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Pine Tree Acquires 2.5 Million-Square-Foot Retail Portfolio from SITE Centers for $495 Million

by Hayden Spiess

Northbrook, Ill. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and feature properties in metros including Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The properties included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and …

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Core Acquisitions Purchases Rice Lake Square Shopping Center in Suburban Chicago for $34.2 Million

by Hayden Spiess

Wheaton, Ill. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center located in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants at the center, which was 76 percent leased at the time of sale, include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller in the transaction. Old National …

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Walmart to Close Two Stores in Metro Atlanta

by Hayden Spiess

Dunwoody and Marietta, Ga. — Walmart has announced plans to close two stores located in metro Atlanta. A Walmart Supercenter in Dunwoody, Georgia, and Walmart Neighborhood Market in Marietta, Georgia, will close on July 12. According to a statement from the company, which operates 213 Walmart and Sam’s Clubs stores in the state, there are no additional closures planned at this time. 

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Marcus & Millichap Brokers $10.5 Million Sale of Retail Center in Monroe, Louisiana

by SCB Staff

Monroe, La. — Marcus & Millichap has brokered the $10.5 million sale of The Plaza One Shopping Center, a retail center located in Monroe. Super 1 Foods anchors the property, which totals 96,765 square feet. The center was fully leased at the time of sale. Zach Taylor and Philip Levy of Marcus & Millichap represented the seller, a Texas-based private investor, in the transaction. Steve Greer assisted in closing the sale as the Louisiana broker of record.

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Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Hayden Spiess

Culver City, Calif. and Austin, Texas — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price.  Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept.  Alamo Drafthouse will maintain its headquarters in Austin and will continue to …

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BWE Arranges $66.5 Million Financing for Plaza de Perris in Southern California

by Hayden Spiess

Perris, Calif. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 …

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Marcus & Millichap Brokers Sale of 5,677-Square-Foot Single-Tenant Property in Houston Suburb

by Hayden Spiess

Spring, Texas — Marcus & Millichap has brokered the sale of a 5,677-square-foot single-tenant retail property located in the northern Houston suburb of Spring. IHOP occupies the building, with 15 years remaining on the lease. John Paine of Marcus & Millichap represented the seller, Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.

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Three New Retailers Sign Leases at The Pass Mixed-Use Project in Charlotte, North Carolina

by Hayden Spiess

Charlotte, N.C. — Three new retailers have signed leases at The Pass, a mixed-use development currently underway in Charlotte. Vintage sportswear concept Locker Room CLT opened at the property in February, and hair salon Common Thread and Mariah’s Taco Spot are scheduled to join the lineup this fall. Third & Urban is the developer of the 12-acre project, and Cliff Benson of Thrift Commercial Real Estate leads retail leasing for the property. 

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ShopOne, Pantheon Acquire 79,031-Square-Foot Retail Center in Metro Atlanta

by Hayden Spiess

Morrow, Ga. — ShopOne Centers REIT and Pantheon, with a global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the Atlanta metro, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw. 

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Benderson Plans 52-Acre Mixed-Use Development in Venice, Florida

by Hayden Spiess

Venice, Fla. — Benderson Development has acquired a 51.5-acre parcel in Venice, Florida, with plans to develop a ground-up mixed-use project at the site. The property has been dubbed North River Marketplace during preliminary master planning. Benderson also owns the nearby retail properties Jacaranda Plaza and Cocoplum Village Shops. 

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