Naperville, Ill. — Newcastle Properties is set to begin construction on an 8,300-square-foot, multi-tenant outlot building and a 3,260-square-foot endcap space at Eastgate Crossing in the Chicago suburb of Naperville. The new development will be home to Kura Revolving Sushi Bar and NaanSense, an Indian fast-casual chain. Adam Cody of JLL represented Kura, and Phil Golding of CBRE represented NaanSense in the leasing transactions. Midwest Construction Partners will serve as general contractor, and Sean Devine of Newcastle Properties is the project manager. Eastgate Crossing currently spans 270,327 square feet and …
Teaneck, N.J. — Alfred Sanzari Enterprises will open Marketplace, a 3,350-square-foot food hall in the Northern New Jersey community of Teaneck. Located within the firm’s 670,000-square-foot Glenpointe campus, Marketplace has already received commitments from concepts such as kosher deli Ma’adan, Colombian coffee shop Coffeecol, French-inspired Balthazar Bakery and ice cream maker Sip N Swirl. Marketplace will officially open Friday, Oct. 21. White Lodging will manage the venue.
Phoenix — Tradewinds Capital LP has purchased the newly constructed Laveen Park Place, a shopping center located in the Laveen neighborhood of Phoenix. LB 59th LLC, an entity formed by Kitchell Corp., sold the property for $40.3 million. Built in phases between 2019 and 2022, Laveen Park Place offers 109,219 square feet of retail space on 17.5 acres at the southeast corner of Loop 202 and Baseline Road. Sprouts Farmers Market, TJ Maxx and Michaels are tenants at the fully occupied shopping center. Michael Hackett and Ryan Schubert of Cushman …
Kansas City, Mo. — Colliers has brokered the $32 million sale of Twin Creeks Shopping Center in Kansas City. The 257,450-square-foot property is located along North Madison Avenue. The center was 99 percent leased at the time of sale to 14 tenants, including Kohl’s, Ross Dress for Less, Ulta Beauty, Petco, Five Below, Famous Footwear, Bath & Body Works, Spectrum and AT&T. A Target store at the property was not included in the sale. El Warner, Charley Simpson, Caitlin Zirpolo and Drew Quinn of Colliers represented the seller, an entity …
O’Fallon, Mo. — First National Realty Partners has acquired River City Marketplace in O’Fallon, about 37 miles northwest of St. Louis. A 31,000-square-foot Fresh Thyme Market anchors the 158,000-square-foot shopping center. Fresh Thyme has operated at the property since 2015. Additional tenants include Total Wine & More, Ross Dress for Less, Five Below, Kirkland’s and Kay Jewelers. The property was built in 2005, according to LoopNet. Evan Halkias, David Matheis and Link Dierks of Cushman & Wakefield represented the undisclosed seller in the transaction.
New York City — Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood for $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.
Alhambra, Calif. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building located in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS …
Cincinnati and Boise, Idaho — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger in which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both company’s boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on …
Manassas, Va. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot The Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction.
Richardson, Texas — Weitzman has completed the renovation of Dal-Rich Towne Square, a 162,925-square-foot retail center located in the northeastern Dallas suburb of Richardson. A 50,000-square-foot Cottonwood Market anchors the center. Other tenants include Jason’s Deli, Little Caesars and McDonald’s. Weitzman upgraded various aesthetic components and amenity spaces at Dal Rich Towne Square, which was originally built in 1965, and implemented a new digital marketing program for the center and individual tenants.