San Gabriel, Calif. — Cushman & Wakefield has arranged the $10 million sale of Las Tunas Plaza, a shopping center in San Gabriel, an eastern suburb of Los Angeles. Situated on 1.3 acres, the property totals 17,473 square feet. Tenants at the center, which was 90 percent leased at the time of sale, include 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield represented the seller in the transaction.
Charleston, S.C. — A joint venture between an affiliate of Pine Tree and Blue Coast Capital has acquired Azalea Square, a 270,000-square-foot retail center located in Charleston. Tenants at the property include TJ Maxx, Ross Dress for Less, Ulta Beauty, Five Below, Dick’s Sporting Goods, Petsmart and Best Buy. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller, AEW Capital Management, in the transaction. Draper & Kramer arranged acquisition financing through Nationwide Insurance on behalf of the buyers.
Newtown, Conn. — Arrowhead Properties has purchased a 17,557-square-foot shopping center located on Church Hill Road in Newtown. An entity doing business as Church Hill & Queen LLC sold the property for $3.4 million. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. Joe Wrinn and Garett Palmer of Coldwell Banker Commercial represented Arrowhead.
Brevard, N.C. — Northmarq’s Atlanta office has brokered the $4.3 million sale of Shoppes at Brevard Place, a retail property located in Brevard, roughly 30 miles southwest of Asheville. Built in 2020, the property totals 11,801 square feet. Tenants at the center, which was 76 percent occupied at the time of sale, include Starbucks Coffee, Jersey Mike’s, Salsarita’s, Mommy & Me and AT&T. Billy Benedict of Northmarq represented both the buyer and seller, GL Brevard Shoppers and Brevard Partners of Tennessee, in the transaction.
Oklahoma City — Three new tenants have signed leases at OAK, a 20-acre mixed-use project currently underway in Oklahoma City. Williams Sonoma, Tommy Bahama and Pottery Barn will occupy 5,500; 8,000; and 12,420 square feet, respectively. Upon completion, which is scheduled for September 2024, Phase I of the development will feature 135,000 square feet of retail, in addition to a hotel and residential units. Veritas Development, with co-investor the Dobson family, is the developer and landlord.
Geneva, Ill. — Mid-America Real Estate Corp. has brokered the sale of Randall Square, a 226,029-square-foot shopping center located in Geneva, a western suburb of Chicago. Tenants at the property include Marshalls, Michaels, Ulta Beauty, Old Navy, PetSmart and Men’s Wearhouse. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. Viking Partners was the buyer. Pine Tree managed the property on behalf of the seller.
Sandusky, Ohio and Arlington, Texas —Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for …
Wilmington, Del. — JLL Capital Markets has arranged the sale of Christina Crossing, a 119,446-square-foot shopping center located in Wilmington. ShopRite anchors the property. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, DRA and KPR. First National Realty Partners acquired the center for an undisclosed price.
St. Petersburg, Fla. — Florida-based developer and founder of The Sembler Co. Mel Sembler has passed away at the age of 93, according to a statement from the company. Sembler founded his eponymous real estate company in 1962. To date, it has completed more than 350 developments totaling 29 million square feet. Additionally, the company manages and leases 10 million square feet of real estate and has offices in St. Petersburg, Florida, Atlanta and Puerto Rico. Currently, The Sembler Co.’s portfolio includes Belmont Shopping Center in Ruskin, Florida, and North Macon …
Houston — Activate, an interactive indoor gaming experience, has opened a 9,600-square-foot venue in Houston. Situated within the Katy Fry Center, the space features 11 activity rooms with more than 500 different games and difficulty levels. The brand, which is designed for adult participants, currently has seven additional centers in Atlanta; Chicago; Dallas; Gatlinburg, Tennessee; American Dream, New Jersey; and Louisville and Lexington, Kentucky. Additional venues are scheduled to open this year, including in Birmingham, Alabama.
