Sugar Land, Texas — CBRE has arranged the sale of First Colony Commons, a 379,829-square-foot retail center located in Sugar Land. Seafood City anchors the property, which was 97 percent leased at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer, Harrison Tye and Jolie Duhon of CBRE represented the seller, TriGate Capital, in the transaction. Ryan Watson of CBRE secured acquisition financing on behalf of the buyer, Dhanani Private Equity Group.
Jacksonville, Ala. — Marcus & Millichap has negotiated the sale of Jacksonville Crossing, a 56,401-square-foot retail center in Jacksonville, a city in northeast Alabama. The property was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction.
Cambridge, Mass. — Newmark has brokered the $20.1 million sale of Porter Square Galleria, a retail center located in Cambridge. A 28,893-square-foot Target anchors the property, which totals 55,610 square feet and was 96 percent leased at the time of sale. Other tenants at the center include One Medical, Anna’s Taqueria and Citizens Bank. Robert Griffin, Jonathan Martin and Paul Penman of Newmark represented the undisclosed seller and secured the buyer, Crosspoint Associates, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged acquisition …
Dallas — JLL Capital Markets has arranged the sale of Skillman Live Oak, a 74,653-square-foot shopping center located in the Lakewood neighborhood of Dallas. Asana Partners acquired the property from BGO for an undisclosed price. The center was 77 percent leased at the time of sale. Erin Lazarus, Adam Howells, Megan Babovec and Ben Pollack of JLL represented the seller in the transaction.
Phoenix — CenterSquare has acquired Park at San Tan, a 19,888-square-foot retail center located in Phoenix. Originally developed in 2007, the property comprises three buildings and was 89 percent occupied at the time of sale. Tenants at the center include Firehouse Subs and Yogi’s Grill.
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.
