Lake City, Ga. — Marcus & Millichap has brokered the $11.9 million sale of Lake City Commons, a 91,494-square-foot, Kroger-anchored shopping center in Lake City, roughly 13 miles south of Atlanta. Zach Taylor of Marcus & Millichap’s Taylor-McMinn Retail Group represented the seller, SomeraRoad, in the transaction. The buyer, Forge Capital, assumed the property’s existing CMBS debt with the acquisition.
Franklin, Tenn. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located roughly 22 miles outside Nashville in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing was fully occupied at the time of sale by tenants such as Starbucks Coffee, FirstBank and Pacific Dental.
Orland Park, Ill. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by REI in Orland Park, a southern suburb of Chicago. The property was fully renovated in 2021 and leased to REI on a long-term net lease. Chad Firsel of Quantum represented the seller, a Chicago-based development group. George Pino of Commercial Brokers International represented the buyer, a California-based private investor.
Overland Park, Kan. — Block & Co. is set to break ground on a 6,000-square-foot retail pad development near Oak Park Mall in Overland Park, roughly 11 miles outside Kansas City. Demolition is currently underway on an existing 34,371-square-foot office building at the site. Announced tenants include IHOP, which will occupy a 4,500-square-foot space; and Paris Baguette, which will open within a 1,500-square-foot space. Negotiations are also underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented both IHOP and Paris …
El Segundo, Calif. — CenterCal Properties has hired Paul Kurzawa as chief operating officer. In his new role, Kurzawa’s first priority will be to launch the El Segundo, California-based firm’s new third-party services division, which aims to partner with real estate owners and investors to support them in revitalizing their retail centers and enhancing property value. Kurzawa brings over 27 years of both national and international experience in the commercial real estate and entertainment industries. Most recently, Kurzawa served as the executive vice president and director of operations for Unibail …
Chappaqua, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. The property is located roughly 35 miles north of New York City in Chappaqua. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks Coffee and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, …
Fort Lauderdale, Fla. — Tricera Capital has sold The Hive and Flagler Uptown retail buildings in Fort Lauderdale’s Flagler Village for $18.3 million. The buyer was not disclosed. Located at 900-924 N. Flagler Drive and 723-737 NE Second Ave., The Hive and Flagler Uptown have a combined 32,000 square feet of rentable space occupied at the time of sale by tenants including Batch, the Cookie Co., Chick’nCone, Glitch Bar, Heritage Restaurant, JB&C (Juice Bar and Café), Montce Swim and Wells Coffee Co.
Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of three retail pad properties at Monterey Crossing shopping center in Palm Desert, roughly 35 miles outside Joshua Tree. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Fountainhead Development, in all three transactions. Located at the Interstate 10 and Monterey Avenue interchange, the three properties sold for a combined $15.7 million. The first transaction included the $7.2 million sale of a 4,738-square-foot Chick-fil-A with a double-lane drive-thru that is scheduled to open …
Gloucester, Mass. — Marcus & Millichap has brokered the $13.4 million sale of Cape Ann Marketplace, a 102,977-square-foot shopping center in the coastal Massachusetts city of Gloucester. Shaw’s serves as the center’s anchor tenant. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and sourced the buyer, both of which requested anonymity, in the transaction.
Garland, Texas — Northmarq has arranged an $11.5 million acquisition loan for North Garland Crossing, a 75,811-square-foot shopping center in the northeastern Dallas suburb of Garland. Shadow-anchored by a Super Target, the center was built in 2004 and houses tenants such as Michaels, PetSmart, AT&T and Starbucks Coffee. David Garfinkel and Ron Reese of Northmarq arranged the debt on behalf of the buyer, Bianco Properties. Mutual of Omaha provided the loan.
