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Investment salesMinnesotaNebraskaNewsOhio

Timber Development Corp. Sells Three Shopping Centers Totaling $11.2 Million

by Hayden Spiess

Longwood, Fla. — Timber Development Corp. has completed the sale of three retail centers for a total of $11.2 million. The properties are located in Nebraska, Ohio and Minnesota. Eric Abbott and Zach Taylor of Marcus and Millichap represented Timber in the $4.6 million sale of the Norfolk, Nebraska, shopping center, which comprises 36,500 square feet and is shadow-anchored by Walmart. Bentley Coe Plaza — a 36,600-square-foot center located in Olmsted, Ohio — was purchased for $4.4 million. Kyle Hartung of Goodman Realty brokered the transaction. AJ Prins of CBRE …

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Investment salesNewsTexas

STRIVE Arranges Sale of 8,953-Square-Foot Retail Strip Center in Suburban Fort Worth

by Hayden Spiess

Flower Mound, Texas — STRIVE has arranged the sale of an 8,953-square-foot retail strip center in Flower Mound, a northern suburb of Fort Worth. The property sits at the front of the 158-acre Riverwalk mixed-use development and was fully leased to three tenants at the time of sale. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity.

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CaliforniaInvestment salesNet leaseNews

Progressive Arranges $4.5 Million Sale of Southern California Retail Center

by Hayden Spiess

Carlsbad, Calif. — Progressive Real Estate Partners has brokered the sale of a 4,584-square-foot retail center located in Carlsbad Village in Carlsbad, roughly 35 miles north of San Diego. Mike Lin of Progressive represented the private New York-based seller in the $4.5 million transaction. A private San Diego-based investor, represented by Josh Simms and Ryan King of Voit Real Estate Services, acquired the property. Built in 2019, the center comprises three units currently occupied Harumana Noodles + Buns, Village Optical and The Shop Salon, all occupied on triple net leases.

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Investment salesNewsPennsylvania

JLL Brokers $46 Million Sale of Pittsburgh Shopping Center

by Hayden Spiess

Pittsburgh — JLL Capital Markets has arranged the sale of The Mall at Robinson, an 874,553-square-foot shopping center located in Pittsburgh. JLL represented the seller — an entity doing business as QIC US Management Inc. — in the transaction. Kohan Retail Investment Group purchased the property for $46 million. Dick’s Sporting Goods, Macy’s, JCPenney and a space formerly occupied by Sears anchor the retail center, which was 92.1 percent leased at the time of sale. David Monahan, Claudia Steeb, Cameron Pittman and Emerson Pierce of JLL brokered the sale.

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ColoradoFinanceNews

Shopping Center in Suburban Denver Secures $28.9 Million Refinancing

by Hayden Spiess

Northglenn, Colo. — JLL Capital Markets has arranged the $28.9 million refinancing of Northglenn Marketplace, a shopping center located in Northglenn, a suburb of Denver. Eric Tupler and Rob Bova of JLL represented the borrower, a joint venture managed by Hutensky Capital Partners, and secured a five-year, floating-rate loan through HTLF. Lowe’s anchors the center, which is also leased to tenants including JOANN Fabric and Crafts, Ross Dress for Less, PetSmart, Woodley’s, Office Depot, Painted Tree Boutiques, dd’s Discounts, Five Below, K&G and Cinzetti’s.

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LeasingNewsPennsylvania

Four Tenants Join Suburban Square in Metro Philadelphia

by Hayden Spiess

Ardmore, Pa. — Kimco Realty has arranged leases with four new tenants at Suburban Square, a shopping center located in Ardmore, approximately 10 miles northwest of Philadelphia. Clothing retailers Addison Bay, Faherty and Veronica Beard and restaurant maman have opened storefronts at the center. These openings mark the first Pennsylvania locations for Addison Bay, maman and Veronica Beard. Originally established in 1928 and renovated in 2017, Suburban Square is also home to tenants including Apple, Trader Joes, SoulCycle and Lilly Pulitzer. Design with Reach, Custom Ink and Jenni Kayne are also …

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LeasingMarylandNews

Edge Negotiates 20,000-Square-Foot Retail Lease with Vet Clinic at Frederick Crossing in Maryland

by Hayden Spiess

Frederick, Md. — Edge has negotiated a 20,000-square-foot lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, …

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Grocery-anchoredLeasingNew JerseyNews

Azarian Realty Leases 5,400 Square Feet at Allendale Town Center in Northern New Jersey

by Hayden Spiess

Allendale, N.J. — Azarian Realty Co. has arranged two new leases at Allendale Town Center, a 90,000-square-foot shopping center located in Allendale in Northern New Jersey. Bergen County Pediatric Dentistry will occupy 2,270 square feet and the center, and AM/PM Walk-In Urgent Care will occupy 3,100 square feet. Kevin Pelio of Azarian, which is the exclusive leasing and managing agent for the property, represented both the landlord and tenants in the transactions. Primo Hoagies, a sandwich shop, is also scheduled to open at the center in 2023, leasing 2,008 square …

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Investment salesNet leaseNew YorkNews

Legacy Realty Group Advisors Brokers $53 Million Sale of 37-Property Dollar General Portfolio in the Southeast

by Hayden Spiess

New York City — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.

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Reports: New York City Council Approves $2 Billion Mixed-Use Project in Queens

by Hayden Spiess

New York City — The New York City Council has approved Innovation QNS, a $2 billion mixed-use project that will be located in the Astoria neighborhood of Queens, according to reports from multiple news outlets including Crain’s and Patch. A partnership between BedRock Real Estate Partners, Kaufman Astoria Studios and Silverstein Properties is developing Innovation QNS, which will span five city blocks and will be an expansion of the Kaufman Arts District. The various reports differ on the exact size of the multifamily component, but the project page on the …

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