Hagerstown, Md. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center located in northern Maryland, for $36.3 million. JLL brokered the transaction. CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.
Mesa, Ariz. — SimonCRE has sold Mesa Ranch Plaza, a 130,000-square-foot retail center in Mesa. An entity doing business as Mesa Ranch 24 LP acquired the property, which was 99 percent occupied at the time of sale, for $26 million. Alex Kozakov and Patrick Wade of CBRE represented both the buyer and seller in the transaction. Michael Hackett of CBRE served as the local market expert for the deal.
Fountain Hills, Ariz. — First National Realty Partners (FNRP) has acquired Fountain Hills Plaza, a 111,284-square-foot shopping center located in Fountain Hills. Bashas’ anchors property, which was 90 percent leased at the time of sale. Other tenants at the center include Ace Hardware, AutoZone, H&R Block and Great Clips. This marks the firm’s second acquisition in the state. Patrick Dempsey of JLL represented the undisclosed seller in the transaction.
Orlando, Fla. — Colliers has brokered the $68.5 million sale of Lee Vista Promenade, a shopping center located in Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers, in the transaction. Built in 2016, the property totals 313,981 square feet. Tenants at the center, which was 95.5 percent occupied at the time of sale, include Academy Sports, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta Beauty, Five Below and Famous Footwear. Donald Jennewein of Colliers arranged financing through City National Bank …
Naperville, Ill. — Bucksbaum Properties has acquired River District, a 71,000-square-foot mixed-use development situated on 2.7 acres in Naperville, roughly 35 miles outside Chicago. Built in 1988, the property features 59,000 square feet of retail space and 12,000 square feet of second-floor office space. Retail tenants at the development include Rosebud, Fat Rosie’s Taco & Tequila Bar, Chipotle Mexican Grill and Five Guys. According to a press release issued by the company, the acquisition is part of a strategy to acquire “assets that offer a long-term potential for higher and better …
Atlanta — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony …
Harrison, Ark. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 145,588-square-foot retail center located in Harrison. Originally built in 1978, the property was expanded in 2020. Tenants at the center, which was 95 percent occupied at the time of sale, include Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller in the transaction. A private investor acquired the property.
Conroe, Texas — STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center located in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants including Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031-exchange investor.
Los Angeles — Reliable Properties has acquired a 2.9-acre parcel and a partial interest in another, 1.4-acre parcel at Barnsdall Square, a 92,000-square-foot retail center located in Los Angeles. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL represented the seller, DMDE Properties, in the transaction. Tenants at the property include Jons Marketplace Grocery Store and Rite Aid Pharmacy. Reliable previously acquired the other portions of Barnsdall Square in transactions with other sellers over the past year. Brad Nourafshan of Reliable led the firm’s acquisition efforts.
Layton, Utah — CBL Properties has sold Layton Hills Mall, a mall located in the Salt Lake City suburb of Layton, for $37.1 million. Second Horizon Capital acquired the property in an all-cash transaction. Net proceeds from the sale were applied to a term loan principal balance, for which the mall served as collateral.