San Antonio — Marcus & Millichap has brokered the $5 million sale of a 12,460-square-foot retail property in San Antonio. Walgreens occupies the property on a net-lease basis. Christopher Pappas and Michael Cardone of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
Annapolis, Md. — SJC Ventures has signed 11 new tenants to Beacon Square, a mixed-use development currently underway in Annapolis. Tenants will include Arhaus, Circa Lighting, Firebirds Wood Fired Grill, Mighty Quinn’s BBQ, Meg Fox Aesthetics, GNC, Aspen Dental, Inspire Nails, Cold Stone Creamery, Eggspectation and Jersey Mikes. SJC and AvalonBay Communities Inc. acquired the land for the project early last year, with vertical construction started in August. Upon completion, the property will comprise 52,000 square feet of retail and office space, as well as a 43,000-square-foot grocery store and …
Santa Monica, Calif. — Chipotle Mexican Grill Inc. has announced the launch of a new restaurant concept, which will be opening in a ghost kitchen space in Santa Monica. Dubbed Farmesa, the restaurant will open at Third Street Promenade in partnership with Kitchen United Mix. A soft opening is planned, which will feature an abbreviated menu and limited hours, before the official launch next month. Guests will be able to order via onsite kiosks, online at the Kitchen United website and via third-party apps including DoorDash and UberEats. According to …
Arlington, Texas — The Home Depot has signed a 35,840-square-foot retail lease renewal at Cooper Street Plaza in Arlington. Brent St. Amant of Hartman Income REIT represented the landlord, Silver Star Properties REIT, in the lease negotiations. The Home Depot was self-represented. Other tenants at the center include UPS, Mattress Firm, OfficeMax, Black Rifle Coffee Co. and State Farm Insurance.
Houston — Hanley Investment Group Real Estate Advisors has brokered the sale of Northwest Crossing Centre, a 180,000-square-foot shopping center located in Houston. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., represented the seller, USA Properties Inc. Wu Properties acquired the center for an undisclosed price. Tenants at the property, which was 94 percent leased at the time of sale, include Burlington, Dollar Tree, Marshalls, Planet Fitness, Hibbett Sports, pOpshelf, Chik-fil-A, James Coney Island, Red Lobster and Whataburger.
Los Angeles — Newmark has arranged the disposition of Victory Plaza, a 136,580-square-foot, grocery-anchored shopping center in Los Angeles. Gerrity acquired the property for $57.7 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller, Kennedy Wilson, in the transaction. The property was 97 percent occupied at the time of sale by tenants including Vallarta Supermarkets, CVS/pharmacy, LA Fitness, Petco, US Renal Care, Citibank, Blaze Pizza and Chipotle Mexican Grill.
Norcross, Ga. — Marcus & Millichap Capital Corp. (MMCC) has secured $10.8 million in financing for the acquisition of Peachtree Parkway Shopping Plaza, a 94,174-square-foot shopping center located in Norcross, roughly 20 miles northeast of Atlanta. Tenants at the property include Dollar General and Goodwill. Garrett Fierstein of MMCC secured the loan, which carries a 10-year, fixed rate and a 25-year amortization schedule.
Tulsa, Okla. — Mohr Capital has acquired 20 acres of land in Tulsa for the development of a 50,000-square-foot shopping center, dubbed Tulsa Marketplace. Mohr will deliver a build-to-suit space for REI, which will anchor the property. Completion of construction is scheduled for spring 2024.
Philadelphia — Heidenberg Properties has sold Aramingo Plaza, a 64,163-square-foot retail center located in Philadelphia. Abrams Realty & Development acquired the property for an undisclosed price. Forman Mills anchors the center, which was built in 1920 and fully occupied at the time of sale. Other tenants include Citizen Bank, AT&T, Checkers and Vision Works. Christopher Munley, Jim Galbally and Colin Behr of JLL Capital Markets brokered the sale on behalf of Heidenberg Properties.
Plymouth Meeting, Pa. — Pennsylvania Real Estate Investment Trust (PREIT) has sold a retail property leased to Whole Foods Market in Plymouth Meeting, a northwestern suburb of Philadelphia, for $27 million. The 65,155-square-foot store, which is located within Plymouth Meeting Mall, features a taco truck, rooftop patio, onsite pub and private event/meeting space. Jim Galbally, Chris Munley and Colin Behr of JLL represented PREIT in the transaction. The buyer was an undisclosed institutional investment firm.