Alsip, Ill. — Lee & Associates has arranged the $1.8 million sale of a retail pad located in Alsip, roughly 25 miles southwest of Chicago. A Belle Tire location will be developed on the 1-acre site, which was previously occupied by Bakers Square Restaurant. Rick Scardino of Lee & Associates represented the seller, Orion Capital, in the transaction. Dave Chopp and Ryan Chopp of DRC Realty represented the buyer, Barnes Development Co. doing business as Belle Tire.
Newport News, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the $8.2 million sale of Turnberry Crossing, a 53,775-square-foot retail center located in Newport News. Goodwill anchors the property, which was 95 percent leased to 17 tenants at the time of sale. Other tenants include Hertz, Papa John’s and DaaBIN Store. Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the transaction on behalf of the seller, Stavins & Axelrod. Prudent Growth Partners acquired the property.
Marcus & Millichap Arranges $6.7 Million Sale of Single-Tenant Property Leased to Walgreens in Miami
Miami — Marcus & Millichap has brokered the $6.7 million sale of a freestanding, 13,650-square-foot property in Miami. Walgreens occupies the building on a 15-year triple-net lease. Built in 2004 and situated on 1.4 acres, the property is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap’s Miami office represented the buyer, a local private investment firm, in the transaction.
New Kent, Va. —Buc-ee’s has purchased 27.7 acres off I-64 in the Richmond suburb of New Kent with plans to develop the brand’s first location in Virginia. Upon completion, the Buc-ee’s Super Center will comprise 75,000 square feet of retail space, 120 fueling stations, electric vehicle chargers and more than 650 parking spaces. Construction on the project is scheduled for completion within the next 24 months. Nathan Shor of S.L. Nusbaum Realty Co. represented both the seller and Buc-ee’s in the land acquisition.
Perris, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad located in Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 and is an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.
Phoenix — Whitestone REIT has acquired Arcadia Towne Center, a 70,000-square-foot retail center located in Phoenix, for $25.3 million. A Safeway, not included in the sale, anchors the center. Tenants at the property include CVS/pharmacy, Tutor Time, Mathnasium, Over Easy, Sole Ports and Puff & Fluff Grooming.
Orlando, Fla. — Plaza Advisors has arranged the sale of Orlando Square, a 183,877-square-foot shopping center located in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Core Investment Management purchased the center for an undisclosed price. Plaza Advisors represented the seller, an entity doing business as AGRE Orlando Square LLC.
Plano, Texas — JLL has negotiated the sale of Independence Square, a 140,218-square-foot shopping center in Plano. Tom Thumb anchors the center, which was built in 1977 and renovated in 2005. Other tenants at the property, which was 94 percent leased at the time of sale, include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. Chris Gerard, Barry Brown, Erin Lazarus and Ben Esterer of JLL represented the undisclosed seller in the transaction. Head Capital Partners was the buyer.
Erie, Pa. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center located in Erie. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction.
Youngstown, Ohio — Marcus & Millichap has arranged the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. The property is situated directly across from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a …