Lake Charles, La. — Disney Investment Group (DIG) has sold Southgate, a 157,818-square-foot shopping center located in Lake Charles. The center has been anchored by a 37,442-square-foot Market Basket grocery store for nearly 40 years. Additional tenants at the property, which was 90.8 percent leased at the time of sale, include Dollar Tree, Office Depot, Books-A-Million and Oak Street Health. David Disney and Adam Crockett of DIG represented the seller and procured the buyer in the transaction.
Anna, Texas — A joint venture between Charlotte, North Carolina-based Big V Property Group and Texas-based The Seitz Group is developing a 950,000-square-foot two-center retail project in the north Texas region of Collin County. The first of two open-air shopping centers that will be built is Rosamond Crossing Southeast, a 175,300-square-foot development situated in Anna, a suburb of Dallas. Kroger will anchor the center, which is already 70 percent leased. Additional tenants will include Bank of America, Chase Bank, Jimmy John’s and McDonald’s. Permitting has begun and sitework is expected to …
Chestnut Hill, Mass. — Simon Property Group has begun the redevelopment of The Shops at Chestnut Hill, a shopping, dining and entertainment destination located roughly six miles west of downtown Boston. The project will include a full repainting of the center’s interiors, the installation of a new lighting system, new artwork and decor throughout the center and an update to the indoor garden area. Simon will also renovate the center’s flooring, facades and restrooms. The majority of the project is expected to be complete by the end of the year. …
Eden Prairie, Minn. — Six new tenants have signed leases to join Eden Prairie Center, a 1.4 million-square-foot shopping center located in the southwest Minneapolis suburb of Eden Prairie. The U.S. Army Career Center, PRVDR and Phenix Salon Suites have already debuted at the property, while Spirit Halloween has also opened at the center for the holiday season. Wings Credit Union is expected to open in October and Umi’s for Men is scheduled to open later this year. Additionally, existing tenant Reborn Salon has expanded its space at Eden Prairie Center. …
Seattle — Starbucks Coffee has announced that it will be eliminating roughly 900 non-retail U.S. jobs, with additional plans to close several hundred underperforming company-operated stores, as part of a broader $1 billion restructuring effort. The company’s store count will decrease by about 1 percent, which translates to roughly 500 closures for the company, as reported by CNBC. Starbucks plans to end its fiscal year with almost 18,300 North American locations, including both company-operated and licensed cafés. Brian Niccol, chairman and CEO of Starbucks Coffee, stated that baristas from closing locations will receive severance packages or will be …
Falls Church, Va. — Hoffman & Associates, alongside a group of development partners that includes Rockwood Capital and Grosvenor Americas, has completed West Falls, a 10-acre mixed-use development in Falls Church. The transit-oriented project sits about 10 miles west of Washington, D.C., and is located near the West Falls Church Metro station. Hoffman & Associates, a local developer that is perhaps best known for leading the development of the $3.6 billion Wharf mixed-use waterfront destination in D.C., partnered with the City of Falls Church and Torti Gallas + Partners, to bring the project …
Leawood, Kan. — KBS has sold Park Place Village, a 10-building, 484,980-square-foot office and retail property in the Kansas City suburb of Leawood. DFW Land was the buyer. Park Place Village was owned by KBS Real Estate Investment Trust III and purchased in 2015. Developed in phases between 2007 and 2013, the property features retail including boutique shops and upscale restaurants. The property was also fully leased at the time of sale. Derek Fohl and Gary Carr of Newmark represented KBS in the sale. Additional team members involved in the transaction …
Rocklin, Calif. — JLL Capital Markets has arranged a $27 million construction loan for the development of a 52,200-square-foot neighborhood retail center situated within the master-planned community of Whitney Ranch, roughly 22 miles northeast of Sacramento. Dubbed Whitney Ranch Retail Center, the property will include 35,000 square feet of in-line and standalone retail space, as well as five pad sites totaling 17,200 square feet. Additionally, a 43,000-square-foot Nugget Markets grocer will shadow anchor the retail center. Whitney Ranch Retail Center is currently 60 percent preleased to local, regional and national …
St. Charles, Ill. — Locally based Swanson Development Group and Fort Union have sold a freestanding, 30,505-square-foot retail property leased to Whole Foods Market in St. Charles, a western suburb of Chicago, for $17.3 million. The newly renovated Whole Foods Market, which formerly housed Blue Goose Market, currently occupies the space on a 20-year double-net lease. JLL represented the sellers in the transaction. The buyer was an affiliate of Benenson Capital Partners.
Lakewood, Colo. — Conshohocken, Pennsylvania-based CenterSquare has acquired North Bear Crossing, a 31,871-square-foot service retail property located in the Denver suburb of Lakewood. The center was 86 percent leased at the time of sale to tenants including Sports Clips, Domino’s Pizza, Kentucky Fried Chicken/A&W, Moe’s Original BBQ and F45 Training. North Bear Crossing marks CenterSquare’s 61st acquisition nationally.
