Jacksonville, Fla. — SRS Real Estate Partners has arranged the $11.1 million sale of Shops at Race Track, a nearly 17,000-square-foot retail center located at 4560 Race Track Road in Jacksonville. Situated on 2.4 acres within the Durbin Park master-planned community, the property was fully leased at the time of sale to six tenants including Heartland Dental, Dep Nails and Avecina Medical. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development and investment firm, in the transaction. Sean McGill of Cantrell & Morgan represented …
Melbourne, Fla. — Second Horizon Capital has acquired Melbourne Square, a 710,000-square-foot retail center in Melbourne, a city on Florida’s Space Coast. A joint venture between Neuberger Berman and Cross Ocean Partners arranged the sale. According to the Orlando Business Journal, the shopping center sold for $56.3 million on March 2. Second Horizon Capital has implemented a capital improvement program, which will comprise supporting community engagement, center operations, building upgrades and expanding programming and partnerships with local organizations and businesses. CBRE will handle leasing and property management at the center. …
California, Virginia, Florida and Texas — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, California; Falls Church, Virginia; Altamonte Springs, Florida; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time …
San Francisco — Bridgeton has sold the 36,000-square-foot retail and office component of Museum Parc, a mixed-use property located in San Francisco’s SoMa neighborhood. Built in 1989, Museum Parc features 234 luxury condominiums with ground-floor retail and office space. Tenants at the property, which was fully leased at the time of sale, include Crunch Fitness, El Dorado Latin Fusion, Aquabyte and TowerWAV. Eric Kathrein, Andrew Spangenberg and Allie Repaskey of JLL represented the seller in the transaction. DPI Retail was the buyer.
Palmdale, Calif. — SRS Real Estate has negotiated the $4.4 million sale of a single-tenant restaurant property located in the Southern California city of Palmdale. Chipotle will occupy the 2,325-square-foot building on a 15-year absolute triple-net corporate guaranteed lease. The newly constructed property is expected to open on June 4. Calvin Short and Jeff Christian of First Street Inc. represented the seller, Phoenix-based First Street Development, in the transaction. The buyer was a Los Angeles-based private 1031 exchange investor.
Flower Mound, Texas — Marcus & Millichap has brokered the sale of Long Prairie Plaza, a 17,107-square-foot retail center located in Flower Mound, roughly 25 miles northeast of Fort Worth. The center comprises two adjacent multi-tenant buildings constructed in 2022. Tenants at the property, which was fully leased at the time of sale, include Active Dental, TeaCupfuls, Fiore Nail Bar, Cold Stone Creamery, JDX Blinds, Zelene Head Spa, Degree Wellness and Donatos Pizza. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, a Florida-based private capital investor, in the …
Frisco, Texas — Whitestone REIT has signed leases with three new tenants at the Shops at Starwood, a 90,667-square-foot retail center located near the Dallas Cowboys headquarters in Frisco. Stackz Smashburgers & Cocktails will open by the end of spring, while 33 Peaks Café and Mr. Winston’s Barbershop will debut this summer. The new tenants total nearly 6,000 square feet. Additional retailers and restaurants at the Shops at Starwood include Chip City Cookies, TruFire Kitchen + Bar, Bottled in Bond Cocktail Parlour & Kitchen, Tupy’s Mexican Restaurant, J. Theodore’s, Paper Affair …
Conshohocken, Pa. — Conshohocken, Pennsylvania-based CenterSquare Investment Management has acquired four shopping centers in four states. The portfolio includes Trade Court Shoppes Add-On, a fully leased, 14,721-square-foot retail center in Charlotte, North Carolina; Deer Valley Shoppes, a 17,000-square-foot retail strip center in Phoenix; Lake Mead Gateway Plaza, a fully leased, 19,671-square-foot shopping center in Henderson, Nevada; and The Shops at Foothills Mall, a 111,220-square-foot retail center in Fort Collins, Colorado. Together, the shopping centers span more than 162,000 square feet and were 93 percent occupied at the time of sale.
San Antonio — JLL Capital Markets has negotiated the sale of The Legacy, a 353,000-square-foot lifestyle center located in San Antonio. Barry Brown, Whitney Snell and Shea Petrick of JLL represented the seller, Santikos Real Estate Services. Rio Capital, in partnership with Triangle Capital Group, purchased the property. Built in 2006 on 32.2 acres, The Legacy features a mix of tenants such as Main Event Entertainment, Best Buy, Spec’s, Paul Mitchell and Buffalo Wild Wings. Along with ground-floor retail, the property includes second floor office space and five pad sites.
Raleigh, N.C. — Marcus & Millichap has brokered the $2.9 million sale of Glenwood Retail Center, a 10,000-square-foot retail property located in Raleigh. The three-tenant center was built in 1997 and was fully occupied at the time of sale by tenants including Apotheca, Stylist Studios and Kingdom Life Church International. Patrick Barratt, Andrew Margulies and Harrison Creason of Marcus & Millichap marketed the property on behalf of the Raleigh-based seller and procured the buyer, a Raleigh-based private partnership.