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ArizonaInvestment salesNewsRetailers

SRS Negotiates Sale of 119,525-Square-Foot Glendale Galleria in Arizona

by Alex Tostado

Glendale, Ariz. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Glendale Galleria, a neighborhood shopping center located at 5880 W. Peoria Ave. in Glendale. Brixmor Property Group sold the asset to a Florida-based private investor for an undisclosed price in a 1031 exchange. Built in 1989/1990 and renovated in 2018, the 119,525-square-foot property is situated on 12.7 acres. At the time of sale, the shopping center was 87 percent occupied by major tenants including LA Fitness, Sears Outlet, Synergy Gymnastics and TitleMax Title Loans. Additionally, …

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DevelopmentInvestment salesNewsNorth CarolinaRetailers

Konover South Acquires Land Near Charlotte Premium Outlets, Plans 32,000-Square-Foot Retail Center

by Alex Tostado

Charlotte, N.C. — Konover South LLC has acquired a six-acre parcel for $4.8 million with plans to develop a 32,000-square-foot retail center. Located near Charlotte Premium Outlets, Freeman Retail Crossing will include a national steak restaurant, banking, mobile services and healthcare tenants. Konover South plans to break ground in early 2020 and expects to deliver Freeman Retail Crossing in the second quarter of 2021. The land is located on Steele Creek Road near I-485 in southwestern Charlotte.

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DevelopmentNewsPennsylvaniaRetailers

Cedar Realty Trust Underway on 18,000-Square-Foot Retail Redevelopment Project Philadelphia

by Alex Tostado

Philadelphia — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA,  GNC and Kicks USA. Starbucks and 1950s-themed diner Nifty Fifty’s have preleased space at the new center. Construction of Fishtown Crossing is slated for completion by early 2021.

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DevelopmentNewsPennsylvaniaRestaurants

Victory Brewing Co. to Open 14,000-Square-Foot Brewery, Taproom in Philadelphia

by Alex Tostado

Philadelphia — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel …

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FloridaInvestment salesNewsRetailers

JLL Negotiates $23.3 Million Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado

Jacksonville, Fla. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt …

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FloridaInvestment salesNewsRetailers

Marcus & Millichap Arranges $14.3 Million Sale of Retail Property in Southwest Florida

by Alex Tostado

Cape Coral, Fla. — Marcus & Millichap has arranged the $14.3 million sale of Towers I and Towers II, a 72,453-square-foot retail property in Cape Coral. The asset, located at 2612-2708 Santa Barbara Blvd., was 89 percent leased at the time of sale to tenants including Five Guys Burgers & Fries, Firehouse Subs, Sylvan Learning of Cape Coral, Anytime Fitness, Sumaq Peruvian Cuisine Bar & Grill and Tony’s Jewelry. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented both the buyer, a private investor, and the seller, …

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Investment salesNewsOklahomaRetailers

Disney Investment Group Brokers Sale of 70,376-Square-Foot Shopping Center in Tulsa

by Alex Tostado

Tulsa, Okla. — Disney Investment Group has brokered the sale of Memorial Crossing, a 70,376-square-foot shopping center in Tulsa. Anchored by HomeGoods, Petsmart and ULTA Beauty and shadow-anchored by Costco, the center was 97 percent leased at the time of sale. Disney Investment Group represented the seller, Dallas-based Leon Capital Group, in the transaction, and procured the undisclosed buyer.

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Investment salesNewsRetailersTexas

SITE Centers Buys 40,612-Square-Foot Vintage Plaza Retail Center in Metro Austin

by Alex Tostado

Round Rock, Texas — SITE Centers Corp. has bought Vintage Plaza, a 40,612-square-foot retail center. The sales price was not disclosed. The property is located within the 330-acre La Frontera master-planned development in Round Rock, a northern suburb of Austin. Built in 2003, the asset was approximately 93 percent leased at the time of sale to tenants such as Men’s Wearhouse, Bamboo Nails & Spa and Burn Boot Camp. Cathy Nabours, Walter Saad, Kyle Shaffer and Josh Villarreal of JLL represented the seller, Ironwood Real Estate, in the transaction.

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DevelopmentMallsMichiganNewsRetailers

PREIT Opens Woodland Mall Expansion in Grand Rapids, Michigan

by Alex Tostado

Grand Rapids, Mich. — PREIT has opened the Woodland Mall expansion wing. In 2017, the company purchased the store formerly occupied by Sears at the mall. It was demolished in order to make way for new uses. Von Maur now occupies 90,000 square feet at the new wing and is the department store’s first in the region. Other new retailers slated to open at the property include Urban Outfitters, Sephora, White House Black Market, Tricho Salon, Paddle North, Mobile Station and REI, which opened in May. New dining options include …

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Company newsFloridaNewsRestaurants

Cracker Barrel Acquires Maple Street Biscuit for $36 Million

by Alex Tostado

Jacksonville, Fla. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra Cochran, president and CEO of Cracker Barrel.

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