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Bermuda Square
Investment salesNewsVirginia

GBT Sells Portion of 136,000-Square-Foot Shopping Center Near Richmond

by Hayden Spiess

Chester, Va. — GBT Realty Corp. has sold a part of Bermuda Square, a 136,000-square-foot retail center located in Chester, roughly 15 miles outside Richmond. GBT, which acquired the property in 2019, sold a portion comprising 77,850 square feet to a private investor in a $36.5 million transaction. Jordan Lex and Brad Peterson of JLL represented GBT in the sale. The center is fully leased to tenants including Hobby Lobby, Aspen Dental, Sleep Number, Raising Cane’s Chicken Fingers, Little Casesars and Domoishi.

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Westridge-Shopping-Center-Phoenix-AZ
ArizonaInvestment salesNews

Cushman & Wakefield Brokers $6.8 Million Sale of Westridge Shopping Center in Phoenix

by Hayden Spiess

Phoenix — Cushman & Wakefield has brokered the sale of Westridge Shopping Center, located in Phoenix. New Jersey-based Westridge Phoenix acquired the asset from DPM Westridge Shopping Center for $6.8 million. Built in 1985 and renovated in 2017, Westridge Shopping Center features 58,670 square feet of retail space on 5.3 acres. At the time of sale, the property was 81 percent leased. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal.

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Shops-at-the-Rim-San-Antonio
FinanceInvestment salesNewsTexas

JLL Arranges Acquisition Financing for Centers Totaling 14,081 Square Feet in Central Texas

by Hayden Spiess

Austin, Texas and San Antonio— JLL Capital Markets has secured acquisition financing for two retail centers, both in Texas. CW Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Door Capital Partners. The first property, 3701 Guadalupe, comprises 6,991 square feet in Austin in the center of off-campus University of Texas student housing. Built in 1976, the center was 100 percent leased at the time of sale to tenants including Domino’s, Walgreens, Smile Haus, Body Brite and Evo Performance. The second …

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Cuyahoga-Riverfront-Cleveland
DevelopmentMixed-useNewsOhio

Bedrock, City of Cleveland Unveil Plans for $3.5 Billion Cuyahoga Riverfront Project

by Hayden Spiess

Cleveland — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open …

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Vons
CaliforniaGrocery-anchoredInvestment salesNews

Newmark Arranges $137 Million Sale of Three Shopping Centers in Metro Los Angeles

by Hayden Spiess

La Verne and Montebello, Calif. — Newmark has brokered the sale of a portfolio featuring three grocery-anchored retail centers totaling 400,000 square feet, all located near Los Angeles. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller, Combined Properties Inc., in the $137 million transaction. Institutional investor EDENS acquired the properties. The first property, The Commons at La Verne, spans 120,720 square feet in La Verne, California. The center is anchored by Vons and Ross Dress for Less. The second property, Foothill Plaza, …

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Interlock_Phase2_Atlanta
DevelopmentGeorgiaGrocery-anchoredMixed-useNews

SJC Ventures Tops Out Second Phase of $750 Million Interlock Mixed-Use Development in Atlanta

by Hayden Spiess

Atlanta — SJC Ventures has topped out the second phase of The Interlock, a $750 million mixed-use project located in Atlanta’s West Midtown district. The second phase, built by Choate Construction and anchored by a 42,000-square-foot Publix, features 275,000 square feet of commercial space and 670 units of student housing for Georgia Tech students. Construction on the second phase began in May 2021. Additionally, four new retailers have inked leases at The Interlock. Pinky Promise Champagne Bar, The X Pot, City Nails and GoodVets will join the tenant lineup. Previously …

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FinanceNew JerseyNews

Cronheim Mortgage Arranges $11.5 Million Permanent Loan for Northern New Jersey Shopping Center

by Hayden Spiess

Belleville, N.J. — Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.

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LeasingNewsRestaurantsTexas

Kimco Negotiates Two Leases at Shops at Baybrook in Metro Houston

by Hayden Spiess

Webster, Texas — Kimco Realty has negotiated two leases with Kura Sushi, a technology-enabled Japanese restaurant, and specialty meat concept Wild Fork at The Shops at Baybrook. The center is under construction in the southeastern Houston suburb of Webster. Hannah Tosch, Wade Greene, Cody Persyn and Kimberly Lenardson of Colliers represented Kimco in the lease negotiations.

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City Ave
Investment salesNewsPennsylvania

IPA Brokers $24.6 Million Sale of Philadelphia Retail Center

by Hayden Spiess

Philadelphia — City Avenue Center, a 20,220-square-foot shopping center located in Philadelphia, has sold for $24.6 million. Brad Nathanson, David Crotts and Dean Zang of Marcus & Millichap’s Institutional Property Advisors (IPA) arranged the sale on behalf of an undisclosed seller and secured the buyer, a Maryland-based family office. The center, which is shadow-anchored by Target, was fully leased at the time of sale. Tenants include Chipotle Mexican Grill, Verizon and Sleep Number. A PNC Bank outparcel also occupies the property.

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willow-grove-shopping-center-groundbreaking-second-phase
DevelopmentNewsPennsylvania

Federal Realty Breaks Ground on Second Phase of 211,000-Square-Foot Shopping Center in Metro Philadelphia

by Hayden Spiess

Willow Grove, Pa. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located in Willow Grove. The second phase, which is scheduled for completion in the summer of 2023, will include the delivery of new dining and public amenities, as well as an 18,000-square-foot outparcel building.

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