News

Cyfair-Town-Center

Cypress, Texas — InvenTrust Properties Corp. will redevelop Cyfair Town Center, a 433,667-square-foot shopping center in the Houston suburb of Cypress. The center is anchored by Kroger, JC Penney and Cinemark. The first phase of the renovation will begin this month, with completion scheduled for the fourth quarter of 2021. The second phase will begin in January 2022 with completion anticipated in late summer 2022. InvenTrust’s improvements to the center will include new paint, LED lighting along the storefront exteriors, storefront awnings, upgraded signage and enhanced landscaping throughout the property. …

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Sunrise West

Sunrise, Fla. — Cushman & Wakefield has arranged the sale of Sunrise West Shopping Center, a 76,411-square-foot, Publix-anchored neighborhood center located in Sunrise. Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Principal Real Estate Investors, in the transaction. Global Fund Investments acquired the property for an undisclosed price. Located at 9010-9370 W. Commercial Blvd., the property is 93 percent leased to tenants including Carvel Ice Cream, Club Pilates, Pacific Dental, Rio Body Wax and Supercuts.

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Dublin, Ohio and Miami — The Wendy’s Co. and REEF have formed a new development commitment to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Wendy’s and REEF expect to open approximately 50 delivery kitchens in 2021, with the remainder launched by 2025.

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Park Place

Richmond, Va. — A joint venture between Elevation Real Estate Group, Auerbach Funds and Beechmont Acquisitions has begun redevelopment at Parc Place at Short Pump Town Center, an 82,968-square-foot shopping center in the Richmond suburb of Short Pump. Renovations will include an upgrade to the center’s façade; the addition of new lighting; parking lot repairs and re-striping; upgraded landscaping; and a new marquee sign and logo. In addition, Ocean Crab Seafood will open its first Virginia location and become the anchor restaurant tenant for the center. Renovations are underway and …

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Tomball, Texas — A joint venture between The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time …

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Macys Furniture

Maple Shade, N.J. — NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard of Cushman & Wakefield represented the undisclosed seller and NorthBridge Partners in the transaction.

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Township Square

Missouri City, Texas — KM Realty Investment Trust Inc. has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.

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Michaels

Foothill Ranch, Calif. — Hanley Investment Group has arranged the $4.9 million sale of a single-tenant, net-leased retail property occupied by Michaels in South Orange County. The Michaels store is located within Foothill Ranch Towne Centre in Foothill Ranch. Eric Wohl and CJ Kiehler of Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at the center. Michaels’ neighboring tenants …

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Anaheim Retail

Anaheim, Calif. — Faris Lee Investments has arranged the acquisition of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill. The sales price was $20.5 million.

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Westfield, Ind. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. …

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