Durham, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was not disclosed.
Honolulu — Six new tenants are set to join Ala Moana Center, a 2.3 million-square-foot regional retail center located in Honolulu. Jack-in-the-Box, boutique Mahina and restaurant Yung Yee Kee Dim Sum will open at the property in August. Frozen yogurt concept Yoajung and eyewear brand Quay will also lease space at the center beginning in September, with Yeti scheduled to open a store this fall. Renovated in 2015, the property sees more than 53 million visitors each year.
DeBary, Fla. — St. Petersburg-based Mosaic Development LLC has purchased 13.1 acres of land in DeBary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station. Upon completion, the Main Street-style development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year. Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, …
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Lakeland, Fla. — JLL has arranged the sale of Lakeside Village, a mixed-use retail center located in Lakeland. The development comprises a total 541,465 square feet, 454,872 of which were included in the sale. Tenants at the property, which was developed in 2005, include CMX Cinemas, Belk, Books-A-Million, Kohl’s, Starbucks Coffee, Chili’s, Olive Garden, Longhorn Steakhouse and Famous Footwear. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction. Continental Realty Corp. acquired the property for an undisclosed price.
Middleborough, Mass. — Massachusetts-based Christmas Tree Shops will close all of its roughly 70 stores, reports CNN. Previously, the chain planned to sell, following filing for Chapter 11 bankruptcy in May. Now, all stores will be closed, unless a last-minute buyer comes forward. Formerly, the brand was owned by Bed Bath & Beyond, which sold the concept to Handil Holdings in 2020 and filed for bankruptcy itself earlier this year.
New Ulm, Minn. — Timber Development Corp. has sold Super Center Square, a retail center located in New Ulm. The property comprises 40,700 square feet adjacent to a 210,000-square-foot Walmart Supercenter. An undisclosed buyer acquired the property for $4.1 million. AJ Prins and Sean Doyle of CBRE brokered the transaction.
Linden, N.J. — Pegasus Investments Real Estate Advisory Inc. and Pegasus Capital Markets Inc. have arranged the $55 million acquisition of a 186,000-square-foot single-tenant retail property located in Linden. Walmart Supercenter fully occupies the property, which is situated on 14 acres, with a 20-year triple net lease. Pegasus represented the buyer, a partnership of investors, in the transaction and secured acquisition financing. Mark Keener and Adam Block of Gallagher Evelius & Jones LLP served as counsel for the buyer. SRS National Net Lease Group represented the seller, a joint venture between …
Imperial, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of two single-tenant retail properties located in Imperial for a total $5.8 million. Starbucks Coffee Drive-Thru occupies the first building, which comprises 2,089 square feet, on a 10-year lease. A private investor purchased the property for $2.9 million. The United States Postal Service leases the second building, which totals 5,430 square feet. An Indiana-based private partnership acquired the property for $2.9 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development LLC, …
Fort Worth, Texas — Marcus & Millichap has brokered the sale of Sycamore Village Shopping Center, a 26,148-square-foot retail center in Fort Worth. The property is situated on 2.6 acres on the city’s southwest side. Tenants at the property include Cricket Wireless, H&R Block and The UPS Store. Joe Santelli of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was not disclosed.
