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Warwick Center
Investment salesNewsRhode Island

Capital Group Purchases Warwick Center Shopping Center for $12.4 Million

by Julia Sanders

Warwick Center, R.I. — Southborough, Massachusetts-based Capital Group Properties has purchased Warwick Center, a 160,000-square-foot shopping center in Warwick. Nuveen sold the property for $12.4 million. Located on 15 acres at 1350 Bald Hill Road, Warwick Center is situated at the intersection of Interstates 95 and 295. Warwick Center features tenants including Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties plans to make enhancements to the center’s landscaping, parking lot, pylon sign, lighting and building façades.

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DevelopmentNewsTexas

Development Progresses at Parks Bell Ranch North in Western Texas

by Julia Sanders

Odessa, Texas — Cross B Development is working on the next phase of development of its Parks Bell Ranch North, a 1,700-acre master-planned community in Odessa. The latest phase of development centers on the connection of Yukon Road to State Highway 191, which completes the main thoroughfare and provides residents and commuters with access to other areas within the development. Included in the next phase is Northwind Crossing, a 500,000-square-foot shopping center and planned construction of a medical and professional hub.

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LeasingNewsWashington

Marcus & Millichap Negotiates Sale-Leaseback of 46,000-Square-Foot Great Floors-Occupied Property in Eastern Washington

by Julia Sanders

Spokane Valley, Wash. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 13708 E. Indiana Ave. in Spokane Valley. A limited liability company sold the property to a California-based 1031 exchange buyer for $8 million. Great Floors occupies the 46,000-square-foot property on a net-lease basis. This is the fourth Great Floors property to close in a series of five sale-leaseback transactions in Washington and Idaho. Clayton Brown, Christopher Edwards and Ruthanne Romero of Brown Retail Group in Marcus & Millichap’s Seattle office represented the seller …

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Sunset Esplanade
Investment salesNewsOregon

Pine Tree Acquires Sunset Esplanade Shopping Center in Metro Portland for $65.9 Million

by Julia Sanders

Hillsboro, Ore. — Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, about 19 miles from Portland, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.

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retail property
CaliforniaFinanceNews

Gantry Arranges $38 Million Loan for Rodeo Drive Retail Property in Beverly Hills

by Julia Sanders

Beverly Hills, Calif. — Gantry has secured $38 million in financing for the fee-simple interest in a retail property located at the corner of Rodeo Drive and Brighton Way in Beverly Hills. The parcel is subject to a long-term ground lease and features improvements including an 18,380-square-foot high-street retail structure. Tenants at the property include Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.

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Bank of America
CaliforniaInvestment salesNews

Progressive, Newmark Broker $6.2 Million Sale of Bank of America-Occupied Property in Southern California

by Julia Sanders

Rancho Cucamonga, Calif. — Progressive Real Estate Partners and Newmark have brokered the sale of a 9,195-square-foot single-tenant retail property triple-net-leased to Bank of America in Rancho Cucamonga. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark co-listed the property and represented the seller, WM Capital. Bill Allen of Marcus & Millichap represented the buyer, a private Northern California-based investor, who purchased the property for $6.2 million in an all cash 1031 exchange transaction. The property features a drive-thru and is situated within Country Village, a Stater …

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GeorgiaLeasingNews

Bealls Outlet Signs 17,000-Square-Foot Lease at Shopping Center in Northeast Georgia

by Julia Sanders

Elberton, Ga. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens, Georgia. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in …

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Topcoat Nail
KansasLeasingNews

Topcoat Nail Bar Opens 2,000-Square-Foot Nail Salon in Lenexa City Center

by Julia Sanders

Lenexa, Kan. — Topcoat Nail Bar has opened at The District at Lenexa City Center in Kansas. Topcoat’s new space spans 2,000 square feet and is located on the south side of City Center Drive. Topcoat provides a full suite of nail and waxing services. Erin Johnston of Copaken Brooks represented ownership on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa; nearly 1 million square feet of office and retail space; and …

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Northeast Heights
Investment salesNew YorkNews

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2 Billion

by Julia Sanders

Massapequa, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed …

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FloridaGeorgiaInvestment salesNews

The Aaron’s Co. to Acquire BrandsMart USA for $230 Million

by Julia Sanders

Atlanta and Fort Lauderdale, Fla. — Atlanta-based furniture retailer The Aaron’s Co. has agreed to acquire BrandsMart USA. for $230 million. BrandsMart is an appliance and consumer electronics retailer with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, the Fort Lauderdale, Florida-based company generated $757 million in revenue. The transaction is subject to closing adjustments and is expected to close during the second quarter. Upon closing, BrandsMart will report to Aaron’s president, Steve Olsen, and will continue to be headquartered in Fort Lauderdale. …

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