Montgomery, Ala. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located in Montgomery. Tenants at the property, which was 97.3 percent leased at the time of sale, include Harbor Freight Tools, AutoZone and ArchWell Health. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction.
San Bernardino, Calif. — Progressive Real Estate Partners has arranged the $7 million sale of a portfolio comprising four single-tenant retail properties located in San Bernardino. Situated adjacent to each other, the properties are net leased to tenants including IHOP, Wienerschnitzel, Taco Bell and 76 Gas Station. The sale also included an additional 1.5 acres of land available for future development. Lance Mordachini and Trinnie Lee of Progressive represented the seller in the transaction. Kevin Kwan of Realiv represented the buyer.
Salem, N.H. — Anthropologie has opened a new store at The Mall at Rockingham Park in Salem. Totaling 7,685 square feet, this marks the first store in the state for the brand. Simon owns and operates The Mall at Rockingham Park. Other tenants at the mall include FP Movement, DICK’s House of Sport and Earthbound Trading Co.
Lubbock, Texas — Marcus & Millichap has arranged the sale of Fearless Plaza, a 20,657-square-foot retail center located in Lubbock. Tenants at the property include Torchy’s Tacos, Amazon, Barefoot Athletics, Tikka Shack and Hawaii Poke & Ramen. Built in 2012, the center is situated directly across from Texas Tech University. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller in the transaction.
Redlands, Calif. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, …
Henderson, Nev. — Vestar is underway on a $3 million renovation project at The District at Green Valley Ranch, a 385,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Scheduled for completion in early 2025, the project includes updates to exteriors, signage, lighting, landscaping and outdoor furniture. Additionally, the project will add 14,300 square feet of new space to the property. New tenants Flower Child and North Italia have also signed leases at the development and are scheduled to open this November.
Atlanta — Atlanta-based cheeseburger slider concept Smalls Sliders has signed a new, four-unit franchise agreement in Georgia. DPC Smalls Investments will own and operate the restaurants, with the first scheduled to open in 2025. DPC Smalls is considering locations including Albany, Valdosta, Tifton and Brunswick for the new units, all of which will open within the next five years. With the new agreement, the franchisee and Smalls Sliders will open a total of 20 restaurants, dubbed “Cans,” in Florida and Georgia.
Charlotte, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s and Nothing Bundt Cake.
Tampa, Fla. — Funds managed by Cohen & Steers and Acadia Realty Trust have acquired The Walk at Highwoods, a 141,000-square-foot retail center located in Tampa. Tenants at the property, which was fully occupied at the time of sale, include HomeGoods, Michael’s, Dunkin’ Donuts, F45 Training and European Wax Center. “Open-air shopping centers are well positioned entering a new economic cycle, given robust demand and limited new retail construction,” says James Corl, head of the private real estate group at Cohen & Steers.
Boston — Boston-based Gordon Brothers has provided a $150 million debtor-in-possession (DIP) loan to Big Lots Inc. The financing will support the Columbus, Ohio-based company’s going-concern sale and stalking horse bid as it continues Chapter 11 bankruptcy proceedings. Gordon Brothers previously provided a $200 million delayed draw term loan to Big Lots. “As the liquidation agent for the non-go-forward store closures, distribution centers and furniture, fixtures and equipment, we will continue to support the company during the sale process,” says Kyle Shonak, senior managing director, transaction team and head of North …
