News

Soundview-Marketplace_Port-Washington-N.Y

Port Washington, N.Y. — A joint venture between PEBB Enterprises and Sagamore Hill Partners has secured $18.8 million for the refinancing of Soundview Marketplace, a 188,109-square-foot retail center located in Port Washington on Long Island. Deutsche Bank AG is providing the loan to the joint venture, which acquired the property in December 2020. The financing will include a $15.8 million initial advance, as well as $3 million allocated for future funding of capital improvements and leasing costs. Built in 1962 and 1977, the center comprises four buildings situated on 11 acres. …

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Miami — Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by architect Kengo Kuma, marking the first mixed-use project in the country for Kengo Kuma and Associates (KKAA). Upon completion, the property will comprise 15,500 square feet of ground-floor retail space across 17 units, with roughly 41,000 square feet of office space on the second and third floors. Construction is scheduled to begin in summer 2024, with completion anticipated by the end of 2025. 

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Rancho Cucamonga, Calif. — Progressive Real Estate Partners has brokered the $4.9 million sale of a 16,560-square-foot single-tenant property located in Rancho Cucamonga. Dollar Tree occupies the building on a triple-net-lease basis. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive arranged the sale on behalf of the seller, Red Mountain Group. Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer, a private investor. 

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Phoenix — EoS Fitness has opened a 42,000-square-foot gym in Phoenix. This marks the 30th location in the state for the brand. Amenities at the property include a cardio movie theater lined with treadmills, elliptical machines, stationary bikes and stair climbers and EoS Yard, a turf functional training area with battle ropes, sleds and tire flips. The gym also features saunas, a stretch tables, percussion massagers, compression boots and massage chairs. 

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Decatur-215_Las-Vegas

Las Vegas — Calmwater Capital has provided a $23.3 million loan for the acquisition of Decatur 215, a 126,678-square-foot shopping center located in Las Vegas. An entity doing business as Decatur Palm Plaza LLC was the borrower. Tenants at the property, which was fully leased at the time of financing, include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmer’s Market, Sleep umber and Blaze Pizza. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater Capital originated the financing. 

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Verrado-Marketplace_Buckeye-Ariz

Buckeye, Ariz. — Vestar has signed leases with six tenants to anchor Verrado Marketplace, a 500,000-square-foot shopping center currently under development by the firm in Buckeye, roughly 35 miles outside Phoenix. Target, Harkins BackLot, Safeway, Marshalls, Ross Dress for Less and HomeGoods are scheduled to open at the property in late 2025. Harkins BackLot will occupy 75,000 square feet with an entertainment concept featuring a restaurant, sports viewing arena, arcade, bowling alley and private event area. Target will open a 147,000-square-foot store, and Ross Dress for Less and HomeGoods will occupy …

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11265-11321-Ventura-Blvd-Los-Angeles-CA

Los Angeles — Gantry has arranged a $21.6 million loan for the development of a grocery-anchored retail project in Los Angeles. Upon completion, the project will comprise 33,700 square feet. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year financing, which one of the firm’s correspondent lenders provided, on behalf of the undisclosed borrower.

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Aurora, Ill. — Four new retailers will join Fox Valley Mall, a three-story shopping center located in Aurora, approximately 40 miles outside Chicago. NY Designer Rack has opened a 3,187-square-foot store at the property, and Fox Valley Convenience, XIMI Life and Sushi Mania will occupy 786; 2,867; and 220 square feet, respectively. All tenants are scheduled to open by the end of this year. Centennial is the landlord at the shopping center, which is managed by Centennial Real Estate Management Co. 

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Stage-at-Avalon_Alpharetta-Ga

Alpharetta, Ga. — North American Properties (NAP) has announced plans for the addition of new entertainment elements at Avalon, a 2.4 million-square-foot mixed-use development located in the Atlanta suburb of Alpharetta. Construction is scheduled to begin in January 2024 and will include the addition of a raised, covered performance stage and an LED screen. The features will comprise 576 and 180 square feet, respectively. Avalon features 500,000 square feet of retail space, in addition to a hotel and office and residential space. NAP developed the project in 2012 and manages the …

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Parkside-Dresden_Brookhaven

Brookhaven, Ga. — Connolly has signed new tenants to Parkside on Dresden, a $70 million mixed-use development underway in the Atlanta suburb of Brookhaven. The four-acre development is scheduled to open in fall 2024 and will comprise residential units, as well as 32,000 square feet of retail and restaurant space. Tenants will include Confab Kitchen and Bar, Honeysuckle Gelato, Café Vendome, Clean Juice, El Valle, MIRAE and F45 Training. Mindy Elms and Ed O’Connor of Lavista Associates Inc. manage retail leasing at the property on behalf of Connolly.

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