LaGrange, Ga. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16 million sale of a newly built shopping center located in LaGrange. Publix anchors the property, with a 10-year lease on the store. Taylor represented the seller, an Atlanta-based developer, in the transaction and procured the 1031 exchange buyer.
Huntsville, Ala. — Marathon Realty Corp., an affiliate of grocer Food City, has purchased two acres in Huntsville from The Beach Co. The site is located between The Foundry, The Range and Stovehouse along Governors Drive and will be connected to the developments via a 10-foot-wide pedestrian sidewalk. A real estate subsidiary of Food City parent company K-VA-T Food Stores Inc., Marathon Realty plans to break ground on the new store next quarter, with the opening scheduled for early 2025. Last year Marathon Realty entered into a development agreement with the …
Miami — Terra and Grass River Property, two Miami-based development firms, have completed construction of Grove Central, a transit-oriented, mixed-use development in Miami’s Coconut Grove neighborhood. The property comprises a 23-story apartment tower, 1,250-space public parking garage and 170,000 square feet of retail space leased to tenants including Target and Sprouts Farmers Market. Grove Central is a public-private partnership between the co-developers and Miami-Dade County, which owns the land. The development is located at the intersection of US Highway 1 and SW 27th Avenue and connects to the adjacent Coconut Grove …
Naperville, Ill. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased. NewQuest Asia-Pacific Retail specializes in development opportunities in markets with Asian-dense populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment …
West Chester, Ohio — Bass Pro Shops will open a 125,000-square-foot Outdoor World store in West Chester, roughly 25 miles outside Cincinnati. The retailer will transition to the new location from its existing Bass Pro Shops store in Cincinnati and Cabela’s store in West Chester. Scheduled to open Feb. 21, the store will offer an extended range of outdoor gear.
Chicago — JLL Capital Markets has brokered the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk. The property, situated at the base of two condominium buildings, is located in the heart of the city’s River North neighborhood. Architect Bertrand Goldberg designed the property, which has been a popular destination for locals and tourists, in 1958 as a “city within a city.” Retail tenants at the development include Smith & Wollensky, Legal Sea Foods, Yolk, …
Lancaster, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of two single-tenant properties situated within Antelope Valley Plaza in Lancaster. Individual, private 1031-exchange buyers acquired the properties in separate transactions totaling $11.4 million. Smart & Final Extra! occupies the first building, which comprises 32,000 square feet. Situated on 1.9 acres, the property was built in 1979 and renovated in 2023. Occupied by dd’s Discounts, the second property features 24,000 square feet situated on 1.6 acres. Other tenants at Antelope Valley Plaza include CVS/pharmacy, AT&T Wireless, Supercuts and …
Norcross, Ga. — Ackerman Retail, a division of Ackerman & Co., has facilitated the sale of a 4,200-square-foot absolute triple-net Chick-fil-A ground lease located in Norcross, roughly 20 miles outside Atlanta. Constructed in 1998, the property was renovated in 2018. Sean Patrick of Ackerman Retail represented the seller, an entity doing business as WB Holdings-Jimmy Carter Boulevard, in the transaction. A local private buyer acquired the ground lease.
Manchester, Conn. — Marcus & Millichap has brokered the $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center located in Manchester, on the eastern outskirts of Hartford. Tenants at the center, which originally opened in 1962, include Dollar Tree, Planet Fitness, Kidzone and the State of Connecticut Department of Children’s Services. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, the estate of Leon Charney, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
Los Angeles — The University of California, Los Angeles (UCLA) has acquired One Westside and Westside Two, located two miles from its Westwood campus in Los Angeles. A joint venture between Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) sold the assets for $700 million. The 700,000-square-foot property — located at 10800, 10830 and 10850 W. Pico Blvd.— was formerly occupied by Westside Pavilion mall, a city landmark that served as the backdrop for a number of movies and television shows since its opening in 1985. Hudson Pacific and Macerich …
