Temecula, Calif. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.
Newington, N.H. — JLL Capital Markets has arranged the $104 million sale of The Crossings, a 509,749-square-foot retail center anchored by Trader Joe’s and Aldi in Newington. Dave Monahan, Chris Angelone, Nat Heald, Cameron Pittman and Zach Nitsche of JLL represented the undisclosed seller in the disposition of the property to RPT Realty. The center was 95 percent leased at the time of sale to tenants including Best Buy, Ulta Beauty, Five Below, Kohl’s, Michael’s, Dick’s Sporting Goods, PetSmart, Old Navy, Barnes & Noble, Staples, Regal Cinemas and Chipotle Mexican …
Miami Beach, Fla. — A joint venture between East End and BentallGreenOak has sold 555 Washington, a mixed-use property in Miami Beach totaling 65,746 square feet of office and retail space, for $52.5 million. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller in the disposition of the property to a partnership between Greenmont Group and Davis. Renovated in 2015, 555 Washington offers 44,516 square feet of creative office space, along with 21,230 square feet of ground-floor retail space. The property was 82 percent leased at the …
Christiansburg, Va. — SRS Real Estate Partners has brokered the $8.2 million sale of North Shops at Spradlin Farm, a 17,290-square-foot, multi-tenant retail center in Christiansburg. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented the seller, a North Carolina-based shopping center investment fund. Tyler Price of Price Richards Commercial represented the buyer, a California-based investment firm, in the 1031 exchange transaction. Built in 2000, North Shops at Spradlin Farm was fully occupied at the time of sale by tenants including Mattress Firm, AT&T, Supercuts and MedExpress. …
Beachwood, Ohio — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, about 19 miles from Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The property sold for $543 per-square-foot and at approximately 98 percent of the list price.
Redlands, Calif. — Progressive Real Estate Partners has arranged $8 million of The Grove, a Circle K-anchored neighborhood center in Redlands. The 39,339-square-foot property is situated at 1542-1598 Orange St. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles County-based seller. Melody Waltz of Realty Executives Riverside represented the buyer, a Riverside County-based private investor group. Built in two phases in 1987 and 1990, The Grove was 80 percent occupied at the time of sale by a mix of businesses including restaurants, beauty users and other services with …
Wilmette, Ill. — Newport Capital Partners has sold Edens Plaza in Wilmette, about 18 miles from Chicago, for $110 million. WS Development was the buyer. The shopping center spans 350,000 square feet. Current tenants include The Fresh Market, Walgreens, Chicagoland Children’s Health Alliance, Starbucks Coffee and Big Blue Swim School. The property also comprises a two-story department store that was formerly occupied by Carson Pirie Scott and is currently vacant. Newport acquired Edens Plaza in 2018 and the vacant department store in 2019. WS plans to open the first-ever bricks-and-mortar …
Peachtree Corners, Ga. — North American Properties and Nuveen Real Estate have acquired The Forum on Peachtree Parkway, a 500,000-square-foot shopping center in Peachtree Corners, about 22 miles from downtown Atlanta. Originally opened in 2002, The Forum on Peachtree Parkway is an open-air lifestyle center that is home to a mix of retail, restaurants and office space, including lululemon, Pottery Barn, Trader Joe’s and Ulta Beauty. Property amenities include walking trails, property-wide Wi-Fi, outdoor seating areas and a pedestrian bridge connecting to Peachtree Corners Town Center. North American Properties has …
Miami — Marcus & Millichap has arranged the $23 million sale of a 17-suite retail portfolio in Miami dubbed Midtown Miami. The portfolio is occupied by tenants such as Citi Bank, 305 Kicks, Calligaris, Wynwood Tattoo and Galerie Monnin. Alex Zylberglait, Alejandro D’Alba and Scott Sandelin of Marcus & Millichap represented the seller, Block Capital Group, and procured the buyer, Rüger Holding KG. Robert Bhat of Marcus & Millichap arranged an undisclosed amount of acquisition financing for the buyer. The Midtown Miami retail portfolio features two buildings totaling 24,925 square …
Lake Worth Beach and West Palm Beach, Fla. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the acquisition transaction for his company. Raj Gupta and Anita Gupta of Chatam Management were the sellers. Benedict Gutierrez of Marcus & Millichap arranged the transaction. Matthew Korshoff of South State Bank provided a $9 million loan for the acquisition. The two centers acquired were Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 …
