Beavercreek, Ohio — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development will redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is part of a larger strategy by WPG to diversify its tenancy …
Phoenix — Newmark has arranged the sale of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a doughnut shop, …
Solon, Ohio — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.
Riverview, Fla. — Plaza Advisors has arranged the sale of Riverview Town Centre, a 46,002-square-foot retail plaza located in Riverview. The shopping center is located at the intersection of U.S. 301 and Gibsonton Drive. Riverview Town Centre is shadow-anchored by a Lowe’s Home Improvement store, and was 93 percent occupied at the time of sale with tenants including Amscot, Sport Clips, Dickey’s BBQ, Rent King and Mattress Firm. The center was constructed in 2006 and was sold by the original developer. The buyer, Riverview Town Centre LLC, is a private …
Miramar, Fla. — SRS Real Estate Partners has arranged the $7.3 million sale of a 1.7-acre retail site at 1700 S. Douglas in Miramar. The property will have a new 6,119-square-foot Wawa convenience store and 16-pump gas station. The property has a new 20-year ground lease in place with Wawa as the tenant. Wawa will break ground summer 2021 with plans to open the store approximately in the first quarter 2022. Patrick Nutt of SRS represented the seller, a Florida-based merchant developer, in the NNN transaction. The buyer was a …
Belton, Mo. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There are approximately eight years remaining on the lease term.
Davie, Fla. — Tiktin Real Estate Investment Services (TREIS) has arranged the $12.8 million sale of Broward Plaza, a 74,300-square-foot retail center located at 4803-4963 S. State Rd. 7 in Davie. An outparcel with a Miami Grill location was included as part of the sale. Broward Plaza, anchored by BrandsMartUSA, Dollar General and Big Chef, has a total of 17 tenants. El-Ad Broward Plaza LLC, an entity of El-Ad National Properties, acquired the 8.2-acre property from Saber Griffin Two LLC. Adam J. Tiktin of TREIS, represented both the buyer and …
West Haven, Conn. — O,R&L Commercial LLC has brokered the sale of Savin Rock Plaza, a 62,722-square-foot retail center in West Haven. The sales price was $3 million. Phil Marshall of O,R&L represented the buyer, DeLaurentis Management Corp., which plans to implement a capital improvement program, in the transaction. The seller was not disclosed.
Naples, Fla. — Quantum Real Estate Advisors Inc. has brokered the $6.1 million sale of a single-tenant, 7-Eleven location at 4704 Golden Gate Parkway in Naples. At the time of sale, there were approximately 14 years remaining on the 15-year 7-Eleven lease. The seller was a Midwest-based real estate investor and developer, while the buyer was a California-based 1031 exchange investor. Dan Waszak and Zack Hilgendorf of Chicago-based Quantum Real Estate Advisors Inc. represented the seller.
Miami — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Florida-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in …