Chicago — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park, Illinois. In early 2020, before the COVID-19 pandemic, Macy’s announced that it would close 125 stores nationwide over a three-year period in an effort to right-size its store fleet. This week, Macy’s unveiled …
Massapequa, N.Y. — Urban Edge Properties has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent leased, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson of JLL represented the seller in the transaction. The new ownership is planning a redevelopment plan, …
Naperville, Ill. — Dolan Associates Ltd. has sold Naperville Plaza, a 115,380-square-foot retail center in Naperville. Northpond Acquisitions LLC acquired the property for an undisclosed price. At the time of sale, the asset was leased to Casey’s Foods, Trader Joe’s, Oswald’s Pharmacy and Bridgestone/Firestone. Naperville Plaza is situated at 8-192 W. Gartner Road, 30 miles west of downtown Chicago. Bob Mahoney, Christian Williams, George Good, Richard Frolik, Michael Kaider, Derrick Almassy and Adam Foret of CBRE represented the seller in the transaction.
Schererville, Ind. and Sparks, Nev. — Walton Street Capital has sold Town Square, a 138,571-square-foot retail center in Schererville; and Silver State Plaza Shopping Center, a 155,471-square-foot property in Sparks. Albanese Cormier acquired both centers in separate transactions. The sales prices were not disclosed. Town Square was delivered in 2001 and was leased to tenants including Bed Bath & Beyond, Old Navy, Shoe Carnival and T.J. Maxx at the time of sale. The property is situated at 40-124 Indianapolis Blvd., 29 miles south of downtown Chicago. Clinton Mitchell and Amy …
Whittier, Calif. — Hanley Investment Group has negotiated the $14.8 million sale of a new Cardenas Market in Whittier. The store opened in July 2020 and is situated at 11750 Whittier Blvd., 13 miles southeast of downtown Los Angeles. The Ontario, California-based grocer now operates 53 stores under the Cardenas Market banner and an additional seven stores under the Cardenas Ranch Market banner. An undisclosed private investor based in Los Angeles County acquired the 34,642-square-foot property at a 5.03 percent cap rate. Carlos Lopez and Lee Csenar of Hanley Investment …
Cypress, Calif. — Faris Lee Investments has arranged the $13 million sale of Meridian Plaza, a 28,500-square-foot shopping center in Cypress. Dollar Tree anchors the property, which is also leased to tenants including Starbucks, H&R Block and Wienerschnitzel. Meridian Plaza is situated along Katella Avenue, 26 miles southeast of downtown Los Angeles. Nick Miller and Shaun Riley of Faris Lee represented the buyer, an undisclosed family office based in Orange County, California completing a 1031 tax exchange, in the transaction. Thomas Kim and Jaime Park of Apple Tree Management represented …
High Point, N.C. — Marcus & Millichap has arranged the $23.5 million sale of High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point. The asset was fully leased at the time of sale to tenants including Harris Teeter, T.J. Maxx, Ross Dress for Less and Staples. The property was originally developed in 1975, and the undisclosed seller owned it for more than 20 years. Lori Schneider of Marcus & Millichap represented the seller in the transaction. Ben Yelm of Marcus & Millichap was the broker of record. …
Orange City, Fla. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was not disclosed.
Pinnacle Estate Advisors Negotiates $14.9 Million Sale of Brentwood Center Retail Property in Denver
Denver — Pinnacle Estate Advisors has negotiated the sale of Brentwood Center, a shopping center located at 1951, 2095 and 2099 S. Federal Blvd. and 2000 S. Hazel Court in Denver. A local partnership sold the asset to a Denver-based private investor for $14.9 million. Situated on 13.3 acres, Brentwood Center consists of eight buildings offering a total of 133,494 square feet of retail space. At the time of sale, the property was 84 percent leased to 30 tenants, including Save A Lot, Family Dollar, Brurger King and Aaron’s. Justin …
Walkertown, N.C. — Palomar Group has arranged the $12.3 million sale of Walkertown Commons, an 81,432-sqaure-foot shopping center in Walkertown. Lowes Foods anchors the fully leased property, which was originally built in 2004. Walkertown Commons is located at 5180 Reidsville Road, eight miles northeast of downtown Winston-Salem. Ryan McArdle, Steve Collins, David Rivers, Jefferson Knox and Lee Malchow of Palomar Group represented the seller, an undisclosed regional investor, in the transaction. An undisclosed buyer based in South Carolina acquired the asset in a 1031 tax exchange.