Mansfield, Texas — Flix Brewhouse has signed a 15-year lease to open a 40,000-square-foot theater at The Shops at Broad, a retail center located in Mansfield. Scheduled to open this fall, the venue will feature nine auditoriums and offer in-theater dining service. Sam Kartalis of Younger Partners and John Weber of Weber & Co., who manage the property, negotiated the lease on behalf of the landlord, Trez Capital.
Willow Grove, Pa. — Federal Realty Investment Trust has announced plans for the third phase of redevelopment at Willow Grove Shopping Center in Willow Grove, roughly 30 miles outside Philadelphia. Phase III will include the addition of a six-story building offering 260 multifamily units and 20,000 square feet of street-level retail space, alongside a structured parking garage. The development will be located adjacent to an 18,000-square-foot multi-tenant retail building currently under construction. Work on the third phase is expected to begin in fall 2024. Existing tenants at the shopping center will …
Jacksonville, Fla. and Barnstable, Mass. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the $29.5 million sale of a 140,082-square-foot portfolio comprising three single-tenant retail properties. Two of the properties, a 122,358-square-foot store occupied by BJ’s Wholesale and a 7,974-square-foot building occupied by Napa Auto Parts, are located in Jacksonville, Florida. CVS/pharmacy occupies the third property, which totals 9,750 square feet in Barnstable, Massachusetts. Steven Siegel of IPA represented the undisclosed seller and secured the institutional buyer. Ryan Nee and Thomas Shihadeh are Marcus & Millichap’s brokers of record …
Lakewood, Colo. — Pinnacle Real Estate Advisors has brokered the $14.4 million sale of Westgate Shopping Center in Lakewood, approximately eight miles outside downtown Denver. Eric Diesch and Peter Sengelmann of Pinnacle represented the undisclosed seller in the transaction.
Needham, Mass. — Fantini & Gorga has secured $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio in a 1031 exchange.
Leesburg, Fla. — SRS Real Estate Partners has brokered the $7.5 million sale of Leesburg Marketplace, an 81,071-square-foot shopping center located in Leesburg. The property was 90 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet and Dollar Tree. Kyle Stonis and Pierce Mayson of SRS represented the seller, a Florida-based private investor, in the transaction. An entity doing business as JTT Eagles LLC was the buyer.
Fountain Valley, Calif. — Gantry has secured a $17 million permanent loan for the refinancing of Village Center, a 93,000-square-foot retail center located in Fountain Valley. Sprouts Farmers Market, Rite Aid and Dollar Tree anchor the property. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year, fixed-rate financing on behalf of the borrower, Paragon Commercial Group.
Houston — JLL has negotiated the sale of two adjacent shopping centers totaling 93,757 square feet in Houston. Sunridge Shopping Center and Westchase Plaza comprise 49,359 and 44,398 square feet, respectively. Ryan West, John Indelli, Clay Anderson and Ryan Olive of JLL represented the seller, Whitestone REIT, in the transaction. An entity controlled by Bridgewell Property Management acquired both properties.
Georgetown, Texas —Headwall Investments has acquired The Market at Georgetown, a 54,994-square-foot shopping center located in Georgetown, on the northern outskirts of Austin. Tenants at the property include Pok-e-Jo’s Smokehouse, House of Gainz and Double Dave’s Pizzaworks.
Long Beach, Calif. — SRS Real Estate Partners’ National Net Lease Group has brokered the $4.3 million sale of a single-tenant property located in Long Beach. Vans occupies the 3,749-square-foot building, which was built in 1926, on a triple-net-lease basis. Chris Tramontano and John Redfield of SRS represented the seller. Nathan Holthouser of Coastal Commercial Inc. represented the buyer.
