Harrisburg, Pa. — Marcus & Millichap has brokered the $4.7 million sale of Brandywine Plaza, a 44,241-square-foot shopping center located in Harrisburg. The property was fully leased to 21 tenants at the time of sale. Craig Dunkle and Mher Vartanian of Marcus & Millichap represented the seller. Dunkle and Vartanian also secured and represented the buyer, an undisclosed developer.
Monticello, Ark. — Timber Development Corp. has purchased North Park Village Shopping Center, a 70,000-square-foot retail center located in Monticello. Todd Rice of Colliers brokered the $4.6 million transaction. The property, which is shadow anchored by Walmart Supercenter, was 75 percent leased at the time of sale.
Ontario, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario, California. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.
Chicago — Walmart has announced that it will close four stores in Chicago. The company cited a lack of profitability as the reason for the closures, reporting that the locations collectively lose tens of millions of dollars a year. Walmart recently invested $70 million to upgrade the stores and built two new Walmart Health facilities and a Walmart Academy training center. “It was hoped that these investments would help improve our stores’ performance,” said the company. “Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are …
Rocklin, Calif. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by the end of 2025. University Square will feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000 square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent …
Collierville, Tenn. —Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot retail center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property.
Hutchinson, Kan. — Marcus & Millichap has brokered the $6.5 million sale of an 87,119-square-foot retail property in Hutchinson, about 50 miles northwest of Wichita. Hobby Lobby and Bomgaars occupy the building. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company.
Dallas — Russell Glen Co. will develop a 50,000-square-foot Tom Thumb at The Shops at RedBird, the mixed-use redevelopment of Southwest Center Mall in Dallas. Construction is scheduled to begin later this year, with the opening planned for summer 2024. Terrence Maiden of Russell Glen and co-developer and investor Peter Brodsky are leading the redevelopment of the property, which has included $250 million of investment to date. An additional 30,000 square feet of adjacent retail and restaurant space is under construction at the development.
Fenton and Howell, Mich. — A three-property car wash portfolio in Michigan has traded hands for an undisclosed price. The portfolio includes a Lake Effect Auto Wash in Fenton, a Lake Effect Auto Wash in Howell and a Classic Auto Wash in Howell. Garrett Monroe of Calder Capital provided merger and acquisition services on behalf of the seller, Fenton-based The Mechigian Auto Washes. Troy-based Ace Auto Wash was the buyer.
Goodyear, Ariz. — A joint venture between RED Development and Globe Corp. has released plans for GSQ, a 150-acre mixed-use development located in Goodyear, approximately 15 miles west of Phoenix. Groundbreaking on the project is proposed for next year. Plans include retail and entertainment space, restaurants, multifamily communities, office space and a hotel. GSQ will complement the Goodyear Civic Square at GSQ development, which Globe Corp. completed in August 2022. Goodyear Civic Square features a new city hall building, two-story library, two-acre community park, office space and retail space. “Our …
