Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower.
Schaumburg, Ill. — Bianco Properties has acquired Schaumburg Plaza, a 61,000-square-foot shopping center located in the Chicago suburb of Schaumburg, in an all-cash transaction. Tenants at the property include Starbucks Coffee, O’Reilly Auto Parts, Lou Malnati’s Pizzeria and Joann Fabrics. Nirav Express Market will also open at the center this fall. This marks the seventh retail property in the Chicago metro for the buyer.
Rowlett, Texas — CBRE has arranged the sale of Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles outside Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale. Tenants at the center include Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented the seller, Standridge Cos., in the transaction.
Aurora, Denver, Highlands Ranch, Lakewood, Parker and Sheridan, Colo. — Kimco has signed leases with 15 new tenants at eight of its Colorado shopping centers. InfiniTea, We Knead Donut and EmNet Organics will occupy 869; 1,120; and 3,857 square feet, respectively, at Quincy Place Shopping Center in Aurora. Also in Aurora, Nana’s Dim Sum & Bao, Dirmug by Fryat and Dollar Tree have leased 3,142; 1,130; and 15,270 square feet, respectively. In Denver, Planet Fitness has signed a 23,460-square-foot lease at Highlands Ranch Shopping Center, and Petite Gateaux will occupy 76,725 …
Commack, N.Y. — PGA Superstore has opened a 39,225-square-foot store at Mayfair Shopping Center, a retail center located on Long Island in Commack. Hugh Scullin of Katz & Associates represented the tenant in leasing negotiations.
Murfreesboro, Tenn. — JLL Capital Markets has secured a $125 million loan for the refinancing of The Avenue Murfreesboro, an 846,467-square-foot retail center located in Murfreesboro, roughly 35 miles outside Nashville. Built in 2007, the property was 93.1 percent leased at the time of financing. Tenants at the center include Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture, Burlington, Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Cost Plus World Market, Ulta Beauty, Hollister, Buckle, Torrid and Sephora. Chris Drew, Brian Dawson and Matt Casey of …
Cincinnati — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The property was fully leased at the time of sale. Tenants at the center include Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.
Vernon Hills, Ill. — Pickleball entertainment concept Picklemall has signed a 46,000-square-foot lease in Vernon Hills, a northern suburb of Chicago. The facility, which will be located in a space formerly occupied by Toys “R” Us, is scheduled for completion in the first quarter of 2024. The flagship venue marks the first of 50 that are planned throughout the country over the next two years. Transwestern Real Estate Services (TRS) represented Picklemall in the leasing negotiations.
Lawrenceville, N.J. — Federal Realty Investment Trust has announced the rebranding of Mercer Mall in Lawrenceville, roughly 40 miles northeast of Philadelphia. Moving forward, the property, which totals 551,000 square feet, will be known as Mercer on One. Federal Realty has also signed leases with two new tenants at the property. J. Crew Factory will occupy 6,100 square feet, and Crate and Barrel has opened a 42,000-square-foot store. Additionally, DSW is currently undergoing a full remodel and façade upgrade. Ashton Design led the rebranding effort.
Houston, Mont Belvieu and Richmond, Texas — David Littwitz of Littwitz Investments has arranged three restaurant leases totaling 8,733 square feet in Texas. Blue Tuba Euro-Tex Cuisine has signed a 5,141-square-foot lease at the Harold’s Heights retail building in Houston. Additionally, Beaky’s Hot Chicken will open a 2,436-square-foot restaurant at a shopping center currently underway in Mont Belvieu, and Cinnaholic Gourmet Cinnamon Rolls will occupy 1,156 square feet at Waterview Town Center in Richmond. Littwitz represented the tenants in the leasing negotiations.
