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American Signature Files Voluntary Petitions for Chapter 11 Bankruptcy

by Abby Cox

Columbus, Ohio — Home furnishings retailer American Signature Inc. (ASI) has filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. Based in Columbus, Ohio, American Signature was founded in 1948 and is the parent company to Value City Furniture and American Signature Furniture, which have more than 120 stores open across 17 states. ASI expects to enter into a stalking horse asset purchase agreement under which, subject to court approval, ASI Purchaser LLC will acquire substantially all of the company’s assets and assume certain …

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Dix-Toledo-Southgate
Investment salesMichiganNews

Mid-America Brokers Sale of 121,184-Square-Foot Shopping Center in Metro Detroit

by Abby Cox

Southgate, Mich. — Mid-America Real Estate Corp. has brokered the sale of Dix-Toledo Shopping Center, a 121,184-square-foot shopping center located in the Detroit suburb of Southgate. The property is 92 percent leased to retailers such as TJ Maxx, Ross Dress for Less, Chuck E. Cheese, Snipes and Hook & Reel. Ben Wineman and Daniel Stern of Mid-America represented the seller, a private family, in the transaction. The buyer was a Detroit-based private investment company.

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18530 Van Buren Blvd.
CaliforniaInvestment salesNews

Progressive Real Estate Negotiates $4.6 Million Sale of Multi-Tenant Retail Building in Riverside, California

by Abby Cox

Riverside, Calif. — Progressive Real Estate Partners has negotiated the $4.6 million sale of an 8,960-square-foot multi-tenant retail building located at 18530 Van Buren Blvd. in Riverside. Built in 1996, the retail building is 90 percent leased to seven food- and service-oriented tenants including Subway, H&R Block, a barbershop and a pool supply store. The retail building is part of Orangecrest Plaza, a grocery-anchored shopping center. Orangecrest Plaza features several national tenants such as Albertsons and Petco. Greg Bedell and Trinnie Lee represented the seller, a private Orange County-based investor, in the transaction. …

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CaliforniaInvestment salesNews

JLL Arranges $12.9 Million Sale of Retail Plaza in Coachella, California

by Abby Cox

Coachella, Calif. — JLL Capital Markets has arranged the sale of Coachella Plaza, an 84,820-square-foot shopping center located at 50249 Cesar Chavez St. in Coachella. The property traded between two private investors for $12.9 million. Shadow anchored by Cardenas Markets, Coachella Plaza is home to several tenants including Planet Fitness, WSS, Absolute Dollar and Innercare. The property was fully occupied at the time of sale. Max Kinsbruner and Brian Quinn of JLL represented the seller and buyer in the transaction.

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Wesley Chapel Station
DevelopmentFloridaGrocery-anchoredNews

SJC Ventures Breaks Ground on Whole Foods-Anchored Shopping Center in Metro Tampa

by Abby Cox

Wesley Chapel, Fla. — SJC Ventures has broken ground on Wesley Chapel Station, a 75,968-square-foot shopping center in Wesley Chapel, roughly 24 miles north of Tampa. A 35,518-square-foot Whole Foods Market will anchor the center, which will be located at the corner of Bruce B Downs and Aronwood boulevards. Other committed tenants include PopUp Bagels, CAVA, Naked Farmer, Petfolk, The Tox and a nail salon. The center has approximately 15,000 square feet of available vacancy, according to SJC Ventures. Adjacent to the shopping center, the Atlanta-based firm is underway on …

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Grove Park
FloridaGrocery-anchoredInvestment salesNews

Cushman & Wakefield Brokers Sale of 120,150-Square-Foot Grove Park Shopping Center in Lakeland, Florida

by Abby Cox

Lakeland, Fla. — Cushman & Wakefield has brokered the sale of Grove Park Shopping Center, a 120,150-square-foot, grocery-anchored shopping center located in Lakeland. Previously known as Southgate Shopping Center, the property was originally developed in 1960 by George Jenkins, the founder of Publix. Tenants at the center, which was 100 percent occupied at the time of sale, include CVS Pharmacy, Dollar Tree, Humanitary Medical Center and a Publix, which was fully rebuilt in 2019. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Longpoint Partners, in …

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Sierra del Oro Towne Centre
CaliforniaGrocery-anchoredInvestment salesNews

Hanley Investment Group Negotiates Sale of 110,485-Square-Foot Shopping Center in Corona, California

by Abby Cox

Corona, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Sierra del Oro Towne Centre, a 110,485-square-foot shopping center located in Corona. Ralphs and Dollar Tree anchor the property, which was fully leased at the time of sale. Additional tenants include Anytime Fitness, Chase Bank, Jack in the Box, Domino’s Pizza, Green River Montessori School, Wingstop, Kumon Math and Reading Center, Fantastic Sams Cut & Color and PostalAnnex. Sierra del Oro Towne Centre marks Hanley’s sixth grocery-anchored shopping center sale over the previous 12 months. Kevin Fryman …

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Kensington Park
Investment salesMinnesotaNews

Mid-America Negotiates $6.8 Million Sale of 28,135-Square-Foot Retail Property in Suburban Minneapolis

by Abby Cox

Richfield, Minn. — Mid-America Real Estate Corp. has negotiated the sale of Kensington Park, a 28,135-square-foot neighborhood retail center in Richfield, an inner suburb of Minneapolis. Black Gate Partners purchased the property for $6.8 million. Tenants at Kensington Park include Chipotle Mexican Grill, Noodles & Co., Potbelly and Sarpino’s Pizza. Nearly 70 percent of the occupied gross leasable area has operated at the center for more than 10 years, with some tenants since the inception of the center. Amy Senn, Bryce Thompson, Joe Girardi and Eric Geskermann of Mid-America represented …

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The Shoppes at James Run
Investment salesMarylandNews

MMCC Arranges $3.9 Million in Financing for The Shoppes at James Run in Metro Baltimore

by Abby Cox

Bel Air, Md. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.9 million in financing for the acquisition of The Shoppes at James Run, a 13,189-square-foot retail property located in Bel Air, approximately 25 miles northeast of Baltimore. Jared Cassidy of MMCC secured the 7-year loan on behalf of a private client. The loan features a 5.64 percent interest rate and a 25-year amortization schedule. The Shoppes at James Run features a mix of tenants including Starbucks Coffee, Chipotle Mexican Grill, Olive Garden, Longhorn Steakhouse, a café and an urgent …

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Village Pointe Shopping Center
Investment salesNebraskaNews

Federal Realty Acquires Village Pointe in Omaha, Nebraska, for $153.3 Million

by Abby Cox

Omaha, Neb. — Federal Realty Investment Trust has acquired Village Pointe, a 453,000-square-foot, open-air shopping center in Omaha. The retail REIT purchased the property from the undisclosed seller for $153.3 million. “Village Pointe checks the key boxes for us: affluent demographics and growing population, clear unmet retail demand, proven retailer success in the location and a truly dominant asset,” says Don Wood, president and CEO of Federal Realty. Situated on Omaha’s west side on West Dodge Road, Village Pointe draws nearly 6 million annual visits and serves a trade area of …

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