Salina, Kan. — Quantum Real Estate Advisors Inc. has arranged the $2.5 million sale of a single-tenant retail property net leased to Wendy’s in the central Kansas town of Salina. The 2,967-square-foot building is located at 1940 S. Ohio St. Jason Caplan of Quantum represented the Chicago-based buyer. Matthew Mousavi of SRS Real Estate represented the seller, a real estate investment and operating company based in California.
Queen Creek and Peoria, Ariz. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek …
Jacksonville, Fla. — Marcus & Millichap has brokered the $5.8 million sale of Marietta Square, a 64,736-square-foot grocery-anchored shopping center in Jacksonville. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville …
Fort Wayne, Ind. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property net leased to Planet Fitness in Fort Wayne. Dylan Mallory of Hanley Investment Group represented the seller, a private partnership between McCormack Development and Jackson Investment Group. The buyer was a private investor based in Southern California. Matt Jackson of Jackson Investment Group served as the broker of record on the transaction. Planet Fitness occupies a 20,001-square-foot space formerly occupied by Kmart and is located at 7528 S. Anthony …
Miami and Sunrise, Fla. — Ashley Stewart is set to open two extended pop-up stores at outlet centers in southern Florida. The retailer will occupy a 3,397-square-foot space at Dolphin Mall in Miami and 2,896 square feet at Sawgrass Mills in Sunrise. The Dolphin Mall location opened on October 9 and the Sawgrass Mills shop is set to open on November 6. The pop-up shops will highlight the company’s sub-brand called Curvy Girl, which provides concert and festival outfits. Additionally, the retailer will spotlight special designer lines, including partnerships with …
Nashville, Tenn. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost is $260 million, according to the Nashville Business Journal. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being …
Augusta, Ga. — JLL Capital Markets has arranged the $18.6 million sale of Crane Creek, a 58,249-square-foot neighborhood retail center located in Augusta. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller, a partnership between Mirabeland Investments and Concordia Properties, in the disposition of the property to Medipower Overseas. Greg Gaughan and Hunter Goldberg, also of JLL, secured acquisition financing through Ameris Bank on behalf of the buyer. Sprouts Farmers Market anchors the center, which was 96 percent leased at the time of sale to tenants including …
Long Beach, Calif. — LA Fitness has leased 33,987 square feet of space formerly occupied by Best Buy at Marina Pacifica Shopping Center in Long Beach. The gym location is scheduled to open in early 2022. Other tenants at the 296,954-square-foot center include AMC, Ralphs, Nordstrom Rack, Barnes & Noble, Buffalo Wild Wings, Starbucks Coffee and Ulta Beauty. The landlord, NewMark Merrill Cos., was represented in-house and by Beta Agency, while RealSource Group represented LA Fitness in the deal.
Woodstock, Ga. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center located 30 miles northwest of Atlanta in downtown Woodstock. Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, the center was fully leased at the time of sale to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Credit Union Business Services provided acquisition financing for the transaction. Retail Planning Corp. will manage the center and Connolly’s retail …
Fredericksburg, Va. — Newmark has brokered the sale of a 25,760-square-foot single-tenant retail property occupied by Bassett Furniture at 1551 Carl D. Silver Parkway in Fredericksburg. Matt Berres, Mat Adler and Samer Khalil of Newmark represented the seller, a private Midwest-based investor. A private buyer from Los Angeles purchased the property for $3.1 million.
