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CaliforniaContent PartnersFaris Lee InvestmentsInvestment salesNews

Faris Lee Negotiates $25 Million Acquisition of Promenade Shopping Center in Modesto, California

by Katie Sloan

Modesto, Calif. — Faris Lee Investments has negotiated the $25 million purchase of The Promenade Shopping Center, a 118,485-square-foot retail center in Modesto. Located at 3501 McHenry Ave., the property was fully occupied at the time of sale by tenants including Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee represented the buyer, a Modesto, California-based private family office, in the acquisition of the property from an ownership group managed by West Valley Properties. 

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Merganser-Commons-Dogwood-Estates_Milton_Publix
DevelopmentFloridaLeasingNews

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by Katie Sloan

Milton, Fla. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent pre-leased to …

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CarMax-Auto-Superstore
IndianaInvestment salesNews

Osborne Group Brokers $29 Million Sale of CarMax-Occupied Retail Property in Suburban Indianapolis

by Katie Sloan

Carmel, Ind. — Gallelli Real Estate’s The Osborne Group has brokered the $29 million sale of a retail property occupied by CarMax Auto Superstore in the Indianapolis suburb of Carmel. The two-building property spans 55,536 square feet and features a main showroom, customer receiving bay, service shop and auto cleaning area. Robb Osborne and Kannon Kuhn of Osborne Group, along with Alex Davenport of Colliers, marketed the property on behalf of the seller, an entity doing business as MAX 22 LLC. Osborne’s team procured the buyer, Realty Income Corp.

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Investment salesNewsTexas

Disney Investment Group Negotiates Sale of 113,772-Square-Foot Shopping Center in Metro Austin

by Katie Sloan

Georgetown, Texas — Disney Investment Group (DIG) has negotiated the sale of Republic Square, a 113,772-square-foot shopping center located in the northern Austin suburb of Georgetown. At the time of sale, the center was roughly 93 percent leased to a roster of 31 tenants that includes Dollar Tree, Harbor Freight, Starbucks Coffee, Chipotle Mexican Grill and Pizza Hut. David Disney and Adam Crockett of DIG represented the seller, LRIC Properties, in the transaction and procured a California-based private partnership as the buyer. 

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KansasLeasingNews

Marshalls to Open 25,000-Square-Foot Store in Pittsburg, Kansas

by Katie Sloan

Pittsburg, Kan. — Marshalls will open a 25,000-square-foot store at Pittsburg Town Center in Pittsburg, a city in Southeast Kansas. Other tenants at the property include The Home Depot, Chili’s, Buffalo Wild Wings and UPS. David Block and Phil Peck of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of the undisclosed ownership group. Block & Co. also manages the property.

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CaliforniaInvestment salesNews

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5 Million

by Katie Sloan

Sacramento, Calif. — Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Tenants at the time of sale included Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction.

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Oviedo-Park
FloridaInvestment salesNews

JLL Arranges Sale of 186,212-Square-Foot Open-Air Retail Center in Metro Orlando

by Katie Sloan

Oviedo, Fla. — JLL Capital Markets has arranged the sale of Oviedo Park Crossing, a 186,212-square-foot retail center located roughly 16 miles northeast of Orlando in Oviedo. The open-air property was fully leased at the time of sale to tenants including Bed Bath & Beyond, TJ Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart, Shoe Carnival, Sally Beauty Supply, America’s Best Contacts and Phenix Salon Suites. The center is situated on 29 acres at 1115 Vidina Place, and was completed in 1999 and renovated in 2019. Brad Peterson and …

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240-Penn-Park
Investment salesNewsOklahoma

DRA Advisors, RCG Ventures Sell 240 Penn Park in Oklahoma City

by Katie Sloan

Oklahoma City — A joint venture between DRA Advisors and RCG Ventures has sold 240 Penn Park, a 241,831-square-foot retail center located in Oklahoma City. Completed in 2006, the property was 99 percent leased at the time of sale to tenants including Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Mardel, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC. Ryan Shore, Chris Gerard, Greyson Fewin and Pauli Kerr of JLL represented the seller in the disposition of the property to Mazaheri Properties for an undisclosed price. The center …

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Gainesville-Shopping-Center
FloridaInvestment salesNews

CBRE Brokers Sale of Publix-Anchored Shopping Center in Gainesville, Florida

by Katie Sloan

Gainesville, Fla. — CBRE has brokered the sale of Gainesville Shopping Center, a 182,298-square-foot, Publix-anchored shopping center in Gainesville. An affiliate of Essential Growth Properties purchased the asset from a joint venture between Forge Capital Partners and Sembler for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Situated along North Main Street near downtown Gainesville and the University of Florida, Gainesville Shopping Center’s tenant roster includes Citi Trends, Mainstreet Beauty Max and Career Source Florida. 

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Investment salesNew YorkNews

Vanbarton Group Sells Retail Assemblage in The Bronx for $22.7 Million

by Katie Sloan

New York City — Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.

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