News

Lincoln-Square-Arlington-Texas

Arlington, Texas — Trademark Property Co. has purchased Lincoln Square, a 470,000-square-foot retail center located at 1500 N. Collins St. in Arlington. Trademark will redevelop the property into a mixed-use development through a 30-year public-private partnership (P3) with the City of Arlington. Terms of the P3 require the developer to invest a minimum of $150 million over the next six years. The City Council has approved a co-investment of $14.2 million, and local residents will have input on the project. Current tenants at the property include Studio Movie Grill, Ulta …

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Harvest-Junction-Longmont-Colo

Longmont, Colo. — An affiliate of Pine Tree, in partnership with Wafra Inc., has purchased Harvest Junction, a 364,000-square-foot retail center located in Longmont, roughly 15 miles outside of Boulder. Barry Brown, Bryan Ley and Jason Schmidt of JLL brokered the $73.8 million transaction. Shadow-anchored by Lowe’s, the retail center features tenants including Best Buy, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Michael’s, Petco and DSW. This acquisition marks the third for Pine Tree in Colorado.

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Kroger-Merchants-Square-Riverdale-Georgia

Indianapolis and Riverdale, Ga. — Marcus & Millichap’s IPA Capital Markets division has arranged $25.2 million in financing for the acquisition of Linwood Square and Merchants Square. The retail centers are anchored by Kroger and located in Indianapolis and Riverdale, Georgia, respectively. Sunny Sajnani and Duke Dennis of Marcus & Millichap arranged the financing through two separate, undisclosed banks on behalf of the borrower, Essential Growth Properties (EGP). Financing was secured in the form of five-year loans. The loan for Linwood Square is floating rate with an interest-only period of …

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CVS_Virginia-Beach

Virginia Beach, Va. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale. Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.

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Columbia, Pa. — Let’s Roll — a store specializing in the sale, service, and rental of electric bikes, scooters, and mopeds — has signed a lease at Riverview Terrace, a shopping center located in Columbia, approximately 90 miles west of Philadelphia. Let’s Roll will occupy 1,119 square feet of space at the 30,621-square-foot retail center. Nate Resh and Patten Mills of ROCK Commercial Real Estate brokered the lease agreement. This marks the second location for Let’s Roll, which previously opened a store in Lancaster City.

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120-Fifth-Ave-Brooklyn

New York City — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Ave., a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space …

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Snellville-Pavilion-Snellville-Ga

Snellville, Ga. — Atlantic Capital Partners has arranged the sale of Snellville Pavilion, a 311,093-square-foot retail center located in Snellville, a suburb roughly 25 miles outside of Atlanta. Fred Victor, Justin Smith and Chris Peterson of Atlantic represented the seller, Kimco Realty, and procured the buyer, United Properties, in the $38.3 million transaction. Kohl’s and Belk — both of which have been tenants since 2000 — anchor the shopping center.

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Gateway-Commons-Palmetto-Fla

Palmetto, Fla. — Primerica Developments Inc. has announced the addition of six new tenants to Gateway Commons, a shopping center located in Palmetto, off of Tampa Bay. New tenants include Pure Barre, Mid Florida Insurance Group and The Blend Coffee & Cocktails, as well as three as yet unnamed tenants including a fast-food restaurant, a wireless provider and a medical group. Existing tenants at the shopping center include Publix Super Market, Jet’s Pizza, Hornback Chiropractic & Wellness, Nail Boutique and Spa, Yummy Tokyo Asian Fusion Bistro and Dental Care at …

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Harmony-Plaza_Port-Richey

Port Richey, Fla. — Marcus & Millichap has brokered the $7.7 million sale of Harmony Plaza, an 82,820-square-foot shopping center located in Port Richey. James Medefind, Jim Shiebler, James Garner and Jonathan Gerszberg of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. A private investor purchased the property. Built in 1973 and located on a six-acre site, Harmony Plaza was 87 percent leased at the time of sale to tenants including Big Lots.

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Crumbl-Cookies-North-Brunswick-NJ

North Brunswick, N.J. — Crumbl Cookies has opened a location at The Shoppes at North Brunswick, a retail center located in North Brunswick in northern New Jersey. Crumbl has leased 1,794 square feet of space in the open-air shopping center, which was represented by Kevin Pelio and James Azarian of Azarian Realty Co. in the negotiation. Jerry Johnson of Bennett Williams Commercial represented Crumbl. Other tenants at the property, which comprises 147,055 square feet of gross leasable space, include over 35 national brands.

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