Watertown, Mass. — National Development has purchased Watertown Mall, a 260,867-square-foot shopping center located about six miles northwest of Boston, with plans to enhance the property and continue its operation as a retail destination, as confirmed in a statement by the regional owner-operator. According to reports from multiple publications, including Axios and the Boston Business Journal, the sales price was approximately $100 million, and the purchase represents a split from an original plan to repurpose the property to support life sciences usage. Best Buy and Target are the current anchors of Watertown Mall. Alexandria …
Plaquemine, La. — Legacy Realty Group Advisors has negotiated the sale of Belleview Shopping Center, an 84,146-square-foot shopping center located in Plaquemine, roughly 14 miles south of Baton Rouge. Rouses Supermarkets anchors the property. Additional tenants include Dollar General, CitiTrends, Hibbett Sports and AT&T. Belleview Shopping Center was built in 1992 on 7.5 acres. Jacob Baruch and Ari Warshaw of Legacy Realty Group Advisors represented the buyer in the transaction, while Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller.
Totowa, N.J. — Marcus & Millichap has brokered the sale of a two-tenant retail property located in Totowa for $2.2 million. Built in 1970, the 4,950-square-foot property is fully occupied by Elite Spine & Sports Care of Totowa and Brooklyn Bagels. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, a local investor, in the transaction.
Columbia, S.C. — The Palomar Group has arranged the sale of Arcadia Lakes, a 36,884-square-foot retail center located in Columbia for $3.2 million. Originally built in 1986, Arcadia Lakes was 75 percent occupied at the time of sale to a mix of tenants including a laundromat, cell phone store, beauty store and a Rent-A-Center. The Palomar Group represented the private seller. The buyer was a private investor.
Havertown, Pa. — CBRE has arranged the sale of Quarry Center, a 222,512-square-foot shopping center located in Havertown, approximately nine miles west of Philadelphia. The property sold for more than $80 million, as reported by the Philadelphia Business Journal. Giant Food and Lowe’s Home Improvement anchor the property, which was fully leased at the time of sale. Additional tenants include an Xfinity Store by Comcast, Panera Bread and Chipotle Mexican Grill. Quarry Center was originally built in 2013 on 31 acres. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith …
Lexington, S.C. — Marcus & Millichap has brokered the $7.2 million sale of Hope Ferry Center, a 51,749-square-foot retail center located in the Columbia suburb of Lexington. Built in 2001 on 3.5 acres, Hope Ferry Center features a mix of 23 tenants including McAlister’s Deli, Learning Express Toys, Snip-Its, Blush Boutique, Tulip Boutique and Regional Finance. Harrison Creason and Andrew Margulies of Marcus & Millichap represented the seller, a local family partnership who owns and manages shopping centers throughout the Southeast. The property has been under single ownership since construction.
Yucaipa, Calif. — Progressive Real Estate Partners has negotiated the $7 million sale of Tower Plaza Commercial Center, a 39,422-square-foot retail and office property located in Yucaipa, roughly 10 miles east of San Bernardino. Built in 1995, the three-building center is fully leased to 27 tenants, including food, healthcare, beauty, finance, office and retail users. The units range in size from 240 square feet to 2,200 square feet. Greg Bedell represented the seller, a private Inland Empire-based investor and the original developer of the property, in the transaction. Tricia Cerda of …
Chicago — Pegasus, in cooperation with ParaSell Inc., has arranged the $3.2 million sale of Chatham Plaza, a fully occupied, four-tenant retail strip center positioned within Chatham Market in Chicago. Tenants include Athletico, H&R Block and The UPS Store. The property totals 9,610 square feet, and the weighted average lease term is six years. Katherine Weaver of Pegasus represented the seller, a private fund based in Chicago. The buyer was a Texas-based private fund. The sales price represented a cap rate of 8.5 percent.
San Antonio — Dick’s House of Sport has opened a new 100,000-square-foot store at Live Oak Town Center, a mixed-use center under development in San Antonio. Dick’s House of Sport will anchor the property, along with a 300,000-square-foot IKEA and a 79,681-square-foot Floor & Décor store. David Nicolson and Michael Schoenbrun of locally based Weitzman — the developer of Live Oak Town Center — handled lease negotiations. Upon completion of the development, Live Oak Town Center will total more than 800,000 square feet across 111 acres and will feature a …
San Diego — CEG Capital Partners has acquired Shops at Madison Place, a 53,294-square-foot retail property located in San Diego, for $23 million. The property was 93 percent leased to a variety of long-standing tenants at the time of sale including Golf Bar, Victory MMA & Fitness, STP Bar and Grill and CosmoProf. Michael Peterson, Reg Kobzi and Rachel Parsons of CBRE represented the seller, an entity doing business as The Shops at Madison Place LLC, in the deal.