Albemarle, N.C. — Legacy Realty Group Advisors has brokered the $19 million sale of Shops at Olive Place, a shopping center located in Albemarle. Tenants at the property, which totals 157,400 square feet, include Hobby Lobby, T.J. Maxx, Ross Dress for Less, Kay Jewelers and Mattress Firm. Jacob Baruch and Daniel Baruch of Legacy represented both the buyer and seller in the off-market transaction.
San Antonio — The Ranier Cos. has brokered the sale of San Antonio Crossing, a 145,819-square-foot shopping center located in San Antonio. The property was fully leased at the time of sale to tenants including Academy Sports & Outdoors, Burlington, Half Price Books, Starbucks Coffee and Torchy’s Tacos. Marcus & Millichap represented the undisclosed buyer in the transaction.
Spanaway, Wash. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures.
Seattle — Nordstrom Inc. (NYSE: JWN) has signed a definitive agreement with the Nordstrom family and Mexican omnichannel retailer El Puerto de Liverpool SAB de CV (Liverpool) in a deal that will take the fashion department store giant private. The all-cash transaction is valued at $6.25 billion. Erik, Pete and Jamie Nordstrom, along with other members of the Nordstrom family, and Liverpool plan to acquire all the outstanding common shares of Nordstrom that they do not already beneficially own. The deal would give the Nordstrom family a majority ownership stake (50.1 …
San Mateo, Calif. — Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization have acquired Bridgepointe Shopping Center, a 231,700-square-foot retail center in San Mateo. Tenants at the property, which was fully leased at the time of sale, include Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls. This marks the third joint-venture acquisition for CNSREIT and Sterling.
Austin, Texas — Presidium will break ground on the next phase of The Row, a 314-acre mixed-use project in Austin. Featuring a 6,250-square-foot freestanding restaurant site and 22,000 square feet of additional retail space, this phase will be developed in partnership with PentaGrowth Capital and a subsidiary of Biolink Capital. The project team will include architect Chioco Design, landscape architect Blacksmith Collaborative and civil engineer KFM Engineering & Design, as well as LandDesign, Leap!, Bay MEP, HWA Parking and O’Brien Architects. Asterisk Design will oversee renaming and rebranding for the development, …
West Palm Beach, Fla. — Three new tenants have signed leases at The Nora District, a mixed-use project currently underway in West Palm Beach. IGK Salon, Indaco and ZenHippo will occupy 2,347; 2,945; and 1,369 square feet at the property, respectively. The first phase of Nora District — which is being developed by a partnership between NDT Development, Place Projects and Wheelock Street Capital — is scheduled for completion in early 2025. Upon completion, Phase 1 will feature 150,000 square feet of retail, office and hospitality space. Other retail tenants at …
Woodcliff Lake, N.J. and Coppell, Texas — In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, and The Container Store has formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection in January 2023 to restructure its debt, will now be liquidating. The New Jersey-based entertainment accessories retailer, which does business as Party City Holdco Inc., said over the weekend …
Oak Brook, III. — Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet). Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting …
Casselberry, Fla. — Colliers has brokered the sale of Casselberry Exchange, a 125,538-square-foot shopping center located in the Orlando suburb of Casselberry. Funds managed by affiliates of Apollo sold the property to RD Management. According to the Orlando Business Journal, the sales price was $13 million. Tenants at the center, which is situated on 15.7 acres, include Starbucks Coffee, Einstein Bros. Bagels, Fresenius Kidney Care, Amscot and Little Caesars Pizza. The property also features three vacant spaces totaling 83,497-square-feet, as well as a gas station outparcel formerly occupied by 7-Eleven. Brad Peterson …
