Oceanside, Calif. — Cushman & Wakefield has brokered the $56.6 million sale of Marketplace del Rio, a 183,292-square-foot shopping center located in Oceanside. Stater Bros. Markets anchors the property, which recently underwent extensive renovations. Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE represented the seller, ROIC, in the transaction. A California-based private investor acquired the property. Phil Lyons and Chad Iafrate of Cushman & Wakefield represented the buyer.
Hempstead, N.Y. — PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a retail center located in Hempstead on Long Island. Agus Holdings is the borrower. Tenants at the property, which totals 248,569 square feet, include The Home Depot, Stop & Shop, Old Navy and AT&T. The center was 99 percent leased at the time of sale.
Los Angeles — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has brokered the $2.2 million sale of a retail building located on Melrose Avenue in Los Angeles. Tenants at the property, which comprises 2,933 square feet, include jeweler The Great Frog. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson represented the seller, Quiet Lion, in the transaction. This marks the final property to be sold within a three-property Melrose Avenue portfolio. In total, Quiet Lion garnered $9 million from the portfolio sales.
Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …
Downingtown, Pa. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located in Downingtown, roughly 40 miles outside Philadelphia. Kevin Hicks of BWE secured the financing through a life insurance company on behalf of the borrower, Allied Properties. Wegman’s anchors the property. Other tenants at the center include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy.
Richardson, Texas — JLL Capital Markets has arranged the sale of Richardson Heights, a 201,433-square-foot shopping center located in Richardson, roughly 15 miles outside Dallas. Constructed in the 1950s, the property was 79 percent leased at the time of sale. Tenants at the center include Alamo Draft House, T.J. Maxx and Half Priced Books. Adam Howells, Chris Gerard, Ben Esterer and Keenan Ryan of JLL represented the seller, Silver Star Properties REIT, in the transaction. JAH Realty acquired the property for an undisclosed price.
St. Charles, Ill. — Quantum Real Estate Advisors Inc. has arranged the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, approximately 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to tenants including Syrup, Consume Cannabis, CD One Price and La Huerta Market. Brett Berlin of Quantum represented the seller, an Illinois-based developer. A private group of investors based in Illinois and New Jersey acquired the center.
Willingboro, N.J. — Legacy Realty Group Advisors has brokered the $4 million sale of Kennedy Plaza, a shopping center located in Willingboro, roughly 20 miles outside Philadelphia. A grocery store anchors the property, which totals 58,900 square feet. Jacob Baruch, Jonah Warshaw and Ari Warshaw of Legacy represented the buyer in the transaction. Blaine Foreman of Metro Commercial represented the seller.
Port St. Lucie, Fla. — SRS Real Estate Partners has arranged the $10.3 million sale of Tradition Retail Center, a 28,820-square-foot shopping center located in Port St. Lucie in southeast Florida. The multi-tenant property is situated within Tradition, an 800-acre master-planned community. Built in 2020, the center was fully leased to 10 tenants at the time of sale, including Faith Animal Hospital, Farmers Insurance, Scott’s Golf Carts and the Little Gym. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller in the transaction.
Fort Worth, Texas — Marcus & Millichap has brokered the sale of Victory Shops at Heritage Trace IV, an 11,492-square-foot retail center located in Fort Worth. Tenants at the property, which was fully leased at the time of sale, include Just Love Coffee Café, RevFit, Flossophy Dental Studio and Big Chicken. All of the tenants at the center are on triple-net leases. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller in the transaction. The property is situated across from a master-planned mixed-use project that will comprise retail, …
