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ArizonaInvestment salesNewsRetailers

YAM Properties Buys 238,275-Square-Foot Pima Crossing Shopping Center in Scottsdale for $51.5 Million

by Alex Tostado

Scottsdale, Ariz. — YAM Properties has purchased Pima Crossing, a retail destination at the northwest corner of Shea Boulevard and Pima Road in Scottsdale. An entity formed by Los Angeles-based Karlin Real Estate sold the asset for $51.5 million. Originally developed in 1993, Pima Crossing features 238,275 square feet of retail space. A national golf retailer anchors the property along with several other national and regional tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

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Investment salesNewsRetailersTexas

Coldwell Banker Brokers Sale of 172,000-Square-Foot Main Place Retail Center in McAllen, Texas

by Alex Tostado

McAllen, Texas — Coldwell Banker Commercial has brokered the sale of Main Place Shopping Center, a 172,000-square-foot retail power center located in the Rio Grande Valley city of McAllen. Main Place Indoor Market anchors the property, which was built on 20 acres in 1988. Daniel Galvan and Julissa Trevino of Coldwell Banker represented the buyer, locally based firm Big Sky Real Estate Investments LLC, in the transaction. The center was 84 percent leased at the time of sale.

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CaliforniaInvestment salesNewsRetailers

Regency Centers Sells South Bay Village Shopping Center Near Los Angeles for $39.7 Million

by Alex Tostado

Torrance, Calif. — Regency Centers has completed the disposition of South Bay Village, a shopping center located at 19330 Hawthorne Blvd. in Torrance. Charing Cross acquired the property for $39.7 million. Built in 1971 and renovated in 2012, South Bay Village features 107,539 square feet of retail space. Current tenants include Home Goods, Walmart Neighborhood Market, Orchard Supply Hardware, Marshalls and El Pollo Loco. Bill Bauman and Kyle Miller of Newmark, along with Luke Palmo of Westmac Commercial Brokerage Co., represented the seller and buyer in the transaction.

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Grocery-anchoredLeasingMassachusettsNewsRetailers

Aldi to Open 21,000-Square-Foot Grocery Store at Dartmouth Mall in Massachusetts

by Alex Tostado

Dartmouth, Mass. — German discount grocer Aldi will open a 21,000-square-foot store at Dartmouth Mall in southeastern Massachusetts in the fourth quarter. Aldi will backfill a space previously occupied by Sears and will join Burlington, Old Navy, H&M and Five Below as some of the largest tenants at the property. Pennsylvania Real Estate Investment Trust (PREIT) owns Dartmouth Mall.

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FloridaInvestment salesNewsRetailers

Tiktin Real Estate Negotiates $4.9 Million Sale of Property Leased to 7-Eleven in Metro Orlando

by Alex Tostado

Winter Garden, Fla. — Tiktin Real Estate Investment Services (TREIS) has negotiated the $4.9 million sale of a 4,794-square-foot building leased to 7-Eleven in Winter Garden. The freestanding building is located at 4200 Winter Garden Vineland Road, 16 miles west of downtown Orlando. A Mobil gas station on the property was not included in the sale. Stablewood Properties acquired the property from an entity doing business as 600 East LLC. Adam Tiktin, Alejandro Snyder and Michael Williams of TREIS represented both the seller and buyer in the transaction.

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Investment salesMinnesotaNewsRetailers

Upland Real Estate Group Brokers $9.1 Million Sale of Tesla Service Center Near St. Paul

by Alex Tostado

Maplewood, Minn. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.

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FloridaGeorgiaGrocery-anchoredInvestment salesNewsNorth CarolinaRetailers

Slate Grocery REIT to Acquire Five Grocery-Anchored Properties in Three States for $54.3 Million

by Alex Tostado

Toronto — Slate Grocery REIT has entered into an agreement to acquire five grocery-anchored shopping centers in North Carolina, Florida and Georgia for $54.3 million. The five assets comprise 396,471 square feet and were 95 percent leased at the time of sale. The three North Carolina properties are Bells Fork, a 71,666-square-foot center in Greenville anchored by Harris Teeter; Tanglewood Commons, a 78,520-square-foot property in Winston-Salem anchored by Harris Teeter; and Westin Center, a 66,890-square-foot, Food Lion-anchored asset in Fayetteville. The Florida property is Mission Hills, an 85,078-square-foot property in …

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Investment salesNet leaseNewsRetailersTennessee

Palomar Group Arranges $1.8 Million Sale of Starbucks-Occupied Building Near Chattanooga

by Alex Tostado

Signal Mountain, Tenn. — The Palomar Group has arranged the $1.8 million sale of a 2,100-square-foot retail building in Signal Mountain leased to Starbucks. The property is situated as an outparcel to a Food City-anchored shopping center at the intersection of Signal Mountain and Mountain Creek roads, four miles northwest of downtown Chattanooga. Starbucks has 10 years remaining on the double-net lease, which includes four five-year extension options. The Palomar Group represented the seller, an undisclosed private investor based in New York, in the transaction. Chris Schellin of Westwood Net …

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Company newsMichiganNewsRetailers

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Alex Tostado

Warren, Mich. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic.  Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional locations between May …

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DevelopmentMallsNewsRetailersVirginia

Liberty University to Redevelop Portion of Mall Near Campus

by Alex Tostado

Lynchburg, Va. — Liberty University will redevelop the West End of River Ridge, a university-owned mall, less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family-themed community events. Liberty plans to deliver the food hall in late 2021 and the rest of the project …

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