Miami — Marcus & Millichap has brokered the $6.1 million sale of a 15,172-square-foot retail strip center located at 11850 Biscayne Blvd. in Miami. A CVS pharmacy, which has fewer than 10 years remaining on its lease, anchors the property. The center was originally built in 1994. Jonathan De La Rosa procured the buyer in the transaction.
Manassas, Va. — Cushman & Wakefield has secured $28.7 million in bridge financing for Manassas Mall, a 941,574-square-foot regional mall located in Manassas, roughly 31 miles southwest of Washington, D.C. Miami-based Lionheart Capital was the borrower. Robert Kaplan and Mark Rutherford of Cushman & Wakefield’s Miami office, along with Michael Zelin, Bindi Shah and Ryan McMahon of the firm’s Washington, D.C. office, represented Lionheart Capital in the transaction. Originally developed in 1972, Manassas Mall was expanded in 1988 and renovated in 2016. The mall features more than 80 retailers, including Macy’s, …
Chino, Calif. — Hanley Investment Group has arranged the $7 million sale of a newly constructed, 5,596-square-foot single-tenant retail property located within the master-planned community of The Preserve in Chino. A 7-Eleven convenience store — which also features a Laredo Taco Co. quick-service restaurant and 12 fuel pumps — occupies the site on a 15-year, triple-net-lease basis with 10 percent rental increases every five years. Jeremy McChesney and Andrew Sprowl of Hanley represented the developer and seller, Ledo Capital Group, in the transaction. Adam Bloom of Lee & Associates represented the …
Pomona, Calif. — Progressive Real Estate Partners has brokered the $5.7 million sale of a single-tenant retail property located in Pomona, roughly 30 miles east of downtown Los Angeles. Built in 2013 and renovated in 2022, AutoZone Mega Hub occupies the 30,000-square-foot building on a new triple-net corporate guaranteed lease, which has roughly 18 years remaining. The Pomona AutoZone Mega Hub is a larger format store that features a full-service retail counter while also functioning as a mini-distribution center for satellite stores in the surrounding region. Brad Umansky and Lance …
Florence, S.C. — The Palomar Group has facilitated the sale of Commons at Magnolia, a 100,000-square-foot shopping center located at 2887 David H. McLeod Blvd. in Florence. Target anchors the center, which was 90 percent leased at the time of sale. Additional tenants include PetSmart, Michaels, Men’s Warehouse and Rack Room Shoes. Built in 1989, the center sits on 11.7 acres. The buyer was California-based Octave Holdings and Investments.
Buckeye, Ariz. — Baltimore-based Continental Realty Corp. (CRC) has purchased Sundance Towne Center, a 203,525-square-foot regional power center located 30 miles west of Phoenix, for $54.3 million. Walmart and Lowe’s Home Improvement shadow anchor the center, which was originally developed in 2007 on a 32-acre site. The property was 94 percent leased to tenants including AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza at the time of sale. CRC also plans to invest in capital improvements to enhance tenancy and customer experience. Michael …
Phoenix — Rein & Grossoehme Commercial Real Estate has arranged the $5 million sale of Siete Square, a 35,926-square-foot shopping center located at 4139 W. Bell Road in Phoenix. Originally built in 1985, the property was 87 percent leased to tenants including Mattress Max and Georges Baddawi at the time of sale. The center also features a freestanding pad site occupied by Jack in the Box, which was not included in the sale. Mark Rein of Rein & Grossoehme represented the seller, Butterfield Trail LLC, and the buyer, Bell Square …
Shelbyville, Ind. — North Carolina-based Prudent Growth Partners has acquired Rivergate Shopping Center, a 45,314-square-foot shopping center located in the Indianapolis suburb of Shelbyville for $4.4 million. Farm equipment supplier Rural King shadow anchors the property, which was built in 1985 and renovated in 1995. Rivergate Shopping Center was 93 percent leased to a mix of retail, fitness, financial and medical service-based tenants at the time of sale.
Aventura, Fla. — Seritage Growth Properties has signed leases with 17 new tenants at Esplanade at Aventura, its 215,000-square-foot mixed-use development located in the northeastern Miami suburb of Aventura. Retail and restaurant concepts including The Salty, If So, Chip City and The Shade Store recently opened at the property, while Tremble, Bank of America and Hästens will open this summer. Pura Vida Miami, Salt & Straw, Starbucks Coffee, Wairua Beauty and Next Health are expected to open this fall. Additional stores that will be arriving later in the year include 7th …
Bowling Green, Ky. — Dallas-based Centennial has been selected to provide management and leasing services for Greenwood Mall, an 851,576-square-foot regional mall in Bowling Green. Greenwood Mall, which is currently in receivership, will remain open and operational throughout the management transition. Greenwood Mall features more than 80 tenants such as Dillard’s, JCPenney, Belk, American Eagle, Bath & Body Works, Hibbett Sports, Victoria’s Secret, Suki Hana Japan, Subway, Sbarro, Auntie Anne’s and Cinnabon, as well as a 12-screen Regal Cinemas movie theater. Centennial currently operates 23 million square feet of mixed-use developments …
