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Plant-Shops-Chandler-AZ
ArizonaInvestment salesNews

Armstrong Capital Purchases Shopping Center Portfolio in Arizona for $18.3 Million

by Katie Sloan

Chandler, Ariz. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.

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MassachusettsNews

IPA Negotiates $54.5 Million Sale of Grocery-Anchored Shopping Center in Metro Boston

by Katie Sloan

Bedford, Mass. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of Marcus & Millichap represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at …

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Company newsIndianaNews

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Katie Sloan

Indianapolis — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second …

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Market-Square_Marietta
GeorgiaInvestment salesNews

SRS Arranges $11 Million Sale of Big Lots-Anchored Shopping Center in Metro Atlanta

by Katie Sloan

Marietta, Ga. — SRS Real Estate Partners has brokered the $11 million sale of Market Square, a 137,889-square-foot shopping center located at 2932 Canton Road in Marietta. The center sits on 13.4 acres and houses tenants such as Big Lots, Ace Hardware and Planet Fitness. A privately held entity doing business as MSQ Realty LLC purchased the asset from an entity doing business as Wood Marietta Center LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented.

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Shops-at-Ledgewood-Commons-New-Jersey
DevelopmentNew JerseyNews

Advance Realty, Invesco Open 450,000-Square-Foot Redevelopment in Roxbury, New Jersey

by Katie Sloan

Roxbury, N.J. — A joint venture between Advance Realty Investors and Invesco Real Estate has opened The Shops at Ledgewood Commons, a 450,000-square-foot open-air lifestyle center in Roxbury, about 45 miles west New York City. The site was formerly occupied by Ledgewood Mall. Walmart Supercenter anchors the center, which is also home to tenants including Marshalls, Ashley HomeStore, Men’s Wearhouse, Ulta Beauty, Five Below, Burlington, Wendy’s, Chipotle Mexican Grill, Five Guys, Panda Express and Starbucks Coffee. Jeffery Realty is the leasing agent for the property.

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West-Colonial-Oaks
FloridaInvestment salesNews

Newport Capital Partners Acquires 160,792-Square-Foot Colonial Oaks Shopping Center in Orlando

by Katie Sloan

Orlando, Fla. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property through its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed. West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s …

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LeasingNew YorkNews

Wegmans to Open 82,000-Square-Foot Grocery Store at 770 Broadway in Manhattan

by Katie Sloan

New York City — Wegmans is set to open an 82,000-square-foot store at 770 Broadway in the Greenwich Village neighborhood of Manhattan. RIPCO Real Estate LLC represented Wegmans in negotiations for the 30-year lease. Vornado Realty Trust owns the 1.2 million-square-foot building, which occupies a full city block. The opening, which will be the first for Wegmans in New York City since the debut of the Brooklyn Navy Yard store in October 2019, is scheduled for the second half of 2023.

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Icon-Central
FloridaInvestment salesNews

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1 Million

by Katie Sloan

St. Petersburg, Fla. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller. Currently, about 7,000 square feet of the retail space is leased to BurgerFi and Watts Dental, which are open now. Scott Wadler and Alec Fox of Berkadia secured $9.9 …

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Elmhurst-Restaurant
IllinoisInvestment salesNews

Adelphia Arranges Sale of Two Restaurant Properties in Metro Chicago

by Katie Sloan

Elmhurst and Crystal Lake, Ill. — Adelphia Properties has arranged the sale of two restaurant properties in metro Chicago. Dispositions include a 5,000-square-foot restaurant building formerly occupied by Elmhurst Family Restaurant in the Chicago suburb of Elmhurst; and a 4,500-square-foot vacant freestanding building located at 394 W. Virgin St. in Crystal Lake. George Spirrison and Simeon Spirrison of Adelphia Properties represented the sellers in each transaction, both of which were local investors. Terms of the transactions were undisclosed. 

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Windward-Square
GeorgiaInvestment salesNews

Stan Johnson Co. Brokers $3.2 Million Sale of Windward Square Shopping Center in Metro Atlanta

by Katie Sloan

Alpharetta, Ga. — Stan Johnson Co. has brokered the sale of Windward Square, a 11,166-square-foot shopping center located at 5215 Windward Parkway in the northern Atlanta suburb of Alpharetta. Jeff Enck of Stan Johnson Co. represented the 1031 exchange buyers, a group of private investors based in Georgia. Penn Hodge Properties sold the property for more than $3.2 million. Windward Square was fully leased to six tenants at the time of sale, including Verizon Wireless and Eye Level Learning Center. Originally constructed in 2003, the center is shadow-anchored by Costco and has other …

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