Suffolk, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of Harbour View Shoppes, a retail center located at 5883-5889 Harbour View Boulevard in Suffolk. The center is fully leased to tenants including Starbucks Coffee and Verizon. A family trust based in North Carolina purchased the 17,774-square-foot retail property for $6.8 million. Clark Simpson of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
Lowell, Ark. — KMK Equity has broken ground on a 15,503-square-foot retail center at Independence Plaza, a 30-acre development with office, retail and hospitality space in Lowell. The retail center is set for delivery in early 2022. The development will consist of seven retail stores; two outdoor patios; and two drive-thrus on each end of the building. The remaining six lots on the property are zoned for a restaurant, hotel and four office buildings. David Erstine and Alex Schemel of CBRE in Fayetteville are marketing the project’s office and retail …
Owings Mills, Md. — Greenberg Gibbons has signed leases with four new retailers to join the tenant roster at St. Thomas Shopping Center in Owings Mills. Michaels will occupy a 23,045-square-foot space near Baltimore Sports & Novelty. Next Door Pharmacy and uBreakiFix will occupy 1,600-square-foot spaces; and Boston Market will open in a 2,000-square-foot space. Next Door Pharmacy, uBreakiFix and Boston Market will open this fall and Michaels will open in fall 2022. Thomas Shopping Center is located on Reisterstown Road adjacent to Foundry Row, a mixed-use center also owned …
Kenosha, Wis. — Institutional Property Advisors (IPA) has brokered the sale of Southport Plaza and Indian Trail Plaza in Kenosha for $43.5 million. A Florida-based private buyer purchased the two adjacent shopping centers, which total 407,367 square feet. Anchored by Kohl’s, Fresh Thyme and Hobby Lobby, the centers were 92 percent occupied at the time of sale. Craig Fuller, Scott Wiles, Erin Patton and Jared Shapiro of IPA represented the seller, a Chicago-based private equity firm. The team also represented the buyer, which secured permanent financing from an undisclosed bank …
University Heights, Ohio — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS/pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan …
Ontario, Calif. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the property for $18.5 million. Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The shopping center will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include Burlington, Five Below, Hobby Lobby and Planet Fitness. Brian McDonald and Walter Pagel of CBRE represented Wood Investments …
Missouri City, Texas — NewQuest Properties has broken ground on Phase II of Fort Bend Town Center, a project that will add 300,000 square feet of shopping, dining and entertainment space to the local supply of Missouri City, located southwest of Houston. A 12-screen Cinemark theater will anchor the 42-acre second phase, which is expected to come on line in the third quarter of 2023. NewQuest is also in the midst of negotiations with six potential junior anchor tenants for Phase II.
New York City and Las Vegas — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across …
Dallas — AT&T has opened Discovery District, a project that transformed the telecommunications giant’s headquarters in downtown Dallas into a mixed-use destination with retail, restaurant, office and entertainment uses. Designed by global architecture firm Gensler, AT&T Discovery District spans 6.5 acres and includes multiple art installations, as well as interactive features for customers. The Beck Group served as the general contractor of the project, which was conceived more than five years ago.
Milton, Fla. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Georgia. Branch Properties plans to deliver the center in spring 2022.
