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Cornerstone-Court
Investment salesNew JerseyNews

Marcus & Millichap Brokers $3.9 Million Sale of Retail Center in Pennington, New Jersey

by Abby Cox

Pennington, N.J. — Marcus & Millichap has brokered the $3.9 million sale of Cornerstone Court, an 18,284-square-foot retail center located in Pennington, approximately eight miles north of Trenton. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, a New Jersey-based private investor. Hyldahl, Cafiero and Goldberg, along with David Cafiero and Damien Rance, also procured the buyer, another private investor from New Jersey. Located at 1 Tree Farm Road, Cornerstone Court comprises ground-floor retail and second-story office space. The center, which was 77 percent occupied at …

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live-music-venue-missouri
DevelopmentEntertainmentMissouriNews

Kansas City Symphony to Develop New Venue in South Plaza District

by Abby Cox

Kansas City, Mo. — The Kansas City Symphony has unveiled plans to develop a new live music venue in the city’s South Plaza district. The indoor venue, designed for audiences of up to 4,600 guests and targeted to open in 2028, will host touring artists and support a limited number of Symphony performances that benefit from amplified or enhanced production formats. The project will also be designed to support the screening of films with live orchestra. Located at 4901 Main St., the venue will be walkable to the Country Club …

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Shoppes at Turkey Lake
FloridaInvestment salesNews

Marcus & Millichap Brokers $9.9 Million Sale of Retail Center in Orlando

by Abby Cox

Orlando, Fla. — Marcus & Millichap has brokered the $9.9 million sale of the Shoppes at Turkey Lake, a 19,213-square-foot retail center located in Orlando. Doug Mandel, Tarek Chbeir, Zach Levine and Cody Hershey of Marcus & Millichap represented the seller and procured the buyer, Darna Developments LLC, in the transaction. Built in 2014 on nearly 2 acres, Shoppes at Turkey Lake is fully leased to Rokka’s Market, AYR Cannabis Dispensary and Club Champion.

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200-Pine_Avenue
CaliforniaInvestment salesNews

JLL Arranges $7.5 Million in Refinancing for Retail, Office Building in Long Beach, California

by Abby Cox

Long Beach, Calif. — JLL Capital Markets has arranged a $7.5 million permanent loan to refinance 200 Pine Avenue, a 64,376-square-foot retail and office property located in Long Beach. Brad Vansant and Jenna Frakes of JLL secured the fixed-rate financing on behalf of the borrower, Bascom Group. Renovated in 2022, 200 Pine Avenue is a six-story building with an attached 123-stall parking garage and ground-floor retail space. The building, which has recently been renovated to provide common area and tenant improvements, is 81 percent leased to 15 tenants. Restaurant and …

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ArizonaDevelopmentNews

Salt River Pima-Maricopa Indian Community, Mullin 306 Receive Approval for Costco Development in Metro Phoenix

by Abby Cox

Scottsdale, Ariz. — Salt River Pima-Maricopa Indian Community (SRPMIC) and Scottsdale-based Mullin 360 have received approval to develop a Costco at 4499 N. Pima Road in the Phoenix suburb of Scottsdale. The project will be the first-ever Costco store on tribal land in the United States. Spanning 21.5 acres, the project will include a 162,000-square-foot retail building and approximately 994 parking stalls. The store will include an expanded ready-to-eat section with a wide selection of grab-and-go meals, as well as a food court. A formal groundbreaking will be planned for June …

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Quick_Quack_San_Bernardino
CaliforniaInvestment salesNews

Hanley Investment Group Negotiates $5.2 Million Sale of Two Single-Tenant Retail Properties in San Bernardino County

by Abby Cox

Hesperia and San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the $5.2 million sale of two newly constructed, single-tenant Quick Quack Car Wash properties in two separate transactions located in Hesperia and San Bernardino. Each 3,596-square-foot property operates on a 20-year absolute triple-net ground lease and sold for roughly $2.6 million. Bill Asher and Jeff Lefko of Hanley represented both sellers.

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M-K-T Heights
Investment salesMixed-useNewsTexas

MetroNational Acquires M-K-T Heights Mixed-Use Development in Houston

by Abby Cox

Houston — MetroNational has acquired M-K-T Heights, a 218,000-square-foot mixed-use adaptive reuse development in Houston’s Heights neighborhood. MetroNational has entered into a joint venture with the original developers, Radom Capital and Triten Real Estate Partners, who will remain active in the development’s operations, leasing and management. M-K-T Heights has converted five 1970s warehouse buildings into a mixed-use destination that now includes 100,000 square feet of retail and dining; 100,000 square feet of office space; and a 2,000-square-foot boardwalk for pedestrians that connects the property directly to the Heights Hike-and-Bike Trail. Tenants …

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Tri-Cities Shopping Plaza
FloridaInvestment salesNews

IPA Brokers $12.4 Million Sale of 71,172-Square-Foot Shopping Center in Suburban Orlando

by Abby Cox

Mount Dora, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.4 million sale of Tri-Cities Shopping Plaza, a 71,172-square-foot shopping center located in Mount Dora, roughly 30 miles northwest of downtown Orlando. Kirk Olson and Drew Kristol of IPA represented the seller, Davie, Florida-based Ross Realty Investments, and procured the buyer, a Florida-based investor. T.J. Maxx, Ross Dress for Less and Dollar Tree anchor Tri-Cities Shopping Plaza, which was fully leased at the time of sale. Additional tenants include VIPcare Mount Dora, Victoria’s …

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shops_civic_center_aerial2
ArizonaInvestment salesNews

Surmount Arranges $10.8 Million Sale of 25,690-Square-Foot Neighborhood Center in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — New York City-based Surmount has arranged the $10.8 million sale of The Shops at Civic Center, a 25,690-square-foot neighborhood center located in Gilbert, a suburb of Phoenix. Constructed in 2005, The Shops at Civic Center is situated within the 180-acre Gilbert Town Center development. Tenants at the property, which was 95 percent leased at the time of sale, include Zipps Sports Grill, One Stop Nutrition and Lifetime Family Dental. Ross Sanzari of Surmount served as the listing agent and represented the seller, a private investor, in the transaction. …

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Valvoline-Montgomery
AlabamaInvestment salesNews

Marcus & Millichap Brokers Sale of Single-Tenant Retail Property in Montgomery, Alabama

by Abby Cox

Montgomery, Ala. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a single-tenant retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and …

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