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SRS Negotiates $18.3 Million Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado

Hoover, Ala. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Directs $2.9 Million Sale of Starbucks-Occupied Retail Asset in El Centro

by Alex Tostado

El Centro, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley …

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CaliforniaInvestment salesMallsNewsRetailers

CIM Group Agrees to Acquire Baldwin Hills Crenshaw Plaza Mall in Los Angeles for Over $100M, Plans Office Expansion

by Alex Tostado

Los Angeles — CIM Group has agreed to purchase Baldwin Hills Crenshaw Plaza, an 869,000-square-foot mall in the Crenshaw/Baldwin Hills submarket of Los Angeles. The Los Angeles Times reports the sales price at over $100 million. The seller is Chicago-based Capri Urban Investors, which took control of the property in 2019 from Capri Capital Advisors, the Times also reports. The mall is situated on 40 acres at 3650 W. Martin Luther King Blvd., eight miles west of downtown Los Angeles. The Walmart and Sears stores shuttered prior to the COVID-19 outbreak, leaving over …

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Company newsNew YorkNewsRetailers

Macy’s to Reopen 68 Stores on Monday, as U.S. Economic Reboot Continues

by Alex Tostado

New York City — Macy’s Inc. plans to reopen 68 of its approximately 775 stores Monday, after state and federal mandates forced the retailer to temporarily close its stores during the COVID-19 outbreak. The New York City-based retailer plans to open an additional 50 stores May 11. The department store chain closed all of its stores and furloughed most of its storefront workforce on March 17. The closures also included the company’s subsidiary chains, Bloomingdale’s and Bluemercury, but all three chains have maintained their online services. The newly opened Macy’s …

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ArizonaCompany newsGrocery-anchoredNewsRetailers

Sprouts Farmers Market Expands Grocery Pickup, Delivery Service to 30 Texas Stores

by Alex Tostado

Phoenix — Sprouts Farmers Market has expanded its grocery pickup and delivery platform to 30 of its store in Texas as the Phoenix-based grocer faces heightened demand amid the COVID-19 outbreak. Customers may choose between same-day pickup and ordering several days in advance. Sprouts has partnered with Instacart to roll out its delivery service and plans to have it available at its 340 nationwide stores by early May. Sprouts currently operates about 45 stores in Texas, with two more slated to open in the coming months in Houston and Tyler.

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Investment salesNewsNorth CarolinaRetailers

SRS Arranges $23.9 Million Sale of Hobby Lobby-Anchored Shopping Center Near Charlotte

by Alex Tostado

Matthews, N.C. — SRS investment Properties Group has arranged the $23.9 million sale of Matthews Corner Shopping Center, a 191,664-square-foot property in Matthews. The asset was fully leased at the time of sale to eight tenants, including Hobby Lobby, Marshalls, Academy Sports + Outdoors and Ollie’s Bargain Outlet. Matthews Corner is situated on 19 acres at 2332 Matthews Township Parkway, 12 miles southeast of downtown Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Viking Partners, in the transaction. The buyer, Big V Property Group, was self-represented in …

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Investment salesNew JerseyNewsRetailers

Cushman & Wakefield Brokers $31.5 Million Sale of Shopping Center in Lawnside, New Jersey

by Alex Tostado

Lawnside, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.

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FinanceFloridaGrocery-anchoredNewsRetailers

NorthMarq Arranges $14 Million Refinancing for Village Square Shopping Center Near Miami

by Alex Tostado

Pembroke Pines, Fla. — NorthMarq has arranged a $14 million refinancing for Village Square Shopping Center, an 88,529-square-foot property in Pembroke Pines. The property features a Publix and two outparcels leased to Bank of America and McDonald’s. Village Square is situated at 1601-1697 N. Hiatus Road, 25 miles north of downtown Miami. An undisclosed life insurance company provided the loan, which features one year of interest-only payments followed by a 20-year amortization schedule. Michael Balan of NorthMarq represented the undisclosed borrower in the transaction.

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DevelopmentFinanceNew YorkNewsRetailers

Houlihan-Parnes Arranges $10 Million Construction Loan for Stop & Shop Store in Woodmere, New York

by Alex Tostado

Woodmere, N.Y. — Houlihan-Parnes LLC has arranged a $10 million construction loan for a retail project that will deliver an 80,000-square-foot Stop & Shop grocery store in Woodmere, a city located on the western part of Long Island. An undisclosed national lender provided the loan, which carries a fixed interest rate of 2.78 percent. The grocery store will be constructed in the Five Towns Shopping Center, an approximately 500,000-square-foot retail center located at 253-01 Rockaway Blvd., just east of JFK International Airport. The tenant roster includes Lowe’s Home Center, TJ …

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Investment salesNewsRetailersWisconsin

JLL Brokers Sale of Two-Building Retail Property in Downtown Milwaukee

by Alex Tostado

Milwaukee — JLL Capital Markets has brokered the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee. The sales price was undisclosed. Built in 1916, Downer East is home to Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine & Spirits and Robert Laurence Salon & Spa. Completed in 1912, Downer West features two multifamily units in addition to retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, …

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