Sarasota, Fla. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. Belpointe PREP LLC is the developer. Leasing at the property, which include 424 residential units, is expected to begin in the first half of 2024.
Dallas — Crow Holdings, through its investment management business Crow Holdings Capital (CHC), has announced a joint venture with an undisclosed global institutional investor focused on retail investment. The $2.6 billion partnership will expand Dallas-based CHC’s investment strategy of acquiring small-format, convenience-oriented open-air shopping centers and was formed through a recapitalization of a $1.8 billion, 173-property portfolio owned by two real estate funds managed by CHC. The platform’s portfolio includes properties located in more than 50 cities across more than 30 states. “We have an incredible opportunity to continue to aggregate …
Woodcliff Lake, N.J. — Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants at the property include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim arranged the loan on behalf of the borrower, an affiliate of Connecticut-based …
Hialeah, Fla. — Codina Partners has acquired a 15-acre parcel formerly occupied by Sears at Westland Mall in Hialeah for an undisclosed price. The site has been vacant since February 2020. The locally based buyer has formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center comprises more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site.
Henderson, Nev. — Three tenants have signed leases at Lake Mead Crossing, a retail center located in Henderson, roughly 15 miles outside Las Vegas. Starbucks Coffee, Sprouts Farmers Market and Chick-fil-A will join the lineup at the property, which is anchored by Target. Other tenants at the center include Marshalls, Ulta Beauty, PetSmart Ross Dress for Less, Hibbett Sports and Big Lots.
Billings, Mt. — Sierra, a T.J. Maxx brand, has opened an 18,700-square-foot store in Billings. Founded in 1986, Sierra offers active and outdoor apparel, footwear and gear. Situated within a building formerly home to Big Bear Sports Center and redeveloped by Wood Investments Cos. as Yellowstone Gateway Shopping Center, the store marks the first location in the state. Sierra joins HomeGoods at the site, and Petco is also scheduled to open a 15,000-square-foot location at the property.
Lexington, Ky. — Lincoln Property Co. (LPC) and The Webb Cos. have purchased an 18-acre site in downtown Lexington. The partnership plans to develop a mixed-use project at the location. Upon completion, the development will feature residential, retail, hospitality and office space.
Onalaska, Wis. — Construction is underway on the redevelopment of a retail building formerly occupied by Shopko within East Towne Plaza in Onalaska. CORTA Development acquired the building last year and began construction in January. Completion of the redevelopment, which will include the addition of space for tenants Ulta Beauty and Five Below, is scheduled for completion before the end of the year. Mid-America Real Estate represented CORTA in the acquisition of the property.
Glenview, Ill. — Marcus & Millichap has arranged the sale of a 75,649-square-foot retail center in the Chicago suburb of Glenview for $18.1 million. Anchored by Advocate Medical, the property was 97 percent leased at the time of sale. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local private investor. Adrian Mendoza of Marcus & Millichap secured and represented the buyer, a locally based limited liability company.
Newport News, Va. — Legacy Realty Group Advisors has brokered the $6.7 million sale of Richneck Center, a 63,945-square-foot retail center located in Newport News, roughly 30 miles outside Norfolk. Food Lion anchors the property, which was 95 percent occupied at the time of sale. Jacob Baruch of Legacy represented both the buyer and seller in the transaction.