Framingham, Mass. — New York City-based Urban Edge Properties (NYSE: UE) has closed on a $123.6 million interest-only mortgage for a portion of Shoppers’ World, a 752,000-square-foot super regional power center located in Framingham, a western suburb of Boston. The four-year Secured Overnight Financing Rate (SOFR) loan was swapped and converted to a 5.12 percent fixed interest rate. The company then used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit with its original 5.48 percent interest rate. …
Stockton, Calif. — Family-owned real estate platform Mershops has acquired Weberstown Mall, an 800,000-square-foot regional shopping center located in Stockton, for $50.8 million. Originally opened in 1966, the center is anchored by JCPenney, Dillard’s and Barnes & Noble. Other tenants include Old Navy, Five Below, BoxLunch, Foot Locker, Lids, Victoria’s Secret and Journeys. Steerpoint Capital brokered the sale on behalf of Mershops. The seller was Washington Prime Group. This transaction marks Mershops’ sixth enclosed shopping center acquisition across California and Nevada. Mershops’ current portfolio includes North County Mall in Escondido, California; …
Concord, N.H. — CrownPoint Partners has facilitated the $7.5 million sale of a single-tenant retail property located at 20 D’Amante Drive in Concord. Shaw’s Supermarket has occupied the 65,868-square-foot building for nearly 25 years. Nearby retailers include Walmart Supercenter, Sam’s Club, ALDI, Petco, Dick’s Sporting Goods, Best Buy, Michaels and Ocean State Job Lot. Julius Swolsky and Shannon Bona of CrownPoint Partners, in association with ParaSell, Inc., represented the seller, an entity doing business as Concord D’Amante LLC and an affiliate of ARCTRUST, in the all-cash transaction. Horvath & Tremblay represented …
Simi Valley, Calif. — Gantry has arranged a $26 million bridge loan to refinance maturing debt for Civic Center Plaza, a 145,000-square-foot retail center located in Simi Valley, roughly 40 miles northwest of Los Angeles. Situated on 11.5 acres, the property is occupied by Regal IMAX Cinema, Starbucks Coffee, Panda Express, Carl’s Jr., two credit unions, Unleashed by Petco and a new grocer, which is scheduled to open in 2026. Mark Ritchie and Austin Ridge of Gantry represented the borrower, a private real estate operator. Funds managed by affiliates of …
Fresno, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $4.6 million sale of a 7,052-square-foot multi-tenant retail pad located at 6770 North Brawley Ave. in Fresno. A Dutch Bros Coffee drive-thru anchors the property, which is situated within the River Oak Plaza shopping center. Built in 2019 on 1.3 acres, the building is fully leased to four additional tenants including West Coast Sourdough, WaBa Grill, Sport Clips and Organic Nails & Spa. Sean Cox and Bill Asher of Hanley represented the seller, California Gold Development Corp., in the …
Florida and South Carolina — A joint venture between Bain Capital and 11North Partners has purchased a portfolio of 10 open-air retail centers in Florida and South Carolina for $395 million. The properties — which are located across the submarkets of Fort Lauderdale, Orlando, Tampa, Palm Beach and Charleston — include Sawgrass Square, Plantation Promenade, Miramar Commons, Rolling Oaks, Promenade at Poinciana, Solivita Marketplace, New Tampa Center, Lake Worth Plaza, Garden Shops at Boca and Point Hope Commons. The acquisition spans more than 1 million square feet and follows the …
Fort Myers, Fla. — DLC has been selected to provide management services for Bell Tower Shops, a 365,000-square-foot open-air lifestyle center located in Fort Myers. Elmsford, New York-based DLC will lead the property’s leasing and day-to-day operations as part of its third-party management portfolio. The Fresh Market, Nordstrom Rack, Dave & Buster’s and Regal Cinemas anchor the property. Other tenants include Ulta Beauty, Sunglass Hut, Talbots, The Capital Grille, Tap 42, Daruma Japanese Steakhouse and McGregor’s Public House. The center was renovated in 2018 with improvements such as redesigned storefronts, …
San Diego, Calif. — Kidder Mathews has arranged the $75.9 million sale of a 10-property, single-tenant net leased retail portfolio totaling 322,304 square feet. The portfolio spans five states — including Colorado, Illinois, Nevada, Texas and Wisconsin — and features five Albertsons-guaranteed grocery stores, four auto service centers and one Dutch Bros Coffee shop. Paul Danker of Kidder, along with Scott Reid of Parasell Inc. and John Nesbitt, Kristen Zimmerman and Remy Tams of Designated Broker Solutions, represented the seller, a private investor.
Miramar, Fla. — Berger Commercial Realty has negotiated the $34 million sale of Miramar Parkway Plaza, a 159,628-square-foot retail center in Miramar near Hard Rock Stadium. Located at 3102-3300 University Drive, Presidente Supermarket anchors Miramar Parkway Plaza, which sits on roughly 14 acres. Additional tenants include McDonald’s, Foot Locker, AutoZone, Subway, Moby’s and Little Caesar’s. The center includes multiple outparcels and a second-story office component, as well as a recently constructed 10,000-square-foot retail component. Lawrence Oxenberg of Berger Commercial represented the buyer, LSG2 Miramar Parkway Plaza LLC, an affiliate of Longpoint …
Bear, Del. — Atlanta-based The Lenox Group has purchased Eden Square, a 230,255-square-foot shopping center located in Bear, approximately 10 miles south of Wilmington. Giant Food anchors the center, which was 98 percent leased at the time of sale. Additional tenants include LA Fitness, Gabe’s, Citi Trends, Dollar Tree, Starbucks Coffee and Fulton Bank. Eden Square has secured 31,238 square feet of new leases, as well as 20,360 square feet of tenant renewals in the past three years. Jim Galbally, Jordan Lex, Patrick Higgins and Daniel Naughton of JLL’s Investment …