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Jamestown to Acquire Atlanta Subsidiary of North American Properties, Including $2B Real Estate Portfolio

by Hayden Spiess

Atlanta — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony …

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DevelopmentKansasMixed-useNews

Advisors Excel Underway on Redevelopment of 992,000-Square-Foot Mall in Topeka, Kansas

by Hayden Spiess

Topeka, Kan. — Advisors Excel is underway on the mixed-use redevelopment of West Ridge Mall, a 992,000-square-foot enclosed mall located in Topeka. Upon completion, the property will house the new company headquarters for Advisors Excel, as well as coworking spaces and retail uses including theaters, fitness concepts, spas, breweries and cafes. Macy’s and Sears previously anchored the mall, which was originally opened in 1988. The retailers closed at the location in 2012 and 2018, respectively. Russell Glen will serve as a partner on the redevelopment project. RDC will serve as architect …

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ArkansasInvestment salesNews

Hanley Brokers Sale of 145,588-Square-Foot Retail Center in Harrison, Arkansas 

by Hayden Spiess

Harrison, Ark. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 145,588-square-foot retail center located in Harrison. Originally built in 1978, the property was expanded in 2020. Tenants at the center, which was 95 percent occupied at the time of sale, include Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller in the transaction. A private investor acquired the property. 

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Investment salesNewsTexas

STRIVE Arranges Sale of 57,612-Square-Foot Teas Crossing Shopping Center in Conroe, Texas

by Hayden Spiess

Conroe, Texas — STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center located in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants including Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031-exchange investor.

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LeasingMixed-useNewsUtah

New Tenants Sign Leases Totaling 11,200 Square Feet at Valley Grove in Utah

by Hayden Spiess

Pleasant Grove, Utah — Five new tenants have signed leases totaling 11,200 square feet at Valley Grove, a mixed-use development by St. John Properties in Pleasant Grove. Feather Hat Bar, MassageLuXe, Melty, Panera Bread and Royal Suits will occupy 1,400; 2,600; 1,621; 3,755; and 1,847 square feet, respectively. Chris Lorenzon of Commercial Real Estate Specialists represented MassageLuXe in the lease negotations. Derek Orr of SW Valley KW Commercial represented Melty, and JR Moore of Mountian West Commercial represented Panera Bread. 

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CaliforniaInvestment salesNews

Reliable Properties Acquires Remainder of 92,000-Square-Foot Retail Center in Los Angeles 

by Hayden Spiess

Los Angeles — Reliable Properties has acquired a 2.9-acre parcel and a partial interest in another, 1.4-acre parcel at Barnsdall Square, a 92,000-square-foot retail center located in Los Angeles. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL represented the seller, DMDE Properties, in the transaction. Tenants at the property include Jons Marketplace Grocery Store and Rite Aid Pharmacy. Reliable previously acquired the other portions of Barnsdall Square in transactions with other sellers over the past year. Brad Nourafshan of Reliable led the firm’s acquisition efforts. 

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Investment salesNewsUtah

CBL Properties Sells Mall in Metro Salt Lake City for $37.1 Million

by Hayden Spiess

Layton, Utah — CBL Properties has sold Layton Hills Mall, a mall located in the Salt Lake City suburb of Layton, for $37.1 million. Second Horizon Capital acquired the property in an all-cash transaction. Net proceeds from the sale were applied to a term loan principal balance, for which the mall served as collateral. 

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ArizonaFinanceInvestment salesNews

PSRS Arranges $7.6 Million Acquisition Financing for Superstition Marketplace in Mesa, Arizona

by Hayden Spiess

Mesa, Ariz. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, the retail center totals 54,837 square feet. Current tenants at the center include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan, which features a 30-year amortization schedule, through one of its correspondent life insurance companies on behalf of the undisclosed borrower. 

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LeasingNewsPennsylvania

VIO Med Spa Signs 1,995-Square-Foot Lease at Glen Eagle Square in Pennsylvania

by Hayden Spiess

Glen Mills, Pa. — Aesthetics and wellness concept VIO Med Spa has signed a lease at Glen Eagle Square, a shopping center located in Glen Mills. Scheduled to open at the property in the fourth quarter of this year, the tenant will occupy 1,995 square feet adjacent to Currie Hair and Skin and Nails. Whole Foods Market anchors Glen Eagle Square, which totals 152,000 square feet. 

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