Cambridge, Mass. — Linear Retail Properties LLC has acquired a 6,291-square-foot retail store property comprising three adjacent buildings in the Porter Square Neighborhood of Cambridge, a northwestern suburb of Boston, for $3.6 million. Located at 1755-1761 Massachusetts Ave., the property is fully leased to The Abbey Irish Pub, One Ramen & Sushi, The Laundry Room and Judy Jetson hair salon. Anthony Bruno and Kerry Dowlin of Gibson Sotheby’s International Realty brokered the transaction. The seller was undisclosed.
Palatine, Ill. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development …
Los Angeles — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance …
Harrison, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at …
Kennesaw, Ga. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the …
Fort Worth, Texas — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator …
Bozeman, Mont. — Newmark Knight Frank has arranged the sale of Gallatin Center, a shopping center in Bozeman. Revesco (USA) Properties acquired the property from Gallatin TR for $27.5 million. Paul Sleeth, Billy Sleeth and Patrick Allen of Newmark Knight Frank represented the seller in the transaction. Situated on the southwest quadrant of Interstate 90 and North 19th Street, Gallatin Center is occupied by Ross Dress for Less, Michaels, Bed Bath & Beyond, PetSmart and Staples.
San Antonio — JLL has arranged the sale of Shops at Walzem, a 55,526-square-foot shopping center in San Antonio anchored by Gold’s Gym. The retail property is located at 7650 FM 78, three miles from Randolph Air Force Base on the east side of San Antonio. The tenant roster at Shops of Walzem includes Beauty Supply, Iglesia Pentecostal and Sun Sews Alterations. Aaron Johnson, John Taylor, Chris Murphy and Ross Crawford of JLL represented the seller, Gold’s Gym, in the transaction. Mark Sher of KW Commercial represented the undisclosed buyer.
Lynnwood, Wash. — Vestar has acquired a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III, which are located at the northeast and northwest corners near Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall and 17 miles north of downtown Seattle. The seller was the original developer of the properties, which were built between 1997 and 2002. The portfolio is fully leased …
Twin Falls, Idaho — Geronimo has completed the sale of Canyon Park East and Canyon Park West, a two-property retail asset located in Twin Falls. Wood Investments Cos. acquired the asset for $50.9 million. Located at 2068 Bridgeview Blvd. and 1945 Fillmore St., the properties were 100 percent leased at the time of sale. Current tenants include Ross Dress for Less, Ulta Beauty, Bed Bath & Beyond, Petco, Dick’s Sporting Goods, HomeGoods, TJ Maxx, Best Buy, Michaels, Sportsman’s Warehouse and Famous Footwear. Paul Sleeth, Billy Sleeth and Patrick Allen of …