News

Newington, N.H. — Torrington Properties has acquired Newington Park Shopping Center, a 102,000-square-foot property located in the southern coastal part of New Hampshire, for $13.3 million. The seller, Urstadt Biddle Properties Inc., had owned the 15-acre center since 1979. Torrington Properties purchased the asset in partnership with regional development and investment firm The Mount Vernon Co.

0 FacebookTwitterLinkedinEmail
Town and Country Plaza

Miami — JLL has secured a $26.6 million refinancing for Town and Country Plaza, a 94,815-square-foot, fully-occupied shopping center in an infill location in Miami. Chris Drew, Brian Gaswirth and Reid Carleton of JLL secured the 11-year, full-term interest-only loan through The Guardian Life Insurance Co. of America on behalf of the borrower, MMG Equity Partners. Town and Country Plaza is anchored by Sedano’s Supermarket and home to tenants including Sherwin-Williams, Navarro Discount Pharmacy, Goodwill, Express Auto Care and Discount Auto Parts.

0 FacebookTwitterLinkedinEmail
Mark

Cleveland — MCG Architecture has partnered with Mark Trommsdorff, who will work on Southeast business development for the Cleveland-based design firm. Trommsdorff recently retired from Kimco Realty Corp. where he worked for over 33 years. Over the past 20 years, Trommsdorff has been involved with retail and mixed-use development projects in 20 states, mainly in the Southeast. Trommsdorff’s focus at MCG will be maintaining the firm’s current clients as well as developing new client relationships.

0 FacebookTwitterLinkedinEmail
Hopscotch

Los Angeles — Seven new tenants are set to open at West Harbor, a 42-acre mixed-use dining and entertainment development along Southern California’s historic LA Waterfront in Los Angeles. New tenants include Yamashiro, a Japanese-fusion restaurant; Mike Hess Brewing, an independent craft brewery; Hopscotch, an art gallery with 17,000 square feet of gallery and lounge space; Poppy + Rose, a restaurant that serves country-inspired brunch food; Sugar Factory, a candy store; an undisclosed Mexican restaurant; and Jay Bird’s Chicken, a Nashville-style hot chicken restaurant. Retail Insite brokered the leasing transactions.

0 FacebookTwitterLinkedinEmail

New York City — Vornado Realty Trust has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the …

0 FacebookTwitterLinkedinEmail
Lake Forest Center

Lake Forest, Calif. — Marcus & Millichap has arranged the sale of Lake Forest Center, a shopping center located at 20761 Lake Forest Drive in Lake Forest. A California-based private family trust sold the asset to a Maryland-based private investor for $5.7 million. The multi-tenant property features 17,244 square feet of retail space. Orbell Ovaness, Ara Rostamian and Peter Xiao of Marcus & Millichap’s Los Angeles office represented the seller and buyer in the deal.

0 FacebookTwitterLinkedinEmail
Chipotle Plaza

Norwich, Conn. — Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.

0 FacebookTwitterLinkedinEmail
East River

Houston — Midway has broken ground on East River, a 150-acre mixed-use project that is located on the Buffalo Bayou in Houston’s Historic Fifth Ward. Phase I will center around development of The Laura, a 360-unit apartment community, as well as 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. In addition, the first phase — completion of which is slated for 2023 — will include 13,000 square feet of open green space for public events and live music. Lastly, a nine-hole, par-three public …

0 FacebookTwitterLinkedinEmail

Fountain Valley, Calif. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million. Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant. The ownership plans to implement an extensive capital improvement …

0 FacebookTwitterLinkedinEmail
Miami Worldcenter

Miami — CIM Group and Miami Worldcenter Associates have broken ground on the 78,000-square-foot “Jewel Box” building, one of the last retail components within the $4 billion Miami Worldcenter project. Slated for completion in the second quarter of 2022, the Jewel Box building will feature two levels of retail space. The property will also include a rooftop overlooking the development’s World Square, a 20,000-square-foot public plaza and park. Located at 150 NE Eighth Street, the retail development is situated directly west of the upcoming citizenM boutique hotel and north of …

0 FacebookTwitterLinkedinEmail