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Suffolk-Downs
DevelopmentMassachusettsMixed-useNews

Partnership Breaks Ground on 16.2 Million-Square-Foot Mixed-Use Redevelopment of Suffolk Downs Racetrack Near Boston

by Katie Sloan

Revere, Mass. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM …

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CaliforniaInvestment salesLouisianaNews

JRW Realty Brokers $84 Million Sale of Six Stores in Louisiana Net-Leased to Walmart

by Katie Sloan

Pasadena, Calif. — JRW Realty, a Pasadena-based commercial real estate brokerage firm, has arranged the sale of six single-tenant retail stores in Louisiana net-leased to Walmart Neighborhood Market. Jennifer Rodriguez Ventura of JRW Realty represented the buyer, an unnamed institutional investor that purchased the portfolio for $84 million. Alex Sharrin of JLL represented the undisclosed seller. The six stores are located in the southern or coastal Louisiana towns of Meraux, Houma, Prairieville, New Iberia, Opelousas and Thibodaux. All purchases have single-tenant net leases in place, with individual prices ranging from …

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Garden-Grove_Savannah_Food-Lion
GeorgiaInvestment salesNews

IPA Brokers $8.3 Million Sale of Food Lion-Anchored Shopping Center Near Port of Savannah

by Katie Sloan

Garden City, Ga. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located adjacent to the Port of Savannah in Garden City.  The grocer, which has anchored the shopping center since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792-square-foot property to a private, North Carolina-based family office doing business as Berkshire-Hudson Capital XI.  The seller recently replaced the shopping center’s roof and executed nine lease renewals in 2021, including …

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Investment salesNewsOhio

Marcus & Millichap Arranges $4.2 Million Sale of Two-Tenant Retail Property in Ohio

by Katie Sloan

Mayfield Heights, Ohio — Marcus & Millichap has arranged the $4.2 million sale of a two-tenant retail property in Mayfield Heights, an eastern suburb of Cleveland. Located at 5930 Mayfield Road, the 14,557-square-foot property is fully occupied by NTB and Moe’s. CJ Jackson, Craig Fuller, Erin Patton and Scott Wiles of the Patton Wiles Fuller Group at Marcus & Millichap represented the private, Ohio-based seller. The team also secured and represented the buyer, a REIT.

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Sephora
Company newsNewsRetailersWisconsin

Kohl’s Bets on Brick-and-Mortar with Plans to Open 100 Smaller-Format Stores, Revitalize Existing Locations

by Katie Sloan

Menomonee, Wis. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets.  This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee-based company will be opening a smaller-format shop in Bonney Lake, Washington, and in the fall, stores are set to open in San Angelo, Texas; Morgantown, West Virginia; Tacoma, Washington; and Lenox, …

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Willis-Tower-Repositioning
DevelopmentIllinoisMixed-useNews

EQ Office Completes $500 Million Renovation of Willis Tower in Chicago

by Katie Sloan

Chicago — EQ Office, the U.S. office portfolio company wholly owned by Blackstone, has completed its more than $500 million renovation of Chicago’s Willis Tower. The 110-story tower is now certified LEED Platinum and is the largest building in the U.S. to achieve that designation, according to EQ Office. Part of the transformation is Catalog, a 300,000-square-foot retail, dining and entertainment destination at the base of the tower. The name Catalog is a nod to the Sears Roebuck Co. and its printed catalog. Designed by Gensler, Catalog features restaurants such as …

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Springs-Plaza_Longwood
FinanceFloridaInvestment salesNews

CrossMarc, MCB Acquire Springs Plaza Shopping Center in Metro Orlando for $19.6 Million

by Katie Sloan

Longwood, Fla. — CrossMarc Services and MCB Real Estate have purchased Springs Plaza, a 64,753-square-foot shopping center in Longwood, about 15 miles north of Orlando. Faison Enterprises also provided equity for the $19.6 million acquisition. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Apollo Global Management, in the transaction. The shopping center was built in 1979 and renovated in 2017. Shadow-anchored by Publix, Springs Plaza’s tenant roster includes Tijuana Flats, golf-themed sports bar Mulligan’s, The Back Porch Longwood, Hurricane Grill & Wings, Woof Gang Bakery & …

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Point-Mallard_Decatur
AlabamaInvestment salesNews

JRW Realty Brokers Sale of Publix-Anchored Shopping Center in Decatur, Alabama

by Katie Sloan

Decatur, Ala. — JRW Realty has brokered the sale of Point Mallard Centre, a grocery-anchored shopping center in Decatur. Situated near I-65, the property features a 45,600-square-foot Publix store and 16,800 square feet of small shop, restaurants and healthcare tenants. The buyer is an unnamed institutional investor that is actively acquiring net-leased and value-add properties. The seller and sales price were not disclosed.

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Country-Squire-Shopping-Center-Fresno-CA-1
CaliforniaInvestment salesNews

Faris Lee Investments Arranges $6.6 Million Sale of Country Squire Shopping Center in Fresno

by Katie Sloan

Fresno, Calif. — Faris Lee Investments has arranged the sale of Country Squire Shopping Center, a three-building retail property in Fresno. A Riverside, California-based private investor acquired the center from a Fresno-based investor for $6.6 million. Both parties requested anonymity. Walgreens, Surf Thru Express Car Wash and Multi-Tenant Shops fully occupy the 27,315-square-foot property. Situated on a total of 4.3 acres, the center is located at 4172, 4140, 4182 N. First St. Sean Cox, Alex Moore and Shaun Riley of Faris Lee Investments represented both parties in the deal.

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DelawareDevelopmentLeasingNewsVirginiaWashington DC

Wegmans Opens New 81,300-Square-Foot Grocery Store in Metro D.C., Two More Planned to Open

by Katie Sloan

Washington, D.C. — Wegmans is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Virginia, a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Virginia, and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in …

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