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Lido Marina Village
CaliforniaInvestment salesNews

DJM Receives $24.5 Million in Equity for Lido Marina Village Renovation

by Julia Sanders

Newport Beach, Calif. — DJM has received $24.5 million in new equity from Arc Capital Partners for the recapitalization of Lido Marina Village, a 116,000-square-foot waterfront retail and office property located on the Balboa Peninsula in Newport Beach. The new equity comes on the heels of a $46.5 million loan from Prime Finance, which brings DJM’s total recapitalization to $71 million. The capital will be used to pay off an existing loan and complete property renovations. Steven Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged the financing, …

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Lowe's
Investment salesNewsNorth Carolina

Marcus & Millichap Brokers $7.6 Million Sale of Lowe’s Property in Rockingham, North Carolina

by Julia Sanders

Rockingham, N.C. — Marcus & Millichap has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the transaction. The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. “This transaction illustrates the demand for essential net-lease retail,” says McMinn. “Home improvement was one of the …

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DevelopmentNewsTexas

Gulf Coast Commercial to Develop 60-Acre Mixed-Use Project in Metro Houston

by Julia Sanders

Magnolia, Texas — Gulf Coast Commercial is finalizing plans for Magnolia Village, a 60-acre mixed-use project that will feature residential, office, retail and restaurant uses in Magnolia, located northwest of Houston. Magnolia Village will be located directly across Spur 149 from Stratus Properties’ proposed 120-acre Magnolia Place mixed-use development, where construction of a new H-E-B grocery store is scheduled to begin in June. Phase I of Magnolia Village will span 36 acres and include both retail and office elements, as well as 300 multifamily units. Completion of Phase I is …

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LeasingNewsTexas

Crunch Fitness to Open 30,240-Square-Foot Gym at Former Michaels Store in Metro Houston

by Julia Sanders

Sugar Land, Texas — A Crunch Fitness franchisee will open a 30,240-square-foot gym at a former Michaels store at First Colony Commons, a 410,000-square-foot retail power center in the southwestern Houston suburb of Sugar Land. The opening is set for Oct. 1. Neal Thomson of Houston-based NewQuest Properties represented the tenant in the lease negotiations. Kristen Barker of Wulfe & Co. Inc. represented the Dallas-based landlord, an entity doing business as TPP 306 First Colony LLC. New York-based Crunch Fitness currently operates 360 gyms across 30 states and five countries.

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Paradise Valley Mall
ArizonaDevelopmentInvestment salesNews

Macerich Sells Paradise Valley Mall in Phoenix for $100 Million, Plans Redevelopment

by Julia Sanders

Phoenix — Macerich has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling …

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Mayberry Mall
LeasingNewsNorth Carolina

WRS Signs Bin City Bargains to 20,243-Square-Foot Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders

Mount Airy, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town …

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Investment salesNew JerseyNews

Marcus & Millichap Brokers $3 Million Sale of Advance Auto Parts in Metro New York City

by Julia Sanders

North Plainfield, N.J. — Marcus & Millichap has brokered the $3 million sale of a 13,222-square-foot retail asset net leased to Advance Auto Parts in North Plainfield, about 30 miles southwest of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also secured a limited liability company as the buyer. Both parties requested anonymity.

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The District at Veridian
DevelopmentIllinoisNews

UrbanStreet Group to Develop Mixed-Use Project in Suburban Chicago

by Julia Sanders

Schaumburg, Ill. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

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DevelopmentMarylandNews

Brandywine Realty Trust, Terrapin Development to Build $300 Million Mixed-Use Neighborhood on UMD Campus in College Park

by Julia Sanders

College Park, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland-College Park (UMD), has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UMD campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park within the university’s Discovery District. The development project is set to cost over $300 million. The development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 …

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Majestic Square
LeasingNewsSouth Carolina

Target Signs 30,000-Square-Foot Lease at Majestic Square in Downtown Charleston

by Julia Sanders

Charleston, S.C. — Target has signed a 30,000-square-foot retail lease at Majestic Square, a mixed-use retail and office building located at 211 King St. in downtown Charleston. Dotan Zuckerman of Zuckerman Co., alongside Beach Commercial represented the landlord, an affiliate of The Beach Co. Rich Barta of CORE Properties represented Target Corp. An opening date will be announced closer to the store’s opening.

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