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Investment salesNewsPennsylvania

IPA Negotiates Sale of 386,248-Square-Foot Retail Power Center in Philadelphia Suburb

by Hayden Spiess

Downingtown, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms …

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Greater-Lewistown-Plaza-Burnham-Pennsylvania
Grocery-anchoredInvestment salesNewsPennsylvania

Axiom Realty Acquires 177,752-Square-Foot Shopping Center in Central Pennsylvania

by Hayden Spiess

Burnham, Penn. — Axiom Realty Services has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham. Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction.

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FinanceFloridaGrocery-anchoredNews

MMCC Arranges $10 Million Refinancing for Carolina Springs Plaza Shopping Center in South Florida

by Hayden Spiess

Margate, Fla. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule and 70 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

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Company newsNewsOhio

Bath & Body Works Appoints Heather Hollander Vice President, Investor Relations

by Hayden Spiess

Columbus, Ohio — Bath & Body Works Inc. has announced that Heather Hollander will assume the role of vice president of investor relations with the company. Hollander most recently acted as head of investor relations at Nordstrom and has previously worked with brands including Lowe’s, Bloomin’ Brands and Burger King. Reporting to Wendy Arlin, chief financial officer, Hollander will be responsible for engagement with shareholders, investors and the analyst community.

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Grocery-anchoredInvestment salesNebraskaNews

Hanley Investment Group Brokers $17.2 Million Sale of Omaha Shopping Center

by Hayden Spiess

Omaha, Neb. — Hanley Investment Group Real Estate Advisors has arranged the $17.2 million sale of Applewood Centre, a 112,005-square-foot shopping center located in Omaha. Hy-Vee anchors the property, which was 98.6 percent occupied at the time of sale. Jeff Lefko and Bill Asher of Hanley represented the seller, Woodsonia Real Estate, in the all-cash transaction. A Portland-based family office purchased the property. Hy-Vee has occupied the property since the shopping center’s original construction and has expanded and renovated its store over the past 10 years, adding a drive-thru to …

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CaliforniaIllinoisInvestment salesNewsRestaurants

FCPT Purchases Buffalo Wild Wings Portfolio in Illinois for $14.3 Million

by Hayden Spiess

Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The properties have roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, California-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.

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DevelopmentLeasingNewsTexas

Enson Market to Open 100,000 Square-Foot Store in North Houston

by Hayden Spiess

Houston — Enson Market, an Asian grocery concept, will open a 100,000-square-foot store in North Houston. The site is located within a 200,000-square-foot vacant shopping center. An affiliate of the company, an entity doing business as Pacific Square of FM LLC, purchased the center with plans to implement capital improvements and lease the remaining 100,000 square feet. Ryan Neyland of Davis Commercial Real Estate represented the seller, Copper Leaf LLC, in the transaction. Casey Ward of CRW Commercial represented the buyer.

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Investment salesNews

Realty Income Agrees to Acquire 185-Property Retail Portfolio from CIM for $894 Million

by Hayden Spiess

San Diego — Realty Income Corp. (NYSE: O), a publicly traded REIT, has agreed to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust Inc. for approximately $894 million. The exact composition of the portfolio depends on completion of due diligence and the potential exercise of rights of first refusal related to certain properties. If the entire 185 properties are included, the transaction will represent a 7.1 percent capitalization rate. “We believe the deployment of net sales proceeds will continue to advance …

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AlabamaGrocery-anchoredInvestment salesNews

FNRP Acquires 304,935-Square-Foot Shopping Center in Cullman, Alabama

by Hayden Spiess

Cullman, Ala. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail center located in Cullman, roughly 50 miles north of Birmingham. A 45,600-square-foot Publix anchors the property, which features other tenants including Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart. Kyle Stonis of SRS represented the undisclosed seller in the transaction.

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