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CaliforniaDevelopmentFinanceNews

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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Investment salesNewsTexas

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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LeasingMixed-useNewsNorth Carolina

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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GeorgiaGrocery-anchoredInvestment salesNews

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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DevelopmentFloridaInvestment salesMixed-useNews

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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Mister-Car-Wash
IdahoInvestment salesNews

Hanley Brokers Sale of 5,381-Square-Foot Single-Tenant Property in Meridian, Idaho

by Hayden Spiess

Meridian, Idaho — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed single-tenant property located in Meridian. Mister Car Wash will occupy the 5,381-square-foot property, which is situated on a one-acre parcel. Bill Asher, Carlos Lopez and Kevin Fryman of Hanley, in association with Jeff Selick of Oakmore Inc. and ParaSell Inc., represented the developer and seller, an affiliate of Cadence Capital Investments. Ralph Riedel of Cushman & Wakefield represented the buyer, a private investor based in Salt Lake City. 

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LeasingNewsTexas

Two New Tenants Open at The Shops at Highland Village in Texas

by Hayden Spiess

Highland Village, Texas — Two new tenants have opened stores at The Shops at Highland Village, a retail center in Highland Village. Fitness Studio Body20 and beauty treatment center OrangeTwist now occupy 2,000 and 2,300 square feet at the center, respectively. Restaurant Drago House will also join the lineup later this year. JLL manages the property. 

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CaliforniaInvestment salesNews

Decron Properties Purchases Mira Mesa Market West Shopping Center in California for $99 Million

by Hayden Spiess

Mira Mesa, Calif. — Decron Properties has purchased Mira Mesa Market West Shopping Center in Mira Mesa for $99 million. The Home Depot, Smart & Final and CVS/pharmacy anchor the 238,747-square-foot property, which was built in 2000. Other tenants at the center include Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks Coffee, Jersey Mikes, Verizon Wireless, PNC and Lazy Dog. The acquisition includes the assumption of existing financing from New York Life Insurance Co. Stockbridge Capital Group was the seller. 

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CaliforniaInvestment salesNews

Primestor Acquires 245,921-Square-Foot Retail Center in Metro San Francisco

by Hayden Spiess

Richmond, Calif. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction. 

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