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CaliforniaInvestment salesNews

Progressive Real Estate Brokers $5.8 Million Sale of La Pico Plaza Shopping Center in Metro Los Angeles

by Katie Sloan

Whittier, Calif. — Progressive Real Estate Partners has arranged the sale of La Pico Plaza, a neighborhood shopping center located at 9150 Painter Ave. in Whittier, roughly 15 miles outside Los Angeles. An Orange County-based private investor sold the property to Desert Capital Ventures for $5.8 million. Circle K anchors the 20,939-square-foot retail center, which was fully leased to 14 tenants at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the buyer, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal. 

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LeasingNewsVirginia

Planet Fitness to Open New Gym at Stony Point Village in Richmond, Virginia

by Katie Sloan

Richmond, Va. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. …

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ColoradoInvestment salesNews

Blue West Capital Arranges $5.3 Million Sale of Used Car Lot in Metro Denver

by Katie Sloan

Lakewood, Colo. — Blue West Capital has negotiated the sale of a 1.6-acre redevelopment site at 5991 W. Colfax Ave. in Lakewood. An undisclosed national development acquired the property from a used car dealer for $5.3 million. Located three miles west of downtown Denver, the site was previously used as a used car dealership for 18 years. The seller discontinued operations and vacated the property prior to closing. Brandon Gayeski of Blue West Capital represented the seller, while Carly Kelly (Gallagher) of Blue West Capital, represented the buyer in the deal.

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IllinoisInvestment salesNews

SRS Brokers $2.1 Million Sale of Dollar General-Occupied Property in Suburban Chicago

by Katie Sloan

Diamond, Ill. — SRS Real Estate Partners has brokered the $2.1 million sale of a 12,324-square-foot retail property occupied by Dollar General in Diamond, about 60 miles southwest of Chicago. Constructed in 2000, the building is located at 1185 E. Division St. Steven Roberts, Michael Carter and Frank Rogers of SRS represented the seller, an Illinois-based private investor. A California-based REIT was the buyer.

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IndianaInvestment salesNews

Marcus & Millichap Arranges $3.9 Million Sale of Retail Building in Mishawaka, Indiana

by Katie Sloan

Mishawaka, Ind. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

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LeasingNewsTexas

Levcor Welcomes Five New Tenants to Shopping Center in Del Rio, Texas

by Katie Sloan

Del Rio, Texas — Levcor has welcomed a quintet of new tenants to Plaza Del Sol, a shopping and dining destination in Del Rio, located west of San Antonio near the Texas-Mexico border. Retailers Ulta Beauty and Burlington have respectively committed to 5,789 and 36,258-square-foot spaces, and the former’s store is now officially open. Food-and-beverage users that have joined the tenant roster include McAlister’s Deli (2,882 square feet), Papa John’s (1,432 square feet) and Arby’s (2,252 square feet).

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Investment salesNewsRhode Island

Marcus & Millichap Arranges Sale of 42,200-Square-Foot Retail Property in Westerly, Rhode Island

by Katie Sloan

Westerly, R.I. — Marcus & Millichap has arranged the sale of Spindrift Village, a 42,200-square-foot retail property located in the coastal Rhode Island city of Westerly. The sales price was $3.4 million. The property consists of two adjacent parcels totaling four acres that house a multi-tenant strip center and a pad site. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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CaliforniaInvestment salesNews

SBH Real Estate Group Sells 7-Eleven-Occupied Property in Gardena, California for $6.9 Million

by Katie Sloan

Gardena, Calif. — SBH Real Estate Group has completed the disposition of a commercial property located at 3121 Marine Ave. in Gardena. Masuda Investments acquired the asset for $6.9 million. 7-Eleven occupies the building on a 15-year corporate ground lease. The property includes a 3,000-square-foot convenience store and six gas station islands. The tenant opened for business in early 2022. Jeremy McChesney of Hanley Investment Group represented Eric Silverman of SBH Real Estate Group, while Trevor Morse and Chris Kostanecki of CPPRE represented the buyer in the deal.

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Company newsMinnesotaNewsOklahoma

Northmarq Agrees to Acquire Commercial Real Estate Brokerage Stan Johnson Co.

by Katie Sloan

Minneapolis and Tulsa, Okla. — Commercial real estate capital markets platform Northmarq has agreed to acquire Stan Johnson Co., a Tulsa-based real estate brokerage and advisory firm, for an undisclosed price. The acquisition will include Stan Johnson’s affiliated debt services company, Four Pillars Capital Markets. Minneapolis-based Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing. The company boasts an annual transaction volume of $33 billion and has 22 investment sales offices across 13 states. Stan Johnson Co. has closed nearly 7,500 transactions exceeding $45 …

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ROECO
DevelopmentMichiganMixed-useNews

Gillespie Group to Redevelop Former Sears Property in Lansing, Michigan

by Katie Sloan

Lansing, Mich. — Gillespie Group has unveiled plans to redevelop a former Sears Roebuck location at 3131 E. Michigan Ave. in Lansing. The property is being marketed as ROECO, a retail and entertainment destination. Specific redevelopment plans have yet to be finalized. The name ROECO is a nod to Sears Roebuck, which occupied the property for 66 years. Most recently, Sparrow Health System utilized the site for COVID testing. Gillespie Group is working with CBRE to secure retailers, restaurants and entertainment concepts for the redevelopment project. The timeline and final product mix …

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