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CaliforniaInvestment salesNewsRetailers

SRS Directs $14.9 Million Sale of Shopping Center in Cypress

by Alex Tostado

Cypress, Calif. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter …

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FloridaLeasingNewsRetailers

New Tenants Join Delray Square

by Alex Tostado

Delray Beach, Fla. — Publix has opened a 45,000-square-foot store in Delray Square, a 150,000-square-foot retail center in Delray Beach. Delray Square was built in the 1970s and was recently renovated by The Keith Corp. Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill are expected to open in the fall. AT&T, Elements Massage, Great Clips, Lee Nails, Mattress Firm, Metro Diner and Sola Salon Suites have all joined the tenant lineup, although a timeline for the retailers to move in was not disclosed. The Shopping Center Group is the exclusive leasing …

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Warner Plaza
ArizonaDevelopmentFeaturesFrom The Magazine

Change Artist

by SCB Staff

Michael Pollack is known as a renovation expert. Looking ahead, he considers some potential new strategies for his portfolio. Interview by Randall Shearin With the Four Corners market in focus this month, Shopping Center Business caught up with one of Arizona’s largest retail landlords, Michael Pollack, CEO of Michael A. Pollack & Associates. Pollack’s Mesa, Arizona-based company has made a name for itself over the past few decades by renovating and rehabbing older centers and making them viable properties that serve the needs of their communities. Here, we get Pollack’s thoughts …

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DevelopmentEntertainmentIllinoisMixed-useNews

Cullinan Properties Breaks Ground on Rock Run Crossings in Joliet, Illinois

by Alex Tostado

Joliet, Ill. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings will be a 16-screen Regal Cinemas movie theater that will span 70,000 square feet. The developer plans to announce more tenants later this year.

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DevelopmentEntertainmentNewsTexas

Urban Air to Open 30,706-Square-Foot Trampoline Park in Metro Dallas

by Alex Tostado

Mesquite, Texas — Urban Air Adventure Park, an entertainment concept featuring trampolines, will open a 30,706-square-foot venue in Mesquite, an eastern suburb of Dallas. The venue will be located within a freestanding building at 3777 Childress Ave. that was previously occupied by sporting goods retailer Gander Mountain, which filed for bankruptcy in 2017. David Zoller and Derek Schuster of Weitzman represented the landlord in the lease negotiations. Mike Stern and Josh Flores of EDGE Realty Partners represented Urban Air, which plans to open the venue late this summer.

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AlabamaFinanceNewsRetailers

Revere Capital Provides $25 Million Loan for Refinancing of Shopping Center in Alabama

by Alex Tostado

Birmingham, Ala. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.

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FinanceNewsOhioRetailers

Berkadia Arranges $19 Million Construction Loan for Retail Property in Strongsville, Ohio

by Alex Tostado

Strongsville, Ohio — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.

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FinanceFloridaNewsRetailers

Ready Capital Provides $8 Million Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado

Miami — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the non-recourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

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Investment salesMissouriNewsRetailers

QuikTrip Purchases Site for New Location in North Kansas City

by Alex Tostado

North Kansas City, Mo. — QuikTrip Corp. has purchased 2.9 acres at the southwest corner of Interstate 35 and Amour Road in North Kansas City. QuikTrip plans to build a new facility at 1401 Armour Road to replace its existing store at 1010 Armour Road. Construction on the new location will begin soon and is a redevelopment of an old office building. David Block and Jody Minder of Block & Co. Inc. Realtors arranged the transaction.

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CaliforniaGrocery-anchoredInvestment salesNews

Hanley Investment Group Negotiates $29.5 Million Sale of ALDI-Anchored Shopping Center in Metro Los Angeles

by Alex Tostado

South Gate, Calif. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully occupied at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurants Tea House, Jersey Mike’s Subs, La Michoacana …

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