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Timber Development Sells Three Retail Centers Shadow-Anchored by Walmart

by Katie Sloan

Longwood, Fla. — Timber Development Corp. has sold three retail centers shadow-anchored by Walmart. Dispositions include a 40,000-square-foot retail property in Monroeville, Alabama, occupied by tenants including Dollar Tree, Shoe Show and Cato; a 37,000-square-foot center in Sioux City, Iowa, occupied by Cato, Dollar Tree, Gamestop, Great Clips and Sally Beauty Supply; and a 28,000-square-foot strip center in Huron, South Dakota, home to tenants including Maurices, Shoe Sensation and Verizon. The buyers and terms of the transactions were undisclosed. Timber Development Corp. is based in Longwood, Florida. 

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Burlington-Ulta
Investment salesNewsOklahoma

SRS Arranges $10 Million Sale of 53,872-Square-Foot Retail Property in Metro Oklahoma City

by Katie Sloan

Moore, Okla. — SRS Real Estate Partners has arranged the $10 million sale of a 53,872-square-foot retail property located at 790 SW 19th St. in Moore, roughly 10 miles south of Oklahoma City. Chris Tramontano and Aaron Johnson of SRS’ Investment Properties Group represented the seller, BlueCiel Oklahoma LLC, in the disposition of the property to Agree Realty. Built in 2018, the center was 93-percent occupied at the time of sale by tenants including Ulta Beauty and Burlington. The property is located within a larger center that is home to …

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Investment salesNewsWisconsin

Marcus & Millichap Negotiates $3.8 Million Sale of KinderCare-Occupied Property in Wisconsin

by Katie Sloan

Germantown, Wis. — Marcus & Millichap has negotiated the $3.8 million sale of a 10,782-square-foot property occupied by KinderCare in Germantown, a northern suburb of Milwaukee. Under corporate guarantor KinderCare Education, the childcare provider has just under 11 years remaining on its net lease. Dominic Sulo of Marcus & Millichap represented the seller, a Michigan-based limited liability company, while Sean Delaney and Jeffrey Herrmann of Marcus & Millichap represented the buyer, a California-based limited liability company. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. originated acquisition financing.

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Skagit-Valley-Market-Mount-Vernon-WA
Investment salesNewsWashington

Bridge33 Capital Sells 166,800-Square-Foot Retail Property in Washington for $18.4 Million

by Katie Sloan

Mount Vernon, Wash. — Bridge33 Capital has completed the $18.4 million disposition of Skagit Valley Square, a 166,800-square-foot power center located at 102-310 E. College Way in Mount Vernon, to Transnational Management. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was recently backfilled with a new tenant roster including Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree.

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FloridaInvestment salesNews

Greenberg Gibbons Acquires 214,789-Square-Foot Power Center in Florida for $23.6 Million

by Katie Sloan

Sanford, Fla. — Greenberg Gibbons has acquired Gateway Plaza, a 214,789-square-foot power center located in Sanford, for $23.6 million. Floor & Décor, Ashley Furniture, Bed Bath & Beyond, Dollar Tree and Michaels anchor the center. The property was purchased through the company’s Greenberg Gibbons Real Estate Income Fund, which launched in March 2021 with a focus on the acquisition of shopping centers throughout the East Coast, Southeast and Midwest. This is the fund’s fourth acquisition and the company’s first property in Florida. The seller in the transaction was undisclosed. 

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ArizonaInvestment salesNews

Newmark Brokers $16.4 Million Sale of Phoenix West Plaza Shopping Center in Phoenix

by Katie Sloan

Phoenix — Newmark has arranged the $16.4 million sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, Aetna West, in the disposition of the property to an undisclosed buyer. 

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DevelopmentNewsTexas

Weitzman Completes Renovation of 108,778-Square-Foot Meadow Central Market in North Dallas

by Katie Sloan

Dallas — Weitzman has completed the renovation of Meadow Central Market, a 107,778-square-foot shopping center in North Dallas. The project centered on remodeling the anchor tenant space occupied by Tom Thumb, which now features an expanded beer and wine selection, full-service seafood department, expanded bakery and remodeled produce, dairy and meat departments. Weitzman also upgraded the center’s façade, signage, landscaping, parking and security. Other tenants at Meadow Center Market include CVS/pharmacy, Edible Arrangements, The UPS Store and Sylvan Learning Center.

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Cumming-Town-Center
GeorgiaMallsNews

Franklin Street Arranges 20,388-Square-Foot Lease with Burlington at Shopping Center in Metro Atlanta

by Katie Sloan

Cumming, Ga. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Site Centers, in the transaction. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, …

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Neiman Marcus
IllinoisInvestment salesNews

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

by Julia Sanders

Chicago — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy …

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La Frontera Village
Investment salesNewsTexas

IPA Negotiates Sale of 534,566-Square-Foot La Frontera Village Power Center in Metro Austin

by Julia Sanders

Round Rock, Texas — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of La Frontera Village, a 534,566-square-foot regional power center located in Round Rock, about 19 miles from Austin. Built on 62 acres in 1980, the center is situated within the 330-acre La Frontera master-planned community. At the time of sale, the property was 92 percent leased to tenants such as Kohl’s, Hobby Lobby, Burlington, Marshalls, Barnes & Noble and Cost Plus World Market. Andrew Margulies, Erin Patton, Scott Wiles and Craig Fuller …

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