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GeorgiaInvestment salesNews

Marcus & Millichap Brokers $7.5 Million Sale of Shopping Center in Monroe, Georgia

by Hayden Spiess

Monroe, Ga. — Marcus & Millichap has brokered the $7.5 million sale of Paradise Shoppes, a 23,500-square-foot retail center located in Monroe, roughly 44 miles east of Atlanta. An unnamed private equity firm based in Tulsa purchased the shopping center in an all-cash transaction from the seller, a private equity partnership. Marc Irvin of Marcus & Millichap’s Atlanta office represented the seller in the transaction. Paradise Shoppes comprises two separate parcels, with one featuring a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot …

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CaliforniaFinanceNews

PSRS Secures $3.7 Million Loan for Pointe West Plaza in San Ramon, California

by Hayden Spiess

San Ramon, Calif. — PSRS has secured a $3.7 million loan for the permanent financing of Pointe West Plaza, a retail property located in San Ramon. The property is a 16,921-square-foot building leased to tenants including a billiards venue, salon, bistro and Chinese restaurant. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year financing, which features a 25-year amortization schedule, through a correspondent life insurance company. The firm previously arranged bridge acquisition financing for the property.

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LeasingNew YorkNews

Hobby Lobby Opens 42,000-Square-Foot Store in New York City

by Hayden Spiess

New York City — Hobby Lobby has opened a 42,000-square-foot store on Staten Island in New York City. This marks the first location in the city for the brand, which has a portfolio of more than 1,000 stores throughout the US. Brian Katz and Daniel D. DePasquale of Katz & Associates represented Hobby Lobby with Graeme Keith of The Keith Group in the lease negotiations. Brookfield Properties is the landlord. 

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Company newsNewsVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Hayden Spiess

Chesapeake, Va. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have …

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FloridaGrocery-anchoredInvestment salesNews

JLL Brokers $74.5 Million Sale of Publix-Anchored Retail Center in Key West, Florida

by Hayden Spiess

Key West, Fla. — JLL has brokered the $74.5 million sale of Key Plaza Shopping Center, a 230,970-square-foot retail center located in Key West. Publix anchors the property. Other tenants include junior anchors OfficeMax and Dollar Tree. Manny DeZarraga, Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction.

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CaliforniaInvestment salesNews

Tourmaline Capital Acquires 67,528-Square-Foot Shopping Center in Anaheim, California

by Hayden Spiess

Anaheim, Calif. — Tourmaline Capital has acquired Anaheim Hills Shopping Village, a 67,528-square-foot shopping center in Anaheim. A private family partnership sold the property for $16.7 million. Big Lots anchors the center, which was 95 percent occupied at the time of sale. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets represented the seller in the transaction. 

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Grocery-anchoredInvestment salesNewsPennsylvania

Marcus & Millichap Arranges $7 Million Sale of Shopping Center in Parkesburg, Pennsylvania

by Hayden Spiess

Parkesburg, Pa. — Marcus & Millichap has arranged the $7 million sale of Parkesburg Shopping Center, a 53,319-square-foot retail center located in Parkesburg, roughly 50 miles west of Philadelphia. Grocery Outlet and Planet Fitness anchor the 7.7-acre property, which recently underwent a capital improvement program. Other tenants include the U.S. Post Office and Dollar General. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer in the transaction. 

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LeasingNewsNorth Carolina

Two Retail Tenants Sign Leases at Oakhurst Commons in Charlotte, North Carolina

by Hayden Spiess

Charlotte, N.C. — Two retail tenants have signed leases at Oakhurst Commons, a 135,000-square-foot mixed-use development in Charlotte. New fitness concept The Health Club will occupy 15,000 square feet. Ilios Crafted Greek will also open a 2,400-square-foot restaurant. MDH Partners and Parkway Partners are the landlords of the property, which is currently 50 percent leased. Charles Thrift and Thompson Brock of Thrift Commercial Real Estate Services manage retail leasing at the development. 

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Company newsNewsWisconsin

Kohl’s to Roll Out 200 Babies“R”Us, 140 Sephora Stores at Its Retail Locations This Year

by Hayden Spiess

Menomonee Falls, Wis. — Kohl’s (NYSE: KSS) has announced plans to roll out 200 Babies“R”Us shops this fall at existing Kohl’s locations. The first Babies R Us shop will debut at an undisclosed Kohl’s store in August. Additionally, the company plans to open 140 more Sephora shops in Kohl’s stores this summer. The Menomonee-based retail giant is partnering with WHP Global, the owner of the Babies“R”Us brand, in the rollout. WHP Global purchased the Babies“R”Us and Toys“R”Us brands in 2021, four years after the brands’ parent company filed for Chapter 11 …

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CaliforniaFinanceMixed-useNews

Pacific Equity Partners Receives $135 Million Financing for Cross Creek Ranch Mixed-Use Property in Malibu, California

by Hayden Spiess

Malibu, Calif. — Pacific Equity Partners has received $135 million in financing for Cross Creek Ranch, a 122,324-square-foot mixed-used property in Malibu. The property features 71,605 square feet of retail space and 50,719 square feet of creative office space. Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets secured the five-year loan through Torchlight Investors on behalf of …

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