers

PMC Breaks Ground on 65,000-Square-Foot GIANT Food Store in Philadelphia

by Alex Tostado

Philadelphia — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

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