Bear, Del. — Reybold Group is underway on the vertical construction of a new, 16,893-square-foot retail center located adjacent to the St. Andrews residential community in Bear. Upon completion, which is scheduled for later this year, the property will feature eight storefronts. One tenant has signed a lease at the development.
Bentonville, Ark. — Walmart (NYSE: WMT) has announced plans to expand by more than 150 new stores over the next five years, both through new construction and converting existing buildings. The first two stores under this initiative — both under the company’s smaller-format Walmart Neighborhood Market banner — are scheduled to open this spring in Santa Rosa, Florida, and Atlanta. The company is currently finalizing plans for 12 new projects, one of which will be the conversion of a smaller existing location into a large-format Walmart Supercenter, which serves as both …
Summerville, S.C. — JLL Capital Markets has brokered the $29 million sale of Oakbrook Station, a 138,137-square-foot retail center located in Summerville. Lowes Foods anchors the property, which was built in 1997 and renovated in 2017. Other tenants include the U.S. Postal Service, Community Thrift and Dollar Tree. The center was 99 percent leased at the time of sale. Kempner Properties, in partnership with Peter Braus and James Wacht of Lee & Associates, acquired the property. Brad Buchanan, Tom Kolarczyk, Jim Hamilton and Andrew Michols of JLL represented the seller, LBX …
Belleville, Mich. — Marcus & Millichap has arranged the $5.4 million sale of Van Buren Plaza in Belleville, a southwest suburb of Detroit. The 43,765-square-foot retail center was 94 percent occupied at the time of sale by a mix of local, regional and national tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the buyer, a limited liability company.
Cary, N.C. — A partnership between an affiliate of Mack Real Estate Group (MREG) and Soundwater Properties has purchased Maynard Crossing, a 122,091-square-foot shopping center located in Cary, a suburb of Raleigh. Built in 1996, the property was 88 percent leased at the time of sale to tenants including anchor Harris Teeter, Workout Anytime, Doctors Express, Riccobene Family Dentistry, Brigs Restaurant, Kathmandu Kitchen and All American Swim Supply, as well as a newly built outparcel gas station. Tom Kolarczyk, Danny Finkle, Jim Hamilton and Steele Burkett of JLL represented the undisclosed …
Matthews and Raleigh, N.C. — Nordstrom Rack, the off-price retail division of Nordstrom, will open two new stores in North Carolina, expanding the retailer’s footprint in the state by 57,000 square feet. Scheduled to open this fall, the first store will comprise 32,000 square feet within Triangle Town Place in Raleigh. Other tenants at Triangle Town Place include Dick’s Sporting Goods and DSW. Global Net Lease owns and manages the property. The second store, which is scheduled to open spring 2025, will occupy 25,000 square feet within Sycamore Commons in Matthews. …
Excelsior Springs, Mo. — Legacy Realty Group Advisors has brokered the $2.2 million sale of Truman Center, a shopping center located in Excelsior Springs. The property totals 21,000 square feet and is leased to tenants including Great Clips, Sally Beauty Supply and Cricket Wireless. Jonah Warshaw and Ari Warshaw of Legacy represented both the buyer and seller in the transaction.
Boston — J. Safra Real Estate, an affiliate of international banking and investment firm Safra Group, has agreed to acquire the historic Faneuil Hall Marketplace in downtown Boston. Faneuil Hall traces its origins to 1742, when the site served as a meeting ground and a center of commerce for Boston residents and visitors. Today, the development is home to more than 80 individual businesses. The seller is Ashkenazy Acquisition Corp.
Dallas — Seven new tenants have joined the lineup at Work/Shop, a 12-acre mixed-use development located in Dallas. Triten Real Estate is the developer and landlord of the property, which features 81,500 square feet of retail space, in addition to office and green space. EVO Entertainment Prestonwood opened at the development in November, and Local Jonny’s, MAI (My Aesthetics Intelligence), Rose Couture Nail Bar and [solidcore] are scheduled to open later this year. Toast and juice bar Toastique is also scheduled to open at the property in February, and eatery Crisp …
San Jose, Calif. — JLL Capital Markets has arranged a $20.5 million loan for the refinancing of Almaden Safeway Center, a 143,452-square-foot retail center in San Jose. Safeway anchors the property, which comprises three buildings situated on 11.6 acres and was fully leased at the time of financing. Other tenants at the center include JoAnn’s Fabrics, McDonald’s, T-Mobile and Savers. Bruce Ganong, Lillian Roos and Matthew Mingrone of JLL secured the ten-year, fixed-rate financing through RGA Reinsurance Co. on behalf of the borrower, Brothers International Holding Corp.
