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FloridaGrocery-anchoredInvestment salesNews

Plaza Advisors Arranges Sale of 48,110-Square-Foot Shopping Center in South Florida

by Hayden Spiess

Jensen Beach, Fla. — Plaza Advisors has arranged the sale of Palm Breeze Plaza, a 48,110-square-foot shopping center located in Jensen Beach. Winn-Dixie anchors the property, which was fully leased at the time of sale. Other tenants at the center include Winn-Dixie Liquor, Domino’s, Carquest and St. Lucie Medical Specialists. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, FrostPoint Capital, in the transaction. FrostPoint acquired Palm Breeze Plaza in 2020 and completed extensive renovations at the property. 

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East River
DevelopmentLeasingMixed-useNewsTexas

Food-and-Beverage Tenants Sign Leases Totaling 12,773 Square Feet at Mixed-Use Project in Houston

by Hayden Spiess

Houston — Three food-and-beverage tenants have signed leases totaling 12,773 square feet at East River, a 150-acre mixed-use development currently underway in Houston. La Cantina by La Calle Tacos and Kyuramen will occupy 3,357 and 4,416 square feet, respectively, beginning summer 2024. City Cellars HTX will also open at the property next spring, in a 5,000-square-foot space. Midway is developing the project, and Parkway is the property manager.  

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LumberjAXE
EntertainmentIndianaLeasingNews

LumberjAXE Signs 5,013-Square-Foot Lease at Retail Center in Metro Indianapolis 

by Hayden Spiess

Plainfield, Ind. — Axe-throwing entertainment concept LumberjAXE has signed a 5,013-square-foot lease at The Shops at Perry Crossing, a retail center located in Plainfield, roughly 20 miles outside Indianapolis. Upon completion, the venue will feature 11 total axe-throwing lanes, a children’s target, VIP room, pool table, digital dart boards and touch tunes. JLL manages the property. 

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arena
DevelopmentEntertainmentMixed-useNewsVirginia

Partnership Unveils Plans for 9 Million-Square-Foot Entertainment District Anchored by New Arena for Washington Capitals, Wizards in Virginia

by Hayden Spiess

Alexandria, Va. — A partnership between developer JBG Smith (NYSE: JBGS) and Monumental Sports & Entertainment (MSE) has unveiled plans to build a mixed-use entertainment district totaling approximately 9 million square feet in Alexandria, just south of Washington, D.C. Anchoring the project will be a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards within National Landing, an area encompassing the interconnected neighborhoods of Potomac Yard, Crystal City and Pentagon City.   Additionally, plans call for a global corporate headquarters for MSE, Monumental Sports Network media studio, Wizards practice facility, …

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Chestnut-Court
IllinoisInvestment salesNews

Mid-America Arranges Sale of 172,697-Square-Foot Shopping Center in Metro Chicago

by Hayden Spiess

Darien, Ill. — Mid-America Real Estate Corp. has arranged the sale of Chestnut Court in Darien, a southwest suburb of Chicago. Tenants at the property, which totals 172,697 square feet, include Ross Dress for Less and Jo-Ann Fabric. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. First-Tek Inc. acquired the center, and Pine Tree was the property manager at the time of sale.

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Sloomoo-Institute_Houston
DevelopmentEntertainmentLeasingNewsRestaurantsTexas

LEVCOR Adds Five Tenants to MarqE in Houston

by Hayden Spiess

Houston — LEVCOR has added five new tenants at MarqE, a shopping center located in Houston. Experiential concept Sloomoo Institute now occupies 23,000 square feet at the development, marking the fourth flagship venue in the country for the brand. Immersive Gamebox has also opened at the property within a 3,404-square-foot space, and Glownar Aesthetics has signed a 1,200-square-foot lease. Additionally, Aviator Pizza & Drafthouse has opened a 4,504-square-foot restaurant, and Seaside Poke has signed a 1,600-square-foot lease. Regal Edwards also recently completed renovations to its 23-auditorium cinema at the center, delivering …

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CaliforniaFinanceInvestment salesNews

Gantry Arranges $9.6 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Auburn, Calif. — Gantry has secured a $9.6 million permanent loan for the acquisition of The Plaza, a retail center located in the Sacramento suburb of Auburn. Situated on 3.4 acres, the property comprises 74,000 square feet of retail space. Tenants at the center include Best Buy, Mel’s Original Diner, Little Caesars Plaza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric and T-Mobile. Tony Kaufmann and Erinn Cooke of Gantry secured the financing on behalf of the borrower, a private real estate company. A …

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CaliforniaLeasingNews

Three Tenants Sign Leases Totaling 9,200 Square Feet at Retail Center in Long Beach, California

by Hayden Spiess

Long Beach, Calif. — Three new tenants have signed leases totaling 9,200 square feet at 2ND & PCH, a retail center located in Long Beach. Rumble Boxing is scheduled to open a fitness studio on the ground level of the center early next year, and Vuori Clothing and Telefèric Barcelona will also occupy space on the ground level. Additionally, Penelope Pots has reopened at the property. CenterCal Properties is the landlord. 

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Willow Grove Park
Company newsFinanceNewsPennsylvania

PREIT Files for ‘Prepackaged’ Chapter 11 Bankruptcy, Will Operate as Private Company

by Hayden Spiess

Philadelphia — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolinaand South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial …

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