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JLL Negotiates $62.7 Million Sale of Shopping Center, Developable Land in Metro Tampa

by Alex Tostado

Wesley Chapel, Fla. — JLL has negotiated the $62.7 million sale of Grove at Wesley Chapel, a 471,279-square-foot shopping center that also includes 114 acres of developable land in Wesley Chapel. At the time of sale, tenants included Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatres. The property is located 23 miles north of downtown Tampa on 203.3 acres at the interchange of Interstate 75 and Wesley Chapel Road. …

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Grocery-anchoredInvestment salesMarylandNewsRetailers

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Bethesda for $52.3 Million

by Alex Tostado

Bethesda, Md. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Bethesda. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in …

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DevelopmentFloridaGrocery-anchoredNewsRetailers

GBT Realty to Develop Sprouts Farmers Market in Southwest Florida

by Alex Tostado

Estero, Fla. — GBT Realty Corp. has signed a 10-year lease with Sprouts Farmers Market and will develop a 30,000-square-foot store at Estero Grande in Estero. The Phoenix-based grocery chain is expected to move into the space in spring 2020. Estero Grande is a mixed-use development that sits on 30 acres, offering 200 multifamily units and an 8,700-square-foot retail building with tenants such as Starbucks Coffee, Verizon, Woof Gang Bakery, Noire Nail Spa and Zoom Tan. Additionally, a Texas Roadhouse is expected to open this month.

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Investment salesNewsRetailersTexas

Disney Investment Group Brokers Sale of 129,941-Square-Foot Retail Power Center in Temple, Texas

by Alex Tostado

Temple, Texas — Dallas-based Disney Investment Group (DIG) has brokered the sale of Bird Creek Crossing, a 129,941-square-foot retail power center located in the Central Texas city of Temple. Built in 2007 and shadow-anchored by Target and Home Depot, the property was 98 percent leased at the time of sale to tenants such as Best Buy, Michaels, PetSmart and SPEC’s Wine & Spirits. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the private 1031 exchange buyer.

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FloridaInvestment salesNewsRetailers

JLL Arranges $13.5 Million Sale of Three Adjacent Retail Outparcels in Orlando

by Alex Tostado

Orlando, Fla. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties and JP Morgan Asset Management, in the transaction. Orion Real Estate Group purchased the …

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DevelopmentFinanceNew JerseyNewsRetailers

Cushman & Wakefield Arranges $72.5 Million Construction Loan for Retail Redevelopment in Roxbury, New Jersey

by Alex Tostado

Roxbury, N.J. — Cushman & Wakefield has arranged a $72.5 million construction loan for the redevelopment of The Shops at Ledgewood Commons, a retail center in Roxbury, located about 40 miles west of New York City. Santander Bank provided the loan, exact terms of which were undisclosed. The borrower, Advance Realty Advisors, plans to reposition the former enclosed mall into an open-air retail center. John Alascio, Sridhar Vankayala, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield arranged the loan.

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DevelopmentNewsRetailersTexas

Weitzman to Renovate Target-Anchored Shopping Center in Irving

by Alex Tostado

Irving, Texas — Weitzman will renovate Irving Towne Center, a 240,000-square-foot retail center located at the intersection of State Highway 183 and North Belt Line Road in Irving. Originally built in 1986 and anchored by Target, the center houses tenants such as Tuesday Morning, On The Border and Anytime Fitness. Hodges & Associates is the architect for the renovation project, which is expected to begin in late 2019 or early 2020 and to be complete by the end of 2020.

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Grocery-anchoredInvestment salesNewsPennsylvaniaRetailers

JLL Brokers Sale of 70,378-Square-Foot Grocery-Anchored Retail Center in Bensalem, Pennsylvania

by Alex Tostado

Bensalem, Pa. — JLL has arranged the sale of Bensalem Square, a 70,378-square-foot retail center in Bensalem, a northeastern suburb of Philadelphia. Redner’s Markets grocery store anchors the property. The center also houses tenants in the restaurant, service and medical sectors. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Brixmor Property Group, in the transaction. LS Property Investment was the buyer.

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Investment salesNevadaNewsRetailers

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4 Million

by Alex Tostado

Reno, Nev. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name …

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Investment salesNewsNorth CarolinaRetailers

Marcus & Millichap Negotiates $2.3 Million Sale of New Store Leased to Dollar General Near Wilmington, North Carolina

by Alex Tostado

Southport, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.

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