Irving, Texas — The Woodmont Co. has negotiated the sale of Story Crossing, a 6,038-square-foot retail property located in Irving. Russel Wehsener of The Woodmont Co. represented the seller in the transaction, in collaboration with Jeff Lefko of Hanley Investment Group. Compass represented the buyer. Tenants at the property, which is situated on 0.7 acres, include Starbucks Coffee, T-Mobile and CBD Kratom.
Finding the ideal time to buy or sell a retail investment is next to impossible. This task seems to be made even harder as sellers long for the prices and demand of 2020 and 2021, while buyers wish for the interest rates associated with that time period. But the past is the past. Retail investors can engage in shoulda, woulda, coulda until the cows come home, but it’s not a productive exercise. What is productive is operating with today’s fundamentals in mind. Part of doing that, notes Shaun Riley, Jeff …
Clifton, N.J. — Cronheim Mortgage has arranged a $20 million loan for the refinancing of Styertowne Shopping Center, a 236,000-square-foot retail center located in the Northern New Jersey community of Clifton. Stew Leonard’s Farm Fresh Food & Wine anchors the property, which was originally built in 1949. Other tenants at the center include Michaels, Planet Fitness, Dollar Tree and GNC. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim secured the 10-year loan through Reinsurance Group of America on behalf of the undisclosed borrower.
New York City — A joint venture between Union Investment and Nuveen Real Estate has sold 636 Sixth Avenue, a retail property located in the Flatiron District of Manhattan in New York City. The property totals roughly 18,300 square feet and features office space on the upper floors. The joint venture originally acquired the building in 2016 for the open-ended real estate fund Unilmmo: Global. The undisclosed buyer plans to redevelop the property.
Lakewood, Colo. — RealSource Group has brokered the $2.4 million sale of a single-tenant retail property located in Lakewood. Situated on 1.2 acres, the building totals 4,248 square feet. Grease Monkey occupies the property. Jonathan Schiffer and Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, a private investor, in the transaction.
Dalton, Ga. — Faris Lee Investments has arranged the $4.7 million sale of a free-standing retail pad building located in Dalton in northern Georgia. Developed in 2023, the two-tenant building features a drive-thru and is situated at the entrance to the Dalton Square shopping center. Starbucks Coffee and AFC Urgent Care currently occupy the property. Scott DeYoung, Jeff Conover, Don MacLellan and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. A Georgia-based 1031-exchange private investor was the buyer. Tenants at Dalton Square include Food City, Ross Dress …
Schaumburg, Ill. — CBRE has arranged the sale of Woodfield Village Green, a 420,740-square-foot shopping center located in Schaumburg, roughly 30 miles outside Chicago. Bridge33 Capital acquired the property from an undisclosed seller. Tenants at the center include Trader Joe’s, Marshalls, Nordstrom Rack, The Container Store, Bloomingdale’s Outlet, PetSmart and HomeGoods. CBRE represented the seller in the transaction.
Memphis, Tenn. — Poag Development Group has purchased a 400,000-square-foot store situated within Oak Court Mall, an enclosed regional mall in Memphis originally opened in 1988. Macy’s occupies the space and sold the property in a sale-leaseback transaction. Poag acquired the department store for $7 million in a joint venture with a group of local investors that purchased the other portions of Oak Court Mall in December 2023. Poag plans to work with JLL to maximize the potential of Oak Court Mall.
Guilford, Conn. — Zelco Properties, the development and acquisition arm of Charter Realty, and Haverford Retail Partners have acquired Guilford Commons, a 123,000-square-foot retail center located in Guilford. Tenants at the property, which was originally opened in 2015, include The Fresh Market, Michaels, DSW, Ulta Beauty, Panera Bread, MOOYAH, Spavia, Pure Barre and Ivy Rehab. T.J. Maxx and Old Navy also recently signed leases at the center. Charter Realty will manage leasing at property.
Charlotte, N.C. — CenterSquare has acquired Olde Lancaster Town Center, a 43,044-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include My Salon Suites, Aqua Tots, Lee’s Hoagies, Chesterbrook Academy and Eye Level Learning. The new ownership plans to implement improvements at the property including new paint, awnings, LED lights, string lights, patio seating, roofs, updated landscaping and signage enhancements.
