Cerritos, Calif. — Pinnacle Real Estate Advisors has brokered the $14.8 million sale of a retail center located at 12221-17312 Norwalk Blvd. in Cerritos, roughly 19 miles south of downtown Los Angeles. The names of the seller and buyer were not disclosed. The 52,382-square-foot property is anchored by a grocery store. Peter Sengelmann, Eric Diesch and Jackson Coon of Pinnacle Real Estate Advisors represented the seller in the deal.
Virginia Beach, Va. — Colliers has arranged the $6.4 million sale of Buckner Plaza, a 63,500-square-foot shopping center located at 3208 Holland Road in Virginia Beach. Jeffrey Fritz and Jay O’Donnell of Colliers represented the seller, Club Forest Buckner LLC, and Michael Ettel of Colliers represented the buyer, VB-GC-RA 18 LLC. Buckner Plaza is located on a 5.5-acre parcel along Holland Road. The property was 95.4 percent leased at the time of sale to tenants including Food Lion and Dollar General.
Prairieville, La. — SRS Real Estate Partners has arranged the $2.6 million ground-lease sale of a McDonald’s-occupied, 4,268-square-foot retail property located at 15022 Airline Highway in Prairieville, about 22 miles south of Baton Rouge. Newly built, the property includes a drive-thru and is situated on 1.4 acres near Interstate 10. The McDonald’s is slated to open by late September. Matthew Mousavi, Patrick Luther and Sabrina Kortlandt of SRS represented the seller, a Baton Rouge-based private investor who has owned the land for more than 60 years. Jeff Li of Colliers …
Evans, Ga. — The Palomar Group has brokered the $2.3 million sale of a Starbucks Coffee-occupied retail property located at 3104 William Few Parkway in the Augusta suburb of Evans. The buyer was an investor based in Aiken, South Carolina, and the seller was an investor based in Augusta, Georgia. The Palomar Group was the only broker involved in the transaction. Built in 2021, the retail property spans 2,500 square feet. Starbucks Coffee has a 10-year lease and no termination clause at the property. The store is an outparcel of …
Philadelphia — Paramount Realty Services has sold Northeast Tower Center, a 500,000-square-foot regional shopping center located at 4600 Roosevelt Blvd. in Philadelphia. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed. Constructed in 1996, Northeast Tower Center is anchored by Walmart and Home Depot and home to tenants including Old Navy, Ross, DD’s Discount, PetSmart, Pep Boys and Dollar Tree.
Houston — EDENS is underway on the renovation of Plaza in the Park, a 143,000-square-foot shopping center in the West University area of Houston. Planned upgrades at the center, which was originally built in 1999, will include fresh paint for storefronts, more outdoor seating for diners, revamped landscaping and new pathways to connect the buildings. All tenants at Plaza at the Park — which include Kroger, Massage Envy, Sprint, Subway and Vision Optique, among others — will remain open during the renovation. Construction is scheduled to be complete in mid-fall …
New York City — WHP Global, the parent company of Toys ‘R’ Us, has entered into an agreement with Macy’s (NYSE: M) to open more than 400 toy stores within the department store chain’s existing locations across the country in 2022. In addition to physical merchandise, the new stores will feature interactive experiences and activation centers to enhance the experience for both children and parents. The Wayne, New Jersey-based toy retailer originally announced its intent to close or sell off all its 700-plus U.S. stores in 2018. New York City-based …
Lynnfield, Mass. — Marcus & Millichap has brokered the $19.5 million sale of a 64,056-square-foot shopping center in Lynnfield, a northern suburb of Boston. The property consists of three buildings, including one that was built in 1991, remodeled in 2019 and is occupied by Christmas Tree Shops, as well as two others that were completed in 2018. Other tenants include Yankee Candle, Meraki Spa, Starbucks Coffee and East Boston Savings Bank. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were …
Indianapolis — Ziff Real Estate Partners (ZRP) has sold Pyramid Place Shopping Center in Indianapolis for $10.6 million to an undisclosed buyer. The neighborhood shopping center is located at the intersection of Michigan Road and West 86th Street and features a gross leasable area of 51,974 square feet. The property was 86 percent occupied at the time of sale by tenants such as Five Guys, Einstein Bagels, Chicken Salad Chick, Qdoba and Tavel Eye Care. ZRP acquired the asset in 2015 from LNR Property LLC. Jordan Klink and Andrew Margulies …
Newark, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.
