North Attleboro, Mass. — Atlantic Capital Partners has arranged the $18 million sale of Lantern Plaza, a 71,297-square-foot shopping center located in North Attleboro, approximately 38 miles southwest of Boston. Renovated in 2018, supermarket chain Stop & Shop has anchored and leased the property since 1993; the center now also houses Asian restaurant New Shogun. Justin Smith, Chris Peterson, Sam Koonce and Danielle Turpin of Atlantic Capital Partners represented the seller in the transaction. Additional terms of the sale were not disclosed.
Orlando, Fla. — Core Investment Management (CORE) has acquired Dellagio Town Center, a 109,489-square-foot mixed-use retail center in Orlando, for $37.5 million. Located along the Dr. Phillips retail corridor, the multi-tenant center features 30 different brands including AdventHealth Medical Group, Nola’s Ice Cream, Fleming’s Prime Steakhouse & Wine Bar, Fred Astaire Dance Studios and Fifth Third Bank. CORE plans to enhance the property with an improved tenant mix and aesthetic renovations.
Cedar Rapids, Iowa — Hanley Investment Group has brokered the $17.5 million sale of Northland Square, a 106,500-square-foot shopping center located in Cedar Rapids. Built in 1994 and renovated in 2000, the center is situated on roughly 10 acres. The property was fully leased at the time of sale to a mix of national retailers including T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear and Hallmark. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell Inc., represented the seller, a Midwest-based private partnership, in …
Lewes, Del. — Lument has arranged a $14 million mortgage for the refinancing of Mi-Place at Vineyards, a 65,000-square-foot mixed-use development in Lewes. New Jersey-based developer Fernmoor was the borrower. Ben Retter of Lument’s Debt Capital Markets team arranged the CMBS loan, which carries a five-year, fixed interest rate. The loan will replace existing debt from a local bank. Mi-Place at Vineyards is part of a master-planned community that includes retail space, multifamily buildings, residential condominiums, carriage homes, townhouses and a grocery store. Beginning in 2010, construction for the property …
Grand Rapids, Mich. — One-stop shopping concept Meijer will open three new supercenters in Northeast Ohio. The 159,000-square-foot stores will be located in Austintown, Medina and Richmond Heights, bringing the Michigan-based retailer’s store count to 58 in the state. The supercenters will offer customers fresh produce, bakery, meat, seafood and deli departments, a garden center and home goods section, as well as a full-service pharmacy. Additionally, a Meijer Express gas station will open adjacent to the Austintown location on April 10. The new supercenter locations are scheduled to open May …
Hudson, Ohio — GA Group and A&G Real Estate Partners plan to auction 790 JOANN store leases and five distribution centers in 49 states in April. The plans follow JOANN’s Chapter 11 bankruptcy filing in January, the second bankruptcy filing for the retailer within 12 months. GA Group was selected to monetize all of JOANN’s assets and has begun winding down ongoing operations at all the retailer’s locations. The majority of JOANN stores will stay open for going-out-of-business sales through May 2025, or until supplies run out. The leases range in size …
Brentwood, Tenn. — Regency Centers has acquired Brentwood Place Shopping Center, a 318,952-square-foot retail center located in the Nashville suburb of Brentwood. According to the Nashville Business Journal, the center sold for $118.5 million. The property — which is 95 percent leased — comprises more than 100,000 square feet of retail space. Retailers such as Nordstrom Rack, Total Wine & More, T.J. Maxx/HomeGoods and Golf Galaxy anchor the center. Brentwood Place is adjacent to the site of the future 350,000-square-foot Vanderbilt Medical Campus. Jim Hamilton and Brad Buchanan of JLL …
Los Angeles — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. properties. Forever 21 was founded in 1984 and had a footprint of …
Albuquerque, N.M. — Faris Lee Investments has brokered the $24.9 million sale of Pavilions at San Mateo, a 148,749-square-foot retail center in Albuquerque. Originally built in 1997, the center is 92 percent leased and anchored by Walmart Neighborhood Market. Additional tenants at the property include Old Navy, Shoe Dept., Dollar Tree, Einstein Bros. Bagels, Supercuts and Orangetheory Fitness. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the buyer, Las Vegas-based Rhino Investments Group, in the transaction.
West Covina, Calif. — Philippines-based fast food chain Jollibee has launched its first franchising program in the U.S. The quick-service restaurant chain is the flagship brand of Jollibee Foods Corp. (JFC), also known as the Jollibee Group. Jollibee opened its first North American location in 1998 in Daly City, California, and now currently operates 76 stores across 14 states in the U.S., with 28 additional stores in Canada. The current expansion goal is projected for 350 stores in the coming years, with franchise-owned stores making up the majority of its footprint. …