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FloridaInvestment salesNewsRetailers

Consolidated-Tomoka Acquires Strand in Jacksonville for $62.7 Million

by Alex Tostado

Jacksonville, Fla. — Consolidated-Tomoka Land Co. has acquired Strand, a 212,000-square-foot retail center in Jacksonville, for $62.7 million in a 1031 tax exchange. Strand was 95 percent leased at the time of sale to 20 tenants, including four anchors, Hobby Lobby, PGA Superstore, 2nd & Charles and Best Buy. The property is located 12 miles southeast of downtown Jacksonville and adjacent to St. Johns Town Center, home to more than 150 retailers. Colliers International Northeast Florida Inc. will handle leasing efforts on behalf of the new owner. The seller was …

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Company newsGrocery-anchoredInvestment salesMarylandNewsRetailersVirginia

UNFI to Sell 13 Shoppers Food & Pharmacy Locations in Maryland, Virginia

by Alex Tostado

Maryland and Virginia — United Natural Foods Inc. (UNFI) will sell 13 of its 43 Shoppers Food & Pharmacy locations in a continued effort to reduce its retail footprint. The company will sell the stores to three grocery operators, which will run the stores under their respective banners. UNFI will also close four Shoppers Food locations by the end of January 2020. UNFI agreed to not renew three of the leases while the fourth lease will be canceled pursuant to agreement with the landlord. The four stores being closed are …

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GeorgiaInvestment salesMallsNewsRetailers

CBL Properties Sells Interest in The Outlet Shoppes of Atlanta for $20.8 Million

by Alex Tostado

Woodstock, Ga. — CBL Properties has sold a 15 percent interest in The Outlet Shoppes at Atlanta in Woodstock for $20.8 million to its joint venture partner, Horizon Group Properties. Both companies now own a 50 percent stake in the property. Net proceeds from the sale were used to reduce outstanding balances on CBL’s line of credit. CBL has sold $180 million worth of its assets in 2019, says Stephen Lebovitz of CBL, which announced earlier this month that it would indefinitely suspend stock dividends. The Outlet Shoppes at Atlanta …

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Investment salesNewsRetailersTexas

Cravey Brokers Sale of 90,768-Square-Foot Huntington Square Shopping Center in Corpus Christi

by Alex Tostado

Corpus Christi, Texas — Cravey Real Estate Services has brokered the sale of Huntington Square, a 90,768-square-foot shopping center in Corpus Christi. Shadow-anchored by H-E-B, the center houses tenants such as Dollar Tree, Freedom Fitness, Edward Jones, Jason’s Deli and Pizza Hut. Lynann Pinkham of Cravey Real Estate represented the seller, Hunt Development Ltd., in the transaction. The brokerage firm also procured the buyer, LRIC Corpus Christi LP.

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FinanceIndianaInvestment salesNewsRetailers

NorthMarq Arranges $5.9 Million Acquisition Loan for Retail Property in Fort Wayne, Indiana

by Alex Tostado

Fort Wayne, Ind. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.

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DevelopmentEntertainmentNew JerseyNewsRetailers

Triple Five Group Launches 180,000-Square-Foot Big Snow Slope at American Dream in New Jersey

by Alex Tostado

East Rutherford, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth of 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park …

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DevelopmentNewsRetailersSouth Carolina

CBL Properties to Redevelop Coastal Grand Retail Center in Myrtle Beach

by Alex Tostado

Myrtle Beach, S.C. — CBL Properties will redevelop Coastal Grand in Myrtle Beach. As part of the redevelopment, CBL will relocate Dick’s Sporting Goods, which will include Golf Galaxy, to a building near Dillard’s and a new 53,000-square-foot Flip N Fly that will occupy Dick’s Sporting Goods’ current space. Flip N Fly will bring a trampoline park as well as other family attractions to Coastal Grand. Construction on the new DICK’s Sporting Goods/Golf Galaxy store will begin in early 2020. More information about a grand opening date will be announced …

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Investment salesNewsRetailersTexas

Dunhill Partners Sells 150,007-Square-Foot Retail Center in Metro Dallas

by Alex Tostado

Little Elm, Texas — Dunhill Partners Inc. has sold Little Elm Towne Crossing, a 150,007-square-foot center in Little Elm. The property is located at 2700 E. Eldorado Parkway, 30 miles north of downtown Dallas. Hobby Lobby and Dollar Tree anchor the property, which was built in 2007 and was 95 percent leased at the time of sale. Other tenants include 24 Hour Fitness, Studio 720 Salon, The Draft House, Hibbett Sports, Monarch Dental, Great Clips, Planet Tan, Choice of India Groceries and Baylor Institute for Rehab. Aaron Johnson, Barry Brown, Chris …

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Investment salesNewsRetailersTexas

JLL Negotiates Sale of 63,231-Square-Foot Retail Property in Amarillo, Texas

by Alex Tostado

Amarillo, Texas — JLL has negotiated a 63,231-square-foot retail property in Amarillo. The property sits on 5.1 acres and formerly housed a grocer. Michael Meaden of JLL represented the sellers, MAL Enterprises Inc. and Super Market Developers Inc., in the transaction. Zach Ballenger of CBRE represented the buyer, STORE Capital.

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GeorgiaInvestment salesNewsRetailers

Franklin Street Arranges $7.7 Million Sale of Shops at Hamilton Mill Near Atlanta

by Alex Tostado

Dacula, Ga. — Franklin Street has arranged the $7.7 million sale of Shops at Hamilton Mill, a 43,458-square-foot retail center in Dacula. The property was 84 percent leased at the time of sale to tenants including Wild Wing Café, J. Christopher’s, Iron Wok, Nails by Tori and Karate Atlanta Hamilton Mill. The center is located at 3523 Braselton Highway, 40 miles northeast of downtown Atlanta. Bryan Belk and John Tennant of Franklin Street represented the seller, Fairway Investments, in the transaction. The buyer was M&P Properties.

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