Melrose Park, Ill. — Quantum Real Estate Advisors Inc. has brokered the $11 million sale of a 138,203-square-foot shopping center in Melrose Park, Illinois, a western suburb of Chicago. The multi-tenant property is located at 1901-2029 N. Mannheim Road. Anchor tenants include dd’s Discounts and Planet Fitness. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local property owner from Chicago. A New York-based private real estate investor purchased the asset.
Sterling Heights, Mich. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It …
Fenton, Mo. — JLL has arranged the sale of Gravois Place in Fenton, about 20 miles southwest of downtown St. Louis, for an undisclosed price. The 86,931-square-foot retail center is fully leased and anchored by Gold’s Gym. Situated at 635 Gravois Road, the property is also home to SkyZone Trampoline Park and St. Vincent DePaul. Aaron Johnson, Chris Murphy, Ross Crawford and Danny Kaufman of JLL marketed the property on behalf of the seller, RBR Real Estate Holdings LLC. Mark Sher of KW Commercial represented the undisclosed buyer.
Hilliard, Ohio — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Pittsburgh-based ECHO Realty. The purchase price was undisclosed.
Jacksonville, Fla. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking …
San Marcos, Calif. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings …
Greenwood, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd.
Scottsdale, Ariz. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied. Gainey Village Retail Center, an entity formed by Des Moines, Iowa-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office …
Overland Park, Kan. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.
Mammoth Lakes, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented …
