Glendale, Ariz. — Thompson Thrift has broken ground on the 12-acre commercial portion of a mixed-use development underway in the northwest Phoenix suburb of Glendale. Sitting on a larger 24-acre parcel, the property will include tenants such as Black Rock Coffee, Cobblestone Auto Spa, Whataburger, Slim Chickens, QuikTrip, Extra Space Storage and a 122-room hotel. Tenants are expected to begin opening later this year. The site is located less than three miles from the city’s Sports and Entertainment District, which features State Farm Stadium, the home of the Arizona Cardinals …
Lake Mary, Fla. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but the Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that …
The Woodlands, Texas —Kobalt Investment Co. has acquired Creekside Park Village Green, a 74,670-square-foot shopping center in The Woodlands, about 30 miles north of Houston. Built in 2014, the center was 88 percent leased at the time of sale to tenants such as Fielding’s Local, Crust Pizza, Levure Bakery & Patisserie, Club Pilates and Cyclebar.
Everett, Wash. — Hanley Investment Group Real Estate Advisors has arranged the $2.8 million sale of a 3,816-square-foot two-tenant retail property located in Everett, roughly 30 miles north of Seattle. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell, represented the private California-based buyer in the transaction. Built in 1975 and renovated in 2017, the property is occupied by Pacific Dental Services and Coldwell Banker. Micahel Finch of CenturyPacific represented the buyer, a local private investor.
Manvel, Texas — Gulf Coast Commercial Group Inc. has inked leases with two tenants, the first to sign on to the firm’s upcoming retail development in Manvel, roughly 24 miles south of Houston. Comprising 20,700 square feet, construction on the project is scheduled to begin this spring. Next Level Urgent Care will open a 3,000-square-foot location at the property, and dental practice Smile Professionals will lease a 2,500-square-foot space. Danny Miller of Gulf Coast represented the landlord in the lease negotiations. Alexander Frias of Phelps Commercial Realty represented Smile Professionals.
Chicago — Shopping center vacancy reached a record low during the fourth quarter of 2022, according to a report by Cushman & Wakefield. Vacancy rates declined 20 basis points quarter over quarter to 5.7 percent. Of the 81 markets tracked by the firm, 66 experienced positive net absorption. Chicago saw the highest net absorption with 1 million square feet, followed by 788,000 square feet in Phoenix; 574,000 square feet in Atlanta; 422,000 square feet in Denver; 397,000 square feet in Washington, D.C.; 392,000 square feet in Dallas/Fort Worth; and 353,000 …
Weslaco, Texas — Texas Roadhouse will open a 7,926-square-foot restaurant as the anchor tenant at the Shops at N Bridge, a retail center currently under development in Weslaco, near the Mexican border. Garansuay Group broke ground on the development in June 2022. Other tenants will include Freddy’s Frozen Custard & Steakburgers, James Avery, Paris Bakery, Jeremiah’s Italian Ice, Juice US, Benjamin Moore Paints, Cita’s Boutique, Allure Nails & Spa and Stefano’s Brooklyn Pizza. Openings are scheduled to begin this summer.
Atlantic City, N.J. — Provident Bank has provided a $7.5 million loan for the refinancing of Renaissance Plaza, a 76,000-square-foot, grocery-anchored shopping center in Atlantic City. Tenants include Family Dollar, CVS/pharmacy and H&R Block. Daniel Fromm led a Newmark team that placed the debt with Provident Bank on behalf of the borrower, New York City-based investment firm Ashkenazy Acquisition Corp. The loan carries a seven-year term and a fixed interest rate.
St. Louis Park, Minn. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located south of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony …
Merriam, Kan. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.