Aurora, Ill. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center, a 91,535-square-foot property located about 40 miles west of Chicago in Aurora. Mariano’s Fresh Market anchors the center, which is also home to tenants including Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital.
Vineland, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.
Waltham, Mass. — Floor & Décor will open a 70,000-square-foot store at 80 Second Ave. in the western Boston suburb of Waltham on Thursday, Sept. 23. The store, which will be the retailer’s third location in Massachusetts, will include warehouse space and a design center. Floor & Décor has hired about 50 full- and part-time associates to work at the store.
Alexandria, Va. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new store at Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria. Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered. The 81,300-square-foot Wegmans will include a Market Café, a bar and coffee shop, and The Burger Bar, a casual restaurant counter that serves burgers, sandwiches and fries. The …
Addison, Texas — General contractor The Beck Group has completed the redevelopment of Prestonwood Place, a 133,353-square-foot shopping center located in the northern Dallas suburb of Addison. Northwood Retail owns the center, which was originally built in 1980 and now houses tenants such as Catapult Health, Mendocino Farms, Biscuit Bar and La La Land Kind Café. The project involved renovation work for 40,000 square feet of façade updates and the conversion of existing retail space into 60,000 square feet of creative office space. The development also transformed a vacant manufacturing …
Niagara, N.Y. — Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.
Newport Beach, Calif. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, …
Washington, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August. The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says consumers continued to heavily shop last month despite a “trifecta of macroeconomic headwinds,” including the ending …
Schaumburg, Ill. — Sears is set to close its last store in the state of Illinois, according to reports by the Daily Herald and Crain’s Chicago Business. The Hoffman Estates-based retailer’s only remaining Illinois location is at Woodfield Mall in Schaumburg, which is scheduled to close on Sunday, Nov. 14. Simon Property Group is the mall owner. The parent company of Sears, Transformco, is pursuing redevelopment plans for the store, according to Crain’s.
Minneapolis — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, …
