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CaliforniaFinanceNews

CBRE Arranges $36.4 Million in Financing for La Canada Flintridge Town Center in Los Angeles

by Hayden Spiess

Los Angeles — CBRE has secured $36.4 million in post-acquisition financing for the recapitalization of the purchase of La Canada Flintridge Town Center in Los Angeles. Target anchors the 115,939-square-foot property, which was 96.7 percent occupied at the time of financing. Other tenants at the center include HomeGoods, Panera Bread, Habit Burger and Taylor’s. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE arranged the seven-year, full-term interest-only loan on behalf of the borrower, TRC.

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Independence-Square_Mount-Airy
Grocery-anchoredInvestment salesNewsNorth Carolina

Legacy Realty Brokers Sale of 63,507-Square-Foot Shopping Center in North Carolina

by Hayden Spiess

Mount Airy, N.C. — Legacy Realty Group Advisors has brokered the sale of Independence Square, a 63,507-square-foot shopping center located in Mount Airy. The property was 97 percent leased at the time of sale, to tenants including Ollie’s Bargain Outlet, Dollar General and USPS. Jacob Baruch of Legacy Realty Group represented the seller in the transaction, and Kevin Henry of Pine Forest Oak Island Realty represented the buyer. 

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East-Washington-Place_Petaluma-Calif
CaliforniaLeasingNews

Bath & Body Works to Open 4,260-Square-Foot Store in Petaluma, California

by Hayden Spiess

Petaluma, Calif. — Bath & Body Works will open a 4,260-square-foot store at East Washington Place, a 343,000-square-foot shopping center located in Petaluma. Scheduled to open April 12, the store will be situated next to BevMo! Other tenants at the property include Dick’s Sporting Goods, Chipotle Mexican Grill, HomeGoods, PetSmart, Ulta Beauty, Target and T.J.Maxx. 

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JCPenney
ColoradoFloridaGeorgiaInvestment salesNewsTexas

Partners Real Estate Arranges Sale of Three JCPenney Properties Totaling 302,161 Square Feet

by Hayden Spiess

Houston — Houston-based Partners Real Estate has arranged the sale of three JCPenney-occupied retail properties totaling 302,161 square feet. The stores are located in Newnan, Georgia; Kissimmee, Florida; and Aurora, Colorado. Dimitri Jordan of Partners represented the buyer in the transaction. 

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Investment salesMinnesotaNews

Mid-America Arranges Sale of 97,210-Square-Foot Retail Center in Minneapolis-St. Paul Suburb

by Hayden Spiess

Burnsville, Minn. — Mid-America Real Estate Corp. has arranged the sale of Burnsville Crossing, a 97,210-square-foot retail center located in Burnsville, a suburb of Minneapolis and St. Paul. Becker Furniture and Mattress anchors the property. Joe Girardi, Rick Drogosz and Ben Wineman of Mid-America — in cooperation with Amy Senn of Mid-America — represented the seller, IRC Retail Centers/DRA Advisors, in the transaction. HBI Cos. acquired the center for an undisclosed price. 

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CaliforniaInvestment salesNews

Kennedy Wilson Brokers $12.5 Million Sale of Shopping Center in Beverly Hills

by Hayden Spiess

Beverly Hills, Calif. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has brokered the $12.5 million sale of Beverly Palm Plaza, a shopping center located in Beverly Hills. The 11,484-square-foot property was fully leased at the time of sale. Tenants at the center include Supercuts, Domino’s Pizza, Sushi Sasabune, Bodhi Thai, Crazy Fish, Traveling Tikes and Zeglio Custom Clothier. Ed Sachse, Kyle Fishburn and Jack Nathan of Kennedy Wilson Brokerage represented the seller, DSC America Inc., in the transaction. 

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Nob-Hill-Shopping-Center_Yakima-Wash
FinanceGrocery-anchoredNewsWashington

Gantry Secures $10 Million Refinancing for Retail Center in Yakima, Washington

by Hayden Spiess

Yakima, Wash. — Gantry has secured a $10 million permanent loan for the refinancing of Nob Hill Shopping Center, a retail center located in Yakima. Safeway anchors the property, which comprises 88,500 square feet. Tony Kaufmann and Erinn Cooke of Gantry arranged the 30-year, fixed-rate financing through a life insurance company on behalf of the borrower. 

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LeasingMichiganNewsRestaurants

Andiamo Pasta & Chops Signs 7,670-Square-Foot Lease in Metro Detroit

by Hayden Spiess

Clinton Township, Mich. — Restaurant Andiamo Pasta & Chops has signed a 7,670-square-foot lease at The Mall at Partridge Creek, a 640,000-square-foot shopping center located in Clinton Township, roughly 25 miles outside Detroit. Scheduled to open this summer, the eatery will mark the first for the concept in the state. Spinoso Real Estate Group manages the shopping center, which is anchored by MJR Theaters. Powerhouse Gym is also scheduled to join the property as an anchor tenant in 2025. 

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Esplanade-Shopping-Center_Oxnard-Calif
CaliforniaGrocery-anchoredInvestment salesNews

Primestor Acquires Retail Center in Oxnard, California for $90 Million

by Hayden Spiess

Oxnard, Calif. — Primestor Development has acquired Esplanade Shopping Center, a 357,000-square-foot retail center located in Oxnard, for $90 million. The Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, T.J. Maxx and Walmart Neighborhood Market anchor the property, which was 94 percent occupied at the time of sale. Other tenants at the center include Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant. 

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Scottsdale Commons
ArizonaInvestment salesNews

CBRE Arranges $22.2 Million Sale of Shopping Center in Metro Phoenix 

by Hayden Spiess

Scottsdale, Ariz. — CBRE has arranged the $22.2 million sale of Scottsdale Commons, a 69,482-square-foot shopping center located in Scottsdale, roughly 13 miles outside Phoenix. The property was 95 percent leased at the time of sale, to tenants including Black Rifle Coffee, Mountain View Pharmacy, Rosati’s Pizza, H&R Block, Rusty Nail Butcher, Green Corner Mediterranean, U.S. Egg and Habanero’s Restaurant. Joseph Compagno and Benjamin Farthing of CBRE represented the seller, Trojan Development Associates III in the transaction. Whitestone REIT, which was also represented by Compagno and Farthing, acquired the property. 

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