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FloridaInvestment salesNews

CREC Capital Purchases Retail Center Near Miami for $62.3 Million

by Alex Tostado

Homestead, Fla. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of the sale to tenants including Ross Dress for Less, TJ Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera …

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Investment salesNewsPennsylvaniaRetailers

HFF Arranges Sale of 96,455-Square-Foot Shopping Center in Lancaster, Pennsylvania

by Alex Tostado

Lancaster, Pa. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales …

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Investment salesNewsRetailersWisconsin

Cushman & Wakefield | Boerke Arranges Sales of Former Toys ‘R’ Us Buildings in Wisconsin

by Alex Tostado

Milwaukee and Madison, Wis. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.

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Investment salesNewsRetailersWisconsin

KW Commercial Negotiates $3.5 Million Sale of 44,911-Square-Foot Retail Center in Plover, Wisconsin

by Alex Tostado

Plover, Wis. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover, near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.

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LeasingNew YorkNewsRetailers

Feil Organization Completes Leasing of 447,000-Square-Foot Building in Manhattan

by Alex Tostado

New York City — The Feil Organization has completed the leasing of 488 Madison Ave., a 23-story, 447,000-square-foot building in New York City. The Feil Organization signed Mephisto Shoes to a 1,854-square-foot lease and Mighty Bowl to an 800-square-foot lease. Both are expected to open this fall. The building was originally delivered in 1948 and was formally known as the “Look Building,” for the defunct magazine. The Feil Organization completed a renovation of the building in 2016 and has since signed tenants including Indochino, Bonobos Guideshops, UNTUCKit, City Hats and …

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CaliforniaDevelopmentNewsRetailers

Midwood Investment to Develop 94,000-Square-Foot Retail Property in Los Angeles’ Studio City

by Alex Tostado

Los Angeles — Midwood Investment & Development plans to build The Shops at Sportmen’s Lodge at the intersection of Coldwater Canyon Avenue and Ventura Boulevard in the Studio City neighborhood of Los Angeles. Designed by Gensler, the new ground-up development will feature 94,000 square feet of retail space and communal outdoor space designed OLIN Studio, as well as more than 450 parking spaces. Groundbreaking will commence in August, with an estimated opening slated for fall 2020. Midwood is co-developing the project with Richard Weintraub, who originally introduced this retail concept …

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LeasingMarylandNewsRetailers

Nellis Signs Five New Retailers to Metro D.C.’s Capital Plaza

by Alex Tostado

Landover Hills, Md. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills, Maryland. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites …

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ArizonaInvestment salesNewsRetailers

Cushman & Wakefield Negotiates $6.9 Million Sale of Two Walgreens-Occupied Assets in Metro Phoenix

by Alex Tostado

Phoenix and Surprise, Ariz. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colorado. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, California-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 …

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DevelopmentEntertainmentKansasMissouriNews

Hotworx to Open Two Fitness Studios in Metro Kansas City

by Alex Tostado

Lee’s Summit, Mo. and Shawnee, Kan. — Hotworx, a high intensity isometric fitness concept, has signed two long-term leases in Lee’s Summit, Missouri, and Shawnee, Kansas. The Lee’s Summit location will be located at 1309 NE Douglas St. and span 1,900 square feet. The studio is scheduled to open this summer. In Shawnee, Hotworx will occupy a 2,000-square-foot space in a Bank of America-anchored strip center. The location is also expected to open this summer. Bill Maas and Daniel Brocato of Block & Co. Inc. Realtors represented Hotworx in the …

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IllinoisInvestment salesNewsRetailers

Kimco Sells 22nd Street Plaza for $21 Million

by Alex Tostado

Oakbrook Terrace, Ill. — Kimco Realty Corp. has sold a 176,164-square-foot retail property in Oakbrook Terrace for $21 million. Known as 22nd Street Plaza, the shopping center is fully leased to retailers such as Home Depot, Party City and Big Lots. Restaurants Twin Peaks and Naf Naf Grill are located on the site as well. The property includes 850 parking spaces. George Good and Christian Williams of CBRE represented Kimco in the sale. A California-based private investor purchased the asset.

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