Buffalo Grove, Ill. — Mid-America Real Estate Corp. has arranged the sale of Spoerlein Commons, a 41,455-square-foot retail center located in the Chicago suburb of Buffalo Grove. In addition to medical, wellness, restaurant, retail and service tenants, the property features second-floor office space. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.
Barnegat, N.J. — JLL has secured an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center located in Barnegat on the Jersey Shore. Built in 1998, the property was 97 percent leased at the time of financing. ACME Markets anchors the center. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.
Fort Lauderdale, Fla. — CBRE has secured a $17 million loan for the refinancing of Galt Ocean Marketplace, a 105,589-square-foot shopping center located in Fort Lauderdale. Winn-Dixie anchors the property, which was built in 1988 and was 96 percent occupied at the time of sale. Other tenants at the center include CVS/pharmacy, Holy Cross Hospital and McDonalds. Kitson & Partners acquired the property in 2006. Ahmed and Mackenzie Lampman of CBRE arranged the financing through a regional bank on behalf of the borrower.
Dallas — TGI Fridays has announced plans to close 36 restaurants in markets throughout the country. The stores were designated “underperforming” in a press release issued by the Texas-based company. “We’ve identified opportunities to optimize and streamline our operations,” says Ray Risley, U.S. president and chief operating officer of TGI Fridays. Currently the brand operates more than 650 restaurants in 51 countries.
Hope Mills, N.C. — Marcus & Millichap has brokered the sale of Millstone Towne Center, a 40,000-square-foot retail center located in Hope Mills. Built in 2008, the property was 92 percent leased at the time of sale. Donald Gilchrist and Nathan McElroy of Marcus & Millichap represented the seller in the transaction. Greg Marks of Triland Properties represented the buyer.
Alcoa, Tenn. — SRS Real Estate Partners has arranged the $7.2 million sale of Alcoa Commons, a newly built retail center located in Alcoa, a city roughly 14.5 miles south of Knoxville. The property, which comprises 13,890 square feet, was fully leased at the time of sale. Tenants at the center include Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased …
Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024.
Goodyear, Ariz. — Raymond Arjmand has acquired Palm Valley Pavilions West, a 232,573-square-foot retail center located in Goodyear, roughly 20 miles outside Phoenix. Tenants at the property, which was 99 percent leased at the time of sale, include Best Buy, Total Wine, Barnes & Noble, ULTA Beauty and Ross Dress for Less. Vestar will manage the center on behalf of the buyer. This marks the 19th property in the state under Vestar’s management.
Glenview, Ill. — Mid-America Real Estate Corp. has brokered the sale of Glenbrook Marketplace, a shopping center totaling 47,873 square feet in the Chicago suburb of Glenview. Tenants at the property include Starbucks Coffee, Fifth Third Bank, Athletico, Club Pilates, X Golf, Studio Spin and Jimmy John’s. Walgreens shadow anchors the property. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Northpond Partners. Phillips Edison & Co. Inc. was the buyer.
Albuquerque, N.M. — Houlihan-Parnes has arranged a 43,900-square-foot lease at Ladera Shopping Center, a retail center located in Albuquerque. Built in 1986, the property totals 128,712 square feet. ARC Thrift Stores will now occupy the anchor space, a former grocery store, at the center. Ed Graf and Ted Sannella of Houlihan-Parnes arranged the lease and secured a $2.8 million loan for the tenant improvement buildout on behalf of the landlord, an entity doing business as Ladera Partners LLC. Other tenants at the property include Dollar Tree, Taco Cabana, Planet Fitness, Dogtopia, …
