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Bed Bath & Beyond to Acquire The Container Store for $150 Million

by Abby Cox

Murray, Utah — Beyond Inc. has agreed to acquire The Container Store for approximately $150 million, in a deal that aims to combine the two brands. The acquisition comprises The Container Store’s entire business, including its Sweden-based Elfa customizable closet systems and Chicago-based Closet Works subsidiaries. These businesses are anticipated to serve as foundational anchors of Bed Bath & Beyond’s ‘Home Services’ pillar. As part of this reimagination, these locations will be branded The Container Store / Bed Bath & Beyond. With an average footprint of approximately 21,000 square feet per …

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FloridaInvestment salesNews

Marcus & Millichap Brokers $11.9 Million Sale of Coral Reef Plaza in Metro Miami

by Abby Cox

Palmetto Bay, Fla. — Marcus & Millichap has brokered the $11.9 million sale of Coral Reef Plaza, a 29,115-square-foot retail center located in Palmetto Bay, approximately 15 miles southwest of downtown Miami. Jonathan De La Rosa and Eddie Toledo of Marcus & Millichap procured the buyer in the transaction. Located at 15295 and 15315 S. Dixie Highway, the nearly 2-acre property includes 34 suites across a mix of retail and office space, including a freestanding Taco Bell, a multi-tenant retail strip and a mixed-use building.

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CaliforniaInvestment salesNews

Hanley Investment Group Arranges $4.6 Million Sale of Single-Tenant Retail Property in Metro Los Angeles

by Abby Cox

Pomona, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $4.6 million sale of a newly renovated, single-tenant retail property located in Pomona, roughly 30 miles east of downtown Los Angeles. A Starbucks café occupies the 1,650-square-foot space on a 15-year, triple-net corporate lease with 10 percent rental increases every five years during the primary term. Originally constructed in 1977, the single-tenant building was converted from an independent fast food restaurant to Starbucks’ newest prototype.     Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, …

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Investment salesMississippiNews

SRS Real Estate Negotiates $9.4 Million Sale of Single-Tenant Retail Property in Madison, Mississippi

by Abby Cox

Madison, Miss. — SRS Real Estate Partners has negotiated the $9.4 million sale of a single-tenant retail property leased to Academy Sports + Outdoors located in Madison, about 15 miles north of Jackson. Michael Berk, Patrick Nutt and Chip Watson of SRS Real Estate represented the Louisiana-based private seller. The buyer was a publicly traded REIT. Built in 2017 on about 7 acres, Academy Sports occupies a 64,626-square-foot building on a corporate-guaranteed lease with eight years remaining. Nearby retailers include Lowe’s Home Improvement, Office Depot, Walmart Supercenter and The Home …

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FloridaInvestment salesMixed-useNews

Joint Venture Acquires 300,000-Square-Foot Retail District at $6 Billion Miami Mixed-Use Development

by Abby Cox

Miami — A joint venture comprising affiliates of the Falcone Group, ROK Acquisitions, Andre Mirmelli, The Davis Cos. and Jamestown has acquired a retail and entertainment district situated within Miami Worldcenter, a new $6 billion mixed-use destination in downtown Miami.  The seller was master development group Miami Worldcenter Associates, which is a partnership between Falcone Group, Nitin Motwani and CIM Group. The sale price was not disclosed.  Totaling 300,000 square feet of retail, dining and entertainment space with 100,000 square feet of parks and plazas, the acquired property will be …

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Grocery-anchoredInvestment salesMixed-useNewsTexas

Town Lane, Gillon Property Group Purchase 460,000-Square-Foot Mixed-Use Development in Allen, Texas

by Abby Cox

Allen, Texas — New York-based Town Lane and Dallas-based Gillon Property Group have acquired Watters Creek Village, a 460,000-square-foot mixed-use development located in the northeastern Dallas suburb of Allen. An Ares Real Estate fund provided the debt financing for the acquisition. Delivered in 2008, Watters Creek Village spans 46 acres and features approximately 360,000 square feet of retail and 100,000 square feet of boutique office space. A Market Street grocery store anchors the property, with additional tenants including Anthropologie, Barnes & Noble, Chico’s, Bath & Body Works, DSW, Kendra Scott, Loft, …

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Grocery-anchoredInvestment salesNew JerseyNews

Wafra Acquires 348,742-Square-Foot Interstate Shopping Center in Ramsey, New Jersey

by Abby Cox

Ramsey, N.J. — New York-based Wafra has acquired Interstate Shopping Center, a 348,742-square-foot shopping center located in the Northern New Jersey community of Ramsey. CBRE arranged the joint venture between Crossroads Cos. and Wafra to purchase the property, while Axiom Capital arranged the acquisition loan. This transaction marks the first time the property has been sold since an earlier and smaller version of the center was acquired in the early 1990s. ShopRite, T.J. Maxx, Burlington, Ulta Beauty, Michaels and DSW anchor Interstate Shopping Center, which comprises seven buildings across 42 retail …

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ColoradoInvestment salesNews

JLL Negotiates $10.2 Million Sale of Washington Center in Metro Denver

by Abby Cox

Northglenn, Colo. — JLL Capital Markets has negotiated the $10.2 million sale of Washington Center, a 50,445-square-foot retail center located in Northglenn, a northern suburb of Denver. Jason Schmidt and Austin Snedden of JLL represented the seller, an entity doing business as Northglenn LLC, in the transaction. Rob Bova, also of JLL, arranged a fixed-rate acquisition loan on behalf of the buyer, Lafayette Property Co. Washington Center was 92 percent leased at the time of sale and features 19 tenants across 21 retail suites. Restaurants and retailers at the property include …

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FloridaInvestment salesNews

Adirondack Capital Partners Arranges $43 Million Sale of Retail Property in Palm Beach, Florida

by Abby Cox

Palm Beach, Fla. — Adirondack Capital Partners (ACP) has arranged the $43 million sale of 225 Worth Avenue, a 10,000-square-foot retail property in Palm Beach. Brittany Feinberg and Michael Hunter Coghill of ACP represented both the seller, JSB Capital Group, and the buyer, Acadia Realty Trust, in the transaction. The property features 89 feet of frontage along Worth Avenue and is leased to a mix of luxury tenants including Gucci, G/FORE and J. McLaughlin.

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Grocery-anchoredInvestment salesNewsVirginia

BC Wood Properties Acquires Fairfield Shopping Center in Virginia Beach for $34.9 Million

by Abby Cox

Virginia Beach, Va. — Lexington, Kentucky-based BC Wood Properties has acquired Fairfield Shopping Center, a 184,106-square-foot shopping center located in Virginia Beach, for $34.9 million. Food Lion and T.J. Maxx anchor the center, which was 93 percent leased at the time of sale. Additional tenants at the property include Burn Boot Camp, Papa John’s Pizza, Ivy Rehab, Jovi Salon, Fairfield Flowers, Truist Bank, Starbucks Coffee and Verizon Wireless. David Webb and Thompson Brown of Berkeley Capital Advisors represented the seller, Charlotte, North Carolina-based Crosland Southeast and an undisclosed joint venture partner, …

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