Greenlawn, N.Y. — New York-based Nouvini Property Investments has purchased a retail property in the Long Island community of Greenlawn for $3 million. According to LoopNet Inc., the 20,000-square-foot property was built in 2012 and is leased to multiple restaurants. Triple Net Brokers represented both Nouvini and the undisclosed seller in the transaction.
High occupancy rates and prohibitive development costs continue to challenge expansion-minded retailers. Only 4.5 percent of total retail space in the United States was available for lease at the end of August, according to CoStar Group. That represents a 35 percent reduction in retail availability over the past decade amid greater absorption and space being removed from the market. Combined with limited new shopping center development over the past 15 years, the tight conditions are pushing retail real estate experts to get creative when searching for ways to help brands …
Phoenix — Westwood Financial has purchased Paradise Hills Shopping Center, a retail property located in Phoenix, from Abbington Emmerson Investments for an undisclosed price. Situated on 7.5 acres, the property totals 83,787 square feet of retail space. Tenants at the center include Ace Hardware, Pet Supplies Plus and Uptown Jungle. Mindy Korth, J.K. Jackson, El Warner and Caitlin Zirpolo of Colliers represented the seller in the deal.
Pooler, Ga. — Cohen & Steers Income Opportunites REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s.
Charlotte, N.C. — Legacy Realty Group Advisors has arranged the sale of Catawba Village, a 56,840-square-foot shopping center located in Charlotte. Food Lion anchors the property. Jacob Baruch of Legacy represented both the buyer and seller in the transaction.
Alpharetta, Ga. — Marcus & Millichap has brokered the $6.3 million sale of Deerfield Village, a 16,500-square-foot retail center located in the Atlanta suburb of Alpharetta. Tenants at the property, which was fully leased at the time of sale, include Ichiban and Nahm. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller in the transaction.
Winter Park, Fla. — Benderson Development has acquired Park Plaza, a 25,000-square-foot mixed-use property located in University Park, approximately six miles outside Orlando. The building features a 28-room boutique hotel as well as retail space. Benderson also recently acquired the Cypress Trace and Carillon Place shopping centers in Fort Myers and Naples.
Fort Myers, Fla. — Benderson Development has acquired Cypress Trace, a 280,000-square-foot retail center located in Fort Myers. Winn-Dixie anchors the property, which spans 29 acres. Other tenants at the center include Five Below, Burlington and Ross Dress for Less. Benderson’s other recent acquisitions in the state include Carillon Place in Naples, North River Marketplace in Venice, Glengary Shoppes in Sarasota and Linton Commons in Delray Beach.
Fairlawn, Ohio — BWE has secured a $31.8 million loan for the refinancing of Market Square at Montrose, a shopping center located in Fairlawn, roughly 30 miles outside Cleveland. Totaling 506,870 square feet, the property was 88 percent leased at the time of financing. The Home Depot anchors the center, and other tenants include Dick’s Sporting Goods, Staples, Cost Plus World Market, Steak ‘N Shake and Golf Galaxy. Brian Bruening of BWE arranged the floating-rate financing on behalf of the undisclosed borrower.
Seguin, Texas — A joint venture between Collett & Associates and the Alexander Family will develop a $25 million retail project in Seguin, roughly 35 miles outside San Antonio. Upon completion, the development will comprise more than 135,000 square feet of retail space. Tenants at the property will include Hobby Lobby, Five Below, James Avery and an undisclosed sporting goods retailer, among others. Construction is scheduled to begin by the end of 2024, with openings scheduled for fall 2025.