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Company newsGrocery-anchoredInvestment salesNew YorkNews

PSP Investments, Nuveen Launch $790 Million Grocery-Anchored Retail Joint Venture

by Abby Cox

Montréal and New York City — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington.    The investment strategy is demographically driven, focusing on open-air shopping …

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ColoradoInvestment salesNews

CentrePoint Properties Negotiates Sale of 52,743-Square-Foot Mixed-Use Property in Metro Denver

by Abby Cox

Wheat Ridge, Colo. — CentrePoint Properties has negotiated the $14.5 million sale of Wilmore Center, a 52,743-square-foot mixed-use property located in Wheat Ridge, approximately five miles west of downtown Denver. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield represented the seller in the transaction. The buyer was HCA HealthONE. Situated on 5 acres at 7615 W. 38th Ave., Wilmore Center comprises two single-story multi-tenant buildings offering mixed-use space and 236 parking spaces. At the time of sale, the property was 84 percent occupied by 15 tenants. The tenant mix includes …

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HawaiiInvestment salesNews

Benderson Expands to Hawaii, Acquires 130,000-Square-Foot Retail Property in Honolulu

by Abby Cox

Honolulu — Benderson Development has entered the Hawaiian market with the purchase of a retail property, currently occupied by The Home Depot, in Honolulu. Terms of the transaction were not released. Located at 421 Alakawa St., the property consists of a 130,000-square-foot building and an adjoining two-story parking structure with more than 600 stalls. Based in Sarasota, Florida, Benderson Development is a privately held, family-owned real estate company with more than 1,000 properties totaling over 58 million square feet across 41 states.

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CaliforniaInvestment salesNews

Pacific Coast Commercial Brokers $3.5 Million Sale of Multi-Tenant Strip Center in Vista, California

by Abby Cox

Vista, Calif. — Pacific Coast Commercial has brokered the $3.5 million sale of a multi-tenant strip center located at 1717 E. Vista Way in Vista, roughly 34 miles north of San Diego. The 30,600-square-foot property is occupied by a mix of local office and retail businesses. Martin Alfaro of Pacific Coast Commercial represented the seller, LB ONE LLC, and buyer, CDH Holdings V LLC, in the deal.

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ConnecticutDevelopmentNew YorkNewsRestaurants

Tropical Smoothie Cafe Signs 40-Unit Deal in New York, Connecticut

by Abby Cox

New York City — Tropical Smoothie Cafe has signed a 40-unit franchise development deal across New York and Connecticut with franchisee Aurify Kingstar. The first location is planned to open in early 2027. With more than 1,750 cafes and an active development pipeline, the brand is on track to open its 1,800th location by the end of 2026.  The 40-unit deal will expand Tropical Smoothie Cafe’s footprint across Albany, Westchester County and the Bronx, as well as western Connecticut. Aurify Kingstar (AKS) is a multi-brand restaurant investment and operating company with …

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ArizonaConnecticutGeorgiaGrocery-anchoredIllinoisInvestment salesMissouriNew JerseyNewsNorth CarolinaSouth CarolinaVirginia

Pine Tree Acquires Sponsor Interest in 10-Property Retail Portfolio Valued at $644 Million

by Abby Cox

Chicago — Chicago-based Pine Tree, a national owner and operator of open-air shopping centers, has acquired a sponsor interest in a 10-property retail portfolio valued at $644 million. The interest was acquired from SITE Centers in partnership with an undisclosed, large international investor. Spanning nine states, the portfolio comprises 3.5 million square feet and features a mix of tenants such as Target, Sam’s Club, Publix, ALDI, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less, among others. The portfolio …

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Rice Lake Square
Grocery-anchoredIllinoisInvestment salesNews

Mid-America Negotiates $52.8 Million Sale of 244,924-Square-Foot Grocery-Anchored Center in Metro Chicago

by Abby Cox

Wheaton, Ill. — Mid-America Real Estate Corp. has negotiated the $52.8 million sale of Rice Lake Square, a 244,924-square-foot neighborhood center located in Wheaton, approximately 25 miles west of downtown Chicago. Pete’s Fresh Market anchors the property, which features a mix of additional tenants such as PetSmart, Massage Envy, Pure Barre, Xfinity, Potbelly, 7Brew and Taco Bell, among others. Rick Drogosz, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Core Acquisitions, in the transaction. The property was acquired by Phillips Edison Co.

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Canyon Ridge Plaza
Investment salesNewsWashington

Kimco Realty Acquires Canyon Ridge Plaza in Metro Seattle for $19 Million

by Abby Cox

Kent, Wash. — Kimco Realty has acquired Canyon Ridge Plaza, an 86,909-square-foot multi-tenant retail center in Kent, roughly 16 miles south of Seattle, for $19 million. Sean Tufts, Kevin Adatto, Joe Dugoni and Jack Hallberg of Northmarq brokered the transaction. Built at the intersection of 104th Ave. Southeast and Southeast 260th Street, Canyon Ridge Plaza is shadow-anchored by a corporate-owned Target, with a tenant roster that includes Ross Dress for Less, Old Navy, Petco, Bath & Body Works and Verizon Wireless. The property was 94 percent leased at the time of sale. …

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FinanceNew JerseyNews

JLL Arranges $14.1 Million Financing for Springfield Plaza Retail Center in Northern New Jersey

by Abby Cox

Springfield, N.J. — JLL Capital Markets has arranged $14.1 million in financing for the acquisition of Springfield Plaza, a 72,120-square-foot retail center located in Springfield, about 20 miles west of New York City. Max Custer, Gerard Quinn and Matthew McManus of JLL arranged the fixed-rate loan through a regional bank on behalf of the borrower, Adoni Property Group. Developed in 1980, Springfield Plaza was 97 percent leased at the time of sale to 17 national and regional tenants across food-and-beverage, education, government services, recreation and specialty retail uses. The 7-acre property …

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Strong Station
AlabamaGrocery-anchoredInvestment salesNews

Northmarq Arranges $20 Million in Refinancing for Two Grocery-Anchored Retail Centers in Alabama

by Abby Cox

Madison and Hoover, Ala. — Northmarq has arranged a $20.1 million loan to refinance two retail centers in Alabama totaling 133,939 square feet: Strong Station in Madison and The Crossings at Hoover in Hoover. Randy Wolfe and Josh Darby of Northmarq arranged the floating-rate loan through a regional bank on behalf of the borrower, Livingston Properties. The first property, Strong Station, totals 95,940 square feet and is anchored by Sprouts Farmers Market. Other tenants at the center include Hobby Lobby and Another Broken Egg Café. Built in 2015, The Crossings at Hoover was …

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