Mesa, Ariz. — PSRS has arranged $7.6 million in financing for the acquisition of Superstition Marketplace in Mesa. Built in 1988, the retail center totals 54,837 square feet. Current tenants at the center include Dollar Tree, Jersey Mike’s Subs, State Farm Insurance and Thai House. Mike Davis and Tony Messiah of PSRS arranged the 10-year loan, which features a 30-year amortization schedule, through one of its correspondent life insurance companies on behalf of the undisclosed borrower.
Glen Mills, Pa. — Aesthetics and wellness concept VIO Med Spa has signed a lease at Glen Eagle Square, a shopping center located in Glen Mills. Scheduled to open at the property in the fourth quarter of this year, the tenant will occupy 1,995 square feet adjacent to Currie Hair and Skin and Nails. Whole Foods Market anchors Glen Eagle Square, which totals 152,000 square feet.
Lexington, S.C. — Lexington Land Development Co. has broken ground on Platt Springs Crossing, a $65 million mixed-use project in the Columbia suburb of Lexington. Upon completion, the 57-acre project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. Tenants at the development will include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. A construction timeline …
Frisco, Texas — Marcus & Millichap has brokered the sale of a five-tenant retail center located in Frisco. William Kim of Marcus & Millichap represented the buyer, JT Arlington, in the transaction. Duke Dennis of Marcus & Millichap arranged $2.8 million in acquisition financing on behalf of the buyer. Tenants at the property, which totals 9,291 square feet and was fully occupied at the time of sale, include Active Dental, Stonebrook Eyecare and Eyewear, ATI Physical Therapy, Momo’s Coffeehouse and Jamba Juice.
Millville, N.J. — Irgang Group has signed leases with three new tenants at Union Lake Crossing, its 393,000-square-foot retail center in Millville. Bath & Body Works, AAA South Jersey and Jersey Mike’s will occupy 4,400; 1,945; and 1,500 square feet at the property, respectively. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the landlord in the lease negotiations. Reizner and Brunelli also represented AAA South Jersey in negotiations. Jarrad Coletta of Coletta Commercial represented Jersey Mike’s, and Adam Rosenfarb of MSC represented Bath & Body Works. The new …
Paramus, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center located in Paramus in Northern New Jersey. The center was fully leased at the time of sale to tenants including Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represent the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing …
Forestville, Md. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot retail center in the Washington, D.C. suburb of Forestville, from an undisclosed seller for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. Shoppers Food Warehouse, which recently extended its lease and fully renovated its store, anchors the property. Other tenants at the center include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker. The property also includes outparcel pads occupied by tenants including Starbucks Coffee, Truist …
Lenexa, Kan. — Block & Co. Inc. Realtors has completed the lease-up of a former Stein Mart anchor space at Orchard Corners, a shopping center located in Lenexa near Kansas City. Petco will occupy the remaining 18,500-square-foot endcap space, joining Sierra in backfilling the 37,000-square-foot space formerly occupied by Stein Mart. David Block of Block & Co. represented ownership in the lease negotiations. Anchor tenants at Orchard Corners include Nordstrom Rack, T.J. Maxx, HomeGoods and Michaels.
Fort Myers, Fla. — The Sembler Co. and Forge Capital Partners are underway on the redevelopment of Daniels Crossing, a Publix-anchored retail center located in Fort Myers. Scheduled for completion in summer 2025, the project includes the demolition of the existing 48,890-square-foot Publix and 4,700 square feet of inline space. Once complete, the redevelopment will feature a new, 48,387-square-foot Publix and adjacent 3,010-square-foot Publix Liquors. Other tenants at the property include Duck Donuts, Millenium Physician Group, Potts Sport Café, Quest Diagnostics, School of Rock, Subway, Sugaring NYC and The UPS Store.
San Leandro, Calif. — Colliers Mortgage has secured a $33 million bridge loan to refinance Bayfair Mall in San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions, on behalf of the borrower, B3 & Gaw. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with …
