Sherman, Texas — Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping mall located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …
Chicago — Sterling Organization has acquired North Mayfair Commons, an 87,274-square-foot grocery-anchored shopping center in the North Mayfair neighborhood of Chicago, for $18.2 million. A 65,224-square-foot Jewel-Osco grocery store anchors the property. Other tenants include H&R Block and FedEx Kinko’s. Sterling Organization utilized its fund named Sterling United Properties II LP to purchase the property. The fund’s portfolio now spans approximately 1.2 million square feet of gross leasable area.
Jupiter, Fla. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter, about 19 miles from Palm Beach. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market.
Northport, Ala. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. The center was 96 percent leased at the time of sale to tenants including Publix, Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. The property was built in 2019 and …
Miami Springs, Fla. — MV Group USA has plans to redevelop two undisclosed retail centers totaling 30,000 square feet in downtown Miami Springs. The redevelopment efforts will include the addition of outdoor seating and enhancements to existing retail and restaurant space. The project is scheduled for completion by the end of the year. The renovated retail spaces will feature some of the existing tenants that have renewed long-term leases at the properties. Additionally, new restaurant tenants will be opening at the centers in fall 2022.
Kingsport, Tenn. — Marcus & Millichap has brokered the $4.5 million sale of Shoppes at East Stone, a 24,502-square-foot retail property located at 2637 E. Stone Drive in Kingsport. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben, also of Marcus & Millichap, assisted in closing the transaction. Shoppes at East Stone was occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental at the time …
Taconic Capital Advisors, Eastern Real Estate Acquire 617,000-Square-Foot University Mall in Vermont
South Burlington, Vt. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. Local news outlet WCAX reported that the sales price was $60 million. The seller was not provided. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International …
New York City — Macy’s plans to open 37 Backstage store-within-stores in locations nationwide beginning April 9. The Backstage concept ranges from 11,000 to 16,000 square feet, offering off-price, trendy apparel for women, men and children, as well as a range of toys, housewares, beauty products, designer handbags, activewear and gifts for pets. The new locations include a Backstage store within Macy’s State Street flagship store in Chicago, which will open on April 9; and a store at Macy’s New York City flagship store in Herald Square, set to open …
Knoxville, Tenn. — SRS’ Investment Properties Group has brokered the sale of Clinton Plaza, a 126,145-square-foot grocery-anchored neighborhood center in Knoxville. LBD Properties LLC purchased the property. Kyle Stonis and Pierce Mayson of the SRS represented the undisclosed seller in the transaction. The buyer was self-represented in the transaction. Anchored by Food City, Clinton Plaza has other tenants at the property including Advance Auto Parts, Dollar Tree, Gas ‘N Go, Rent-A-Center, ADMA Biologics, Metro by T-Mobile, 1st Heritage Credit and Cricket Wireless.