Chicago — Mid-America Real Estate Corp. has brokered the sale of 3030 North Broadway, a 131,748-square-foot shopping center located in Chicago. L3 Capital acquired the property for $50.1 million. Ben Wineman and Joe Girardi of Mid-America Real Estate Corp. represented the seller, SITE Centers, in the transaction. Mariano’s anchors the five-story property, which features a mix of additional tenants including Club Studio, PNC Bank, Starbucks Coffee and Fresh Dental.
Glendale, Ariz. — Diversified Partners has signed EOS Fitness to anchor a new 24.5-acre commercial retail development in Glendale, roughly nine miles northwest of downtown Phoenix. The developer acquired the site for $5.9 million in 2022, as reported by the Phoenix Business Journal. Along with EOS Fitness, additional confirmed tenants at the new shopping center, which is currently 77 percent preleased, include Dutch Bros Coffee, HTeaO, Farmer Boys and Bojangles. An approximately 2,057-square-foot endcap shop space remains available for lease, along with additional drive-thru and retail opportunities. The development is designed …
Minneapolis — Minneapolis-based Target has unveiled a $2 billion, multi-year strategy to open new stores, refresh its store experience across the chain and invest in store payroll and training. Specifically, Target is planning to make a $1 billion operating investment to deliver a “more consistent, elevated experience for guests,” including updated floorplans, enhanced in-store displays and the expansion of brand marketing. Target also plans to increase its capital investment by more than $1 billion to support new stores and ongoing remodels, technology and its supply chain. While investing in more than …
Oak Brook, Ill. — MetLife Investment Management has sold Overlook at Oakbrook, a 52,876-square-foot, unanchored retail strip center located in Oak Brook, roughly 20 miles east of Chicago. Overlook at Oakbrook spans seven buildings and was 94 percent leased to 13 tenants at the time of sale including Lazy Dog Restaurant and Bar, Panera Bread, Veterinary Emergency Group (VEG) and Guidepost Montessori. The property was completed in 2023, and is situated adjacent to Oakbrook Center, a 2 million-square-foot super-regional mall. Michael Nieder, Brian Page and Alex Sharrin of JLL’s Investment Sales …
Silver Spring, Md. — MCB Real Estate has signed Costco Wholesale to anchor Viva White Oak, a $2.8 billion mixed-use development in Maryland’s Montgomery County. Situated roughly 12 miles northeast of Washington, D.C., Viva White Oak will span 280 acres near the headquarters of the U.S. Food and Drug Administration (FDA) and the Adventist HealthCare White Oak Medical Center in Silver Spring. The 162,000-square-foot store will be the fourth Costco within a 10-mile radius of Viva White Oak, according to MCB. Viva White Oak is approved for more than 12 …
West Covina, Calif. — Cincinnati, Ohio-based Phillips Edison & Co. has acquired the Shops at Plaza West Covina, a 46,406-square-foot shopping center located in West Covina, roughly 20 miles east of Los Angeles, for $25.6 million. Daniel Tyner, Geoff Tranchina and Gleb Lvovich of JLL represented the private seller in the transaction. Shops at Plaza West Covina was 88 percent leased at the time of sale to tenants including Bank of America, Jamba Urbane Café, SchoolsFirst Federal Credit Union, California Fish Grill and Gen Korean BBQ House, among others. The property …
Cypress, Texas — JLL Capital Markets has arranged the sale of Shops at Fry & Tuckerton, a newly constructed, 39,912-square-foot retail development located in Cypress, a northwestern suburb of Houston. Ryan West, John Indelli and Michael King of JLL’s Investment Sales and Advisory team represented the seller, Gulf Coast Commercial Group, in the transaction. Situated at the entrance of the Bridgeland master-planned community, The Shops at Fry & Tuckerton consists of three multi-tenant retail buildings, which were fully leased at the time of sale. Tenants at the property include Five Guys …
Belmar, N.J. — Belmar, New Jersey-based Playa Bowls, a fast-causal restaurant chain that specializes in açai bowls, smoothies and fruit juices, has signed three multi-unit franchise agreements spanning Nevada, South Carolina and Missouri. Husband-and-wife teams Justin and Hannah Kirkland, alongside Craig and Diana Kirkland, will own and operate 10 restaurants in Southern Nevada. Brittany and Jeff Ciaramita have signed a five-unit development agreement in Missouri, marking the brand’s introduction to the state. Potential locations include Ladue, Central West End, Creve Coeur, Town and Country and Chesterfield, with the first location …
San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3 million pre-sale of a newly constructed single-tenant retail property situated at the intersection of Redlands Boulevard and Hunts Lane in San Bernardino. The building will be occupied by a 7-Eleven commercial fueling lanes (CFL) prototype on a 15-year, triple-net ground lease. The location will serve as a bridge between a traditional convenience store and a truck stop, which includes high-speed diesel lanes for commercial vehicles, commercial truck diesel infrastructure compatible with the 7FLEET Diesel Network and diesel …
Leesburg, Fla. — SRS Real Estate Partners has negotiated the $3.5 million ground lease sale of a restaurant property located at 9925 US-441 in Leesburg, about 45 miles northwest of Orlando. Chick-fil-A occupies the 4,935-square-foot building, which was built in 2024, on a corporate-guaranteed, triple-net ground lease with 13 years remaining on the initial term. Patrick Nutt and William Wamble of SRS represented the seller, a national investor and developer, in the transaction. The 1031 exchange buyer was a Brooklyn, New York-based private investor.
