News

University of Rochester Plans $240 Million Orthopedics Campus at Marketplace Mall

by Alex Tostado January 10, 2020

Rochester, N.Y. — The University of Rochester (UR) will develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility will be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, will sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, …

January 10, 2020

Investment sales News Pennsylvania Retailers

Joint Venture Acquires Shopping Center Near Philadelphia for $43.3 Million

by Alex Tostado January 10, 2020

Jenkintown, Pa. — A joint venture between Inland Institutional Capital LLC and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia, for $43.3 million. Whole Foods Market anchors the shopping center with other tenants including Planet Fitness, Panera Bread and Penn Community Bank. Mark Cosenza of Inland Real Estate Acquisitions LLC and Paul Brandes of Charter represented the joint venture in the transaction. The seller was undisclosed.

January 10, 2020

Illinois Investment sales News Retailers

JLL Brokers Sale of 193,536-Square-Foot Retail Center in Broadview, Illinois

by Alex Tostado January 10, 2020

Broadview, Ill. — JLL Capital Markets has brokered the sale of Broadview Village Square, a 193,536-square-foot retail center in the Chicago-area community of Broadview. The sales price was undisclosed. Tenants include Ross Dress for Less, Subway, Marshalls, PetSmart, GNC and Sally Beauty. The property sits on 15.9 acres at 700 Broadview Village Square. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the undisclosed seller. Bridge33 Capital LLC purchased the asset.

January 10, 2020

Arizona Investment sales News Retailers

Sun Valley Plaza Holdings Acquires Retail Center Near Phoenix for $6.4 Million

by Alex Tostado January 10, 2020

Mesa, Ariz. — Sun Valley Plaza Holdings Inc. has acquired Sun Valley Plaza, a 94,094-square-foot retail center in Mesa. The center was 96 percent leased at the time of sale to tenants including Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant. The seller, Michael A. Pollack Real Estate Investments, purchased the property in 2004 for $3.1 million when the center was 16 percent leased. Sun Valley Plaza is located at 7336 E. Main St., 30 miles east of downtown Phoenix.

January 10, 2020

Investment sales News Texas

Matthews Brokers $5.5 Million Sale of New Retail Property in Houston Leased to Regions Bank

by Alex Tostado January 10, 2020

Houston — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to …

January 10, 2020

Development Entertainment Leasing News North Carolina Retailers

CBL Inks Lease with Dave & Buster’s at Cross Creek Mall in Fayetteville, North Carolina

by Alex Tostado January 10, 2020

Fayetteville, N.C. — CBL Properties has unveiled redevelopment plans for Phase I of the former Sears department store within Cross Creek Mall in Fayetteville. New-to-market Dave & Buster’s will occupy and operate the space, which is under construction. Chattanooga, Tenn.-based CBL also says it is looking add restaurants, specialty stores and other uses that will further enhance Cross Creek Mall. The Sears closed in January 2019. The mall is located at 419 Cross Creek Mall, five miles west of downtown Fayetteville. Additional details including the timing of the Dave & …

January 10, 2020

Leasing News Retailers Texas

Levey Group Signs Victory Wine to 23,000-Square-Foot Lease at Northwest Place Industrial Park in Houston

by Alex Tostado January 10, 2020

Houston — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse.

January 10, 2020

Investment sales News North Carolina Retailers

JLL Arranges $30 Million Sale of Wendover Commons Shopping Center in Greensboro, North Carolina

by Alex Tostado January 9, 2020

Greensboro, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was …

January 9, 2020

California Investment sales News Retailers

Cushman & Wakefield Arranges $15.3 Million Sale of Multi-Tenant Retail Building in San Diego

by Alex Tostado January 9, 2020

San Diego — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

California Investment sales News Retailers

PECO Buys 59,796-Square-Foot Del Paso Marketplace in Sacramento

by Alex Tostado January 9, 2020

Sacramento, Calif. — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State …

January 9, 2020

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