Tulare, Calif. — Faris Lee Investments has brokered the $6 million sale of Tulare Pavilion Shopping Center in Tulare. Tenants at the property include Dollar Tree, Harbor Freight Tools and Big Lots. The center is situated near Tulare Outlet Center, which draws over 4 million visitors each year, according to Faris Lee.
Phoenix — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall. Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks. A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be …
Denver — KPR Centers has acquired University Hills, a retail center located in Denver, for $56.5 million. Supermarket chain King Soopers anchors the property, which totals 210,000 square feet. Other tenants at the center include Michaels, Marshalls, Office Depot, PetSmart, Five Below, Ulta Beauty and Starbucks Coffee. Tom Lagos of Institutional Property Advisors (IPA) represented KPR in the acquisition.
Roseville, Minn. — Dick’s Sporting Goods will open an 80,000-square-foot store in Roseville, roughly 10 miles outside Minneapolis. Scheduled to open Oct. 16, the store will be situated within Rosedale Center, a 1.1 million-square-foot shopping center. JLL is the landlord, and Holly Rome and Lane Walsh of JLL secured the lease. Poag Development Group led construction management of the project at the Dick’s parcel, which was formerly occupied by Herberger’s. The new store will feature golf hitting bays, a multisport cage, equipment services counter and a House of Cleats.
Arvada, Colo. — Pinnacle Real Estate Advisors has brokered the $10.1 million sale of a multi-tenant retail property located in Arvada, roughly 10 miles outside Denver. The property totals 41,163 square feet. Corey Sandberg and Jeff Johnson of Pinnacle represented the seller in the transaction.
Salisbury, Md. — SVN | Miller Commercial Real Estate has arranged the sale of a single-tenant retail property located in Salisbury. The property, which totals 13,824 square feet and features a drive-thru, was formerly occupied by Rite Aid, which vacated the site in September 2023. Tonney Insley and Ryan Finnegan of SVN | Miller represented the seller in the transaction. Christopher Zamias of CCN Real Estate represented the buyer, an undisclosed retail chain.
Hamilton Township, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hamilton Marketplace, a 485,094-square-foot shopping center located in Hamilton Township. A 65,155-square-foot ShopRite anchors the property, which was constructed in phases beginning in the early 2000s. Other tenants at the center include Kohl’s, Ross Dress for Less, Staples, Barnes & Noble, Michaels, Old Navy, Ulta Beauty, Burlington and PetSmart. Paramount Realty acquired the property from SITE Centers for $116.5 million. Brad Nathanson and JP Colussi of IPA represented the seller in the …
Houston and Pompano Beach, Fla. — Longpoint Partners has purchased two shopping centers for a total of $45.7 million. The properties — Plaza Mexico in Houston and Palm Aire Marketplace in Pompano Beach, Florida — comprise 103,907 and 143,219 square feet, respectively. El Rancho anchors Plaza Mexico, which was 96 percent occupied at the time of sale, and El Presidente Supermarket anchors Palm Aire Marketplace, which was 90 percent leased at the time of sale. Both properties will be managed under Longpoint’s new Lena Centers brand.
Hermosa Beach, Calif. — Chartwell Real Estate Development has acquired Park Pacific Shopping Center in Hermosa Beach for $27.8 million. Tenants at the center, which totals 49,911 square feet, include Trader Joe’s, Starbucks Coffee, El Pollo Inka and Five Below. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL represented Chartwell in the transaction. The Bacon family, which has owned the property since 1949, was the seller. Previously the site of a car dealership, the property was converted to a shopping center in 1977.
Tampa, Fla. — SJS Realty Management has sold Fowler Plaza South, a retail center located in Tampa, for $12.6 million. Tenants at the property, which totals 57,093 square feet, include Dollar General, Champs, AT&T, Jimmy John’s, Foot Locker and Amscot. The center was 97 percent occupied at the time of sale. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller in the transaction.
