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Village Mall
CaliforniaInvestment salesNews

Progressive Negotiates $3.9 Million Sale of Multi-Tenant Retail Center in Metro San Bernardino

by Julia Sanders

Big Bear Lake, Calif. — Progressive Real Estate Partners has arranged the sale of Village Mall at Big Bear, a multi-tenant retail property located at 40729 Village Drive in Big Bear Lake, about 41 miles from San Bernardino. An Inland Empire-based investor sold the property to a San Gabriel Valley-based investor for $3.9 million. Greg Bedell and Roxy Klein of Progressive Real Estate represented the seller, while Doreen Chen of Pinnacle Real Estate Group represented the buyer in the deal. At the time of sale, the 24,806-square-foot retail center was …

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Raising Canes
Investment salesMinnesotaNews

Hanley Investment Group Arranges $3.5 Million Sale of Raising Cane’s Property in St. Cloud

by Julia Sanders

St. Cloud, Minn. — Hanley Investment Group Real Estate Advisors has arranged the $3.5 million sale of a 3,493-square-foot retail property occupied by Raising Cane’s at 2635 W. Division St. in St. Cloud. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Rob Wise of CBRE, represented the seller, TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, Caravella Properties. The newly constructed single-tenant property is ground leased to Raising Cane’s on a long-term, absolute triple-net, corporate-guaranteed lease.

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Retail
Investment salesNewsNorth Carolina

Flagship Realty Purchases Retail Building in Asheboro, North Carolina for $2 Million

by Julia Sanders

Asheboro, N.C. — Flagship Realty LLC has purchased 1334 East Dixie Drive, a two-tenant retail building in Asheboro. The 6,400-square-foot property was fully occupied at the time of sale by Mattress Warehouse and AT&T. Jimmy Flowers of Flowers Capital Holdings brokered the $2 million sale. Flowers Capital Holdings will also manage the property. Pinnacle Bank provided a $1.6 million loan for the acquisition.

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Red Lobster
Investment salesKansasNews

Block & Co. Arranges Sale of Red Lobster-Occupied Property in Kansas City, Kansas

by Julia Sanders

Kansas City, Kan. — Block & Co. has arranged the sale of a 7,575-square-foot freestanding restaurant property occupied by Red Lobster in Kansas City. Alex Block and David Block of Block & Co. represented the seller, an undisclosed property ownership group, in the disposition of the property to LPC Retail LLC.

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Assembly Row
LeasingMassachusettsNews

Seven Retailers to Join Tenant Lineup at Assembly Row in Metro Boston

by Julia Sanders

Somerville, Mass. — Seven new retailers have plans to join the tenant lineup at Assembly Row, a mixed-use neighborhood that will feature a total of 635,000 square feet of retail and restaurant space in Somerville, about 3 miles from Boston. The following are expected to open this summer: LaserAway, a laser hair removal and aesthetic dermatology; Ten One Tea House, a retailer offering healthy Taiwanese tea drinks; Bond Vet, a pet wellness and urgent care clinic; An Nam, a Vietnamese grill; Tatte Bakery & Café; Civility Social House, a local …

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Village Shoppes
FloridaGeorgiaNewsNorth CarolinaTennesseeVirginia

Stockbridge Acquires Six Grocery-Anchored Properties Across Southeast

by Julia Sanders

Atlanta — Stockbridge has acquired a six-property, grocery-anchored portfolio located in five markets across the Southeast. Branch Properties will maintain minority ownership in the portfolio and will continue to handle management and leasing at the property level. The portfolio features grocers Publix Super Markets and Harris Teeter, along with a mix of service providers, retailers and restaurants. The six properties, totaling 765,969 square feet, include Burnt Store Marketplace in Punta Gorda, Florida; Village Shoppes of Sugarloaf in Lawrenceville, Georgia; Five Forks Corners in Lilburn, Georgia; Waterford Village in Wilmington, North …

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Oak Meadows Marketplace
Investment salesNewsTexas

SRS Real Estate Negotiates Sale of 78,888-Square-Foot Shopping Center in Metro Austin

by Julia Sanders

Georgetown, Texas — SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in Georgetown, about 28 miles from Austin. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randall’s serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the disposition of the property to Phillips Edison & Co.

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Dairy Queen
Faris Lee InvestmentsInvestment salesLouisianaNews

Faris Lee Arranges Sale of 10 Dairy Queen-Leased Properties in Louisiana

by Julia Sanders

Irvine, Calif. — Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers. Scott DeYoung, Jeff Conover and Hunter Steffien of Irvine, California-based Faris Lee represented the seller, an entity doing business as MP Holdings LLC, in the transaction. The 10 freestanding locations feature drive-thrus and are located in metro New Orleans, Baton Rouge, Lafayette and Houma.

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LeasingNew YorkNews

Hobby Lobby to Open 42,768-Square-Foot Store in Staten Island

by Julia Sanders

New York City — Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal …

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Sprouts
ColoradoInvestment salesNews

IPA Brokers Sale of Sprouts Farmers Market-Occupied Property in Denver

by Julia Sanders

Denver — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 23,300-square-foot property occupied by Sprouts Farmers Market in Denver’s Green Valley Ranch neighborhood. Ryan Bowlby and Drew Issac of IPA, along with James Rassenfoss of Marcus & Millichap, represented the seller, Evergreen DevCo, and procured the buyer, Rustic Partners, in the deal. The grocery store anchors a new shopping center development located at the northeast corner of 56th Avenue and Tower Road.

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