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Drexeline-Town-Center
FinanceNewsPennsylvania

JLL Arranges $43 Million Loan for Office, Retail Redevelopment Project in Metro Philadelphia

by Katie Sloan

Drexel Hill, Pa. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between MCB Real Estate and Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call for a 172-unit apartment complex, a 120,000-square-foot self-storage facility, a 72,000-square-foot ShopRite grocery store, a PNC bank branch, a …

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13822-Garvey-Ave-Baldwin-Park-CA
CaliforniaInvestment salesNews

Kidder Mathews Brokers $18.1 Million Sale of LA Fitness-Occupied Property in Suburban Los Angeles

by Katie Sloan

Baldwin Park, Calif. — Kidder Mathews has arranged the sale a 45,000-square-foot retail property occupied by LA Fitness at 13822 Garvey Ave. in Baldwin Park, an eastern suburb of Los Angeles. A private family investor sold the property to an undisclosed buyer for $18.1 million in a 1031 exchange transaction. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal, while Janet Neman and Angelica Gotzev of Kidder Mathews represented the buyer.

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Newmark-Advance-Auto
Investment salesKentuckyNews

Newmark Arranges $1.4 Million Sale of Advance Auto Parts in Morgantown, Kentucky

by Katie Sloan

Morgantown, Ky. — Newmark has arranged the $1.4 million sale of a single-tenant retail property leased to Advance Auto Parts in Morgantown. The 6,895-square-foot building was acquired by a private 1031 investor. Matt Berres, Samer Khalil and Karick Brown of Newmark’s Irvine, California, office represented the seller, an undisclosed private developer, and procured the buyer in cooperation with Newmark’s Joseph Steffner.

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Nerf-Xperience
Company newsNew JerseyNews

Kingsmen Xperience and Hasbro Bringing New Entertainment Concepts to U.S.

by Katie Sloan

Singapore and Paramus, N.J. — Kingsmen Xperience, the U.S. location-based experienced focused subsidiary of Singapore-based Kingsmen Creatives Ltd. and Hasbro Inc. will be opening the first North American location of Nerf Action Experience and the world’s first Planet Playskool kids experience at Westfield Garden State Plaza in Paramus in 2023. Both indoor entertainment centers will feature multiple activity zones, food and beverage areas, and retail stores.  The Nerf Action Xperience at Westfield Garden State Plaza will be over 25,000 square feet in size and is designed to bring the Nerf …

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The-Shops-at-Valley-Square-Warrington-Pennsylvania
Investment salesNewsPennsylvania

IPA Negotiates Sale of 293,000-Square-Foot Shops at Valley Square in Suburban Philadelphia

by Katie Sloan

Warrington, Pa. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, a 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. Food and beverage users include P.F. Chang’s, Panera Bread and Gran Rodeo Mexican Grill. Brad Nathanson of …

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CHESHIRE-PLAZA-NORTHERN-VIRGINA
Investment salesNewsVirginia

Sterling Sells Cheshire Station Shopping Center in Metro D.C. for $29.1 Million

by Katie Sloan

Dale City, Va. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million.

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Investment salesNewsTexas

SHOP Cos. Negotiates Sale of 36,864-Square-Foot Retail Center Outside Waco

by Katie Sloan

Woodway, Texas — SHOP Cos. has negotiated the sale of Crossroads West Shopping Center, a 36,864-square-foot retail center in Woodway, a suburb of Waco. The property is situated adjacent to an H-E-B grocery store and was approximately 97 percent leased at the time of sale. Tim Axilrod of SHOP Cos. represented the seller, a Texas-based limited liability company, in the transaction. The buyer and sales price were not disclosed.

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Wawa
DevelopmentFloridaNews

Azor-Led Partnership to Develop Wawa Store Near Midtown Plaza in Plantation, Florida

by Katie Sloan

Plantation, Fla. — A partnership led by Beth Azor of Azor Advisory Services has announced plans to break ground on a Wawa convenience store at 100 Pine Island Road in Plantation. The development will be located adjacent to Midtown Plaza, a 6,400-square-foot center home to tenants including Starbucks Coffee, Chim Authentic Thai and Smoosh Cookies. The development has received city approval and is awaiting a building permit.

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Midway-Crossing-Islip-New-York
DevelopmentNew YorkNews

Public-Private Partnership to Develop $2.8 Billion Mixed-Use Project on Long Island

by Katie Sloan

Islip, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare …

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Retail-Center-Marysville-WA
FinanceInvestment salesNewsWashington

Crescit Capital Secures $21.8 Million Acquisition Loan for 220,000-Square-Foot Retail Property in Metro Seattle

by Katie Sloan

Marysville, Wash. — Crescit Capital Strategies has secured a $21.8 million fixed-rate bridge loan for the acquisition of a shopping center located in Marysville, roughly 34 miles north of Seattle. A private seller sold the center to a private buyer for an undisclosed price. Crescit originated the four-year loan with a one-year extension option. The lender was not disclosed. The grocery-anchored property features 220,000 square feet of retail space.

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