Investment sales

Lynnhaven Square
Investment salesNewsVirginia

National Asset Services, Colliers Negotiate $8.6M Sale of Lynnhaven Square in Virginia Beach

by Abby Cox

Virginia Beach, Va. — National Asset Services (NAS) and Colliers have negotiated the $8.6 million sale of the 22,933-square-foot Lynnhaven Square in Virginia Beach on behalf of the shopping center’s ownership group. The center was last acquired in 2005 by a group of eight tenant-in-common (TIC) investors. NAS has served as the asset management company for the group since 2008. Shirlee Kingsley of NAS secured a refinancing solution in 2015 that preserved the original TIC ownership structure and its tax advantages. Lynnhaven Square has maintained full occupancy both during the 2015 …

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Merchants Plaza
FloridaInvestment salesNews

CrownPoint Partners Arranges $4.5 Million Sale of Multi-Tenant Retail Center in Cape Coral, Florida

by Abby Cox

Cape Coral, Fla. — CrownPoint Partners has arranged the $4.5 million sale of Merchants Plaza, a 15,000-square-foot, multi-tenant neighborhood retail center in Cape Coral. Located at 155-159 Hancock Bridge Parkway, the center sits on 1.2 acres and was fully leased to seven tenants including Tires Plus, PI Pizza, Hancock Smoke Shop, Lee Nails, Floral Designs, Palm Tree Massage Spa and Cape Palace Arcade at the time of sale. According to CrownPoint Partners, the center was refurbished in 2023 with a new roof, upgraded HVAC systems, LED lighting, a new pylon …

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Westside Bottling
DevelopmentInvestment salesNewsNorth Carolina

Ardent Closes on Land Acquisition for Mixed-Use Project in Durham, Signs Leases with Sprouts and Shake Shack

by Abby Cox

Durham, N.C. — The Ardent Cos. has closed on the land acquisition for Westside Bottling, a mixed-use development located on the former Durham Coca-Cola Bottling Co. warehouse site in Durham. Ardent plans to break ground in August on the development, which will feature 70,000 square feet of retail space, 370 multifamily residences and 35 for-sale townhomes upon completion. Westside Bottling’s retail component is currently 70 percent preleased to tenants including Sprouts Farmers Market, Shake Shack, Ulta Beauty, Club Pilates, First Watch and Vernis Nail Salons. First Citizens Bank, which had an …

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DG Market
FloridaInvestment salesNews

MHCommercial Real Estate Fund Buys 90,000-Square-Foot Retail Center on Florida’s Space Coast for $9 Million

by Abby Cox

Merritt Island, Fla. — MHCommercial Real Estate Fund II, a private equity fund launched by South Florida-based commercial real estate services firm NAI Merin Hunter Codman, has purchased Merritt Crossing, a 90,000-square-foot shopping center on Florida’s Space Coast, for approximately $9.1 million. Situated across 15.3 acres on Merritt Island, the property was built in 1983 and renovated in 2002. DG Market and Planet Fitness anchor Merritt Crossing, which was 92.3 percent leased at the time of sale. Other tenants include The Health Bar, a hair studio, a daycare and multiple …

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FloridaInvestment salesNews

Regency Centers Obtains Five Southern California Shopping Centers Totaling 630,000 Square Feet for $357 Million

by Abby Cox

Jacksonville, Fla. — Jacksonville, Florida-based Regency Centers Corp. has obtained five shopping centers within the 23,000-acre master-planned community of Ranch Mission Viejo in Orange County, California, for $357 million. The properties, which comprise 630,000 square feet, include Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace. The portfolio is 97 percent leased to a mix of needs-based tenants such as grocers, restaurants, and health, wellness and personal service uses. The seller was Newport Beach, California-based Westar Associates. Regency funded the acquisition with a combination of operating partnership (OP) …

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Fairlane North
Investment salesMichiganNews

Mid-America Brokers Sale of 151,121-Square-Foot Shopping Center in Dearborn, Michigan 

by Abby Cox

Dearborn, Mich. — Mid-America Real Estate Corp. has brokered the sale of Fairlane North, a 151,121-square-foot shopping center in Dearborn. The property will be rebranded as Dabaja Fairlane North Properties. The center is fully leased to Value City Furniture, Crunch Fitness, Forman Mills, Happy’s Outlet and Verizon Wireless. Ben Wineman, Eric Geskermann, Daniel Stern and Tony Schmitt of Mid-America represented the seller, a private investment group, in the transaction. Ali Charara of Century 21 Curran & Oberski represented the buyer, metro Detroit-based Dabaja Brothers Development Group. The transaction represents the …

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Pique at Angel Stadium
CaliforniaInvestment salesNews

Vista Emerald Acquires 15,710-Square-Foot Multi-Tenant Shopping Center in Anaheim, California, for $11.3 Million

by Abby Cox

Anaheim, Calif. — Encinitas, California-based Vista Emerald has acquired Pique at Angel Stadium, a 15,710-square-foot multi-tenant retail center located in Anaheim, for $11.3 million. Formerly known as The Shops at Stadium Towers, the property was originally built in 2006 on 2.2 acres. The center was fully leased to eight tenants including 714 Tickets, Aleppo’s Kitchen, Comerica Bank, LAMILL Coffee, Lolas by MFK and Non’s Vietnamese Kitchen at the time of sale, according to LoopNet. The property also offers 150 parking spaces, 16 Tesla Superchargers and prominent pylon street signage. Lee …

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Cumberland Crossing
Investment salesKentuckyNews

Marcus & Millichap Brokers $5.9 Million Sale of Cumberland Crossing in Monticello, Kentucky

by Abby Cox

Monticello, Ky. — Marcus & Millichap has brokered the $5.9 million sale of Cumberland Crossing, a 94,366-square-foot shopping center located in Monticello. Situated on roughly 16 acres, Cumberland Crossing was 86 percent leased to tenants including Marshalls, Five Below, Farmers Home Furniture, Dollar Tree and Great Clips at the time of sale. Walmart, which has operated at the site since 2001, shadow anchors the property. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller in the transaction. Grant Fitzgerald was the firm’s broker of record in Kentucky.

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Golden Acres Shopping Center
Grocery-anchoredInvestment salesNew JerseyNews

JLL Negotiates $40 Million Sale of Golden Acres Shopping Center in Northern New Jersey

by Abby Cox

Morristown, N.J. — JLL Capital Markets has negotiated the $40 million sale of Golden Acres Shopping Center, a 219,848-square-foot retail center located in Morristown. The property is anchored by an 80,000-square-foot ShopRite that underwent renovations in 2016. Other tenants at the center include Shoppers World, Unique Thrift Store and a Wendy’s outparcel. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Kavaler and Joseph Lopresti of JLL’s Investment Sales and Advisory team represented the seller in the transaction. The buyer was a joint venture between Agus Holdings and TreeCo.

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Killeen Marketplace
ArkansasInvestment salesNewsTexas

Chase Properties Buys 514,983-Square-Foot Retail Portfolio Across Texas and Arkansas 

by Abby Cox

Texas and Arkansas — Beechwood, Ohio-based Chase Properties has purchased a 514,983-square-foot retail portfolio of four shopping centers located in Texas and Arkansas. The portfolio includes Southloop Crossing in Lufkin, Texas; Killeen Marketplace in Killeen, Texas; Southcenter Shopping Center in Hot Springs, Arkansas; and Massard Crossing in Fort Smith, Arkansas. Notable tenants at the properties include Ross Dress for Less, Best Buy, T.J. Maxx, Kroger and Hobby Lobby. The portfolio was 97 percent leased at the time of sale. This transaction marks the company’s entry into both states. Adam Howells, …

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