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M-K-T Heights
Investment salesMixed-useNewsTexas

MetroNational Acquires M-K-T Heights Mixed-Use Development in Houston

by Abby Cox

Houston — MetroNational has acquired M-K-T Heights, a 218,000-square-foot mixed-use adaptive reuse development in Houston’s Heights neighborhood. MetroNational has entered into a joint venture with the original developers, Radom Capital and Triten Real Estate Partners, who will remain active in the development’s operations, leasing and management. M-K-T Heights has converted five 1970s warehouse buildings into a mixed-use destination that now includes 100,000 square feet of retail and dining; 100,000 square feet of office space; and a 2,000-square-foot boardwalk for pedestrians that connects the property directly to the Heights Hike-and-Bike Trail. Tenants …

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Tri-Cities Shopping Plaza
FloridaInvestment salesNews

IPA Brokers $12.4 Million Sale of 71,172-Square-Foot Shopping Center in Suburban Orlando

by Abby Cox

Mount Dora, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.4 million sale of Tri-Cities Shopping Plaza, a 71,172-square-foot shopping center located in Mount Dora, roughly 30 miles northwest of downtown Orlando. Kirk Olson and Drew Kristol of IPA represented the seller, Davie, Florida-based Ross Realty Investments, and procured the buyer, a Florida-based investor. T.J. Maxx, Ross Dress for Less and Dollar Tree anchor Tri-Cities Shopping Plaza, which was fully leased at the time of sale. Additional tenants include VIPcare Mount Dora, Victoria’s …

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shops_civic_center_aerial2
ArizonaInvestment salesNews

Surmount Arranges $10.8 Million Sale of 25,690-Square-Foot Neighborhood Center in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — New York City-based Surmount has arranged the $10.8 million sale of The Shops at Civic Center, a 25,690-square-foot neighborhood center located in Gilbert, a suburb of Phoenix. Constructed in 2005, The Shops at Civic Center is situated within the 180-acre Gilbert Town Center development. Tenants at the property, which was 95 percent leased at the time of sale, include Zipps Sports Grill, One Stop Nutrition and Lifetime Family Dental. Ross Sanzari of Surmount served as the listing agent and represented the seller, a private investor, in the transaction. …

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Valvoline-Montgomery
AlabamaInvestment salesNews

Marcus & Millichap Brokers Sale of Single-Tenant Retail Property in Montgomery, Alabama

by Abby Cox

Montgomery, Ala. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a single-tenant retail property in Montgomery. Instant oil change provider Valvoline occupies the building on a 15-year, triple-net ground lease that features 10 percent rent increases in the initial term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, a preferred developer for Valvoline, in the transaction. “This transaction demonstrates the demand for investment-grade credit tenants on long-term leases with attractive rent increases,” says McMinn. “We represented the seller, and …

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Shops at Stonefield
FinanceGrocery-anchoredNewsVirginia

JLL Secures $74.5 Million in Refinancing for Grocery-Anchored Shopping Center in Central Virginia

by Abby Cox

Charlottesville, Va. — JLL Capital Markets has secured a $74.5 million loan to refinance the Shops at Stonefield, a 267,294-square-foot shopping center located in the Central Virginia city of Charlottesville, about 70 miles northwest of Richmond. Brian Gaswirth, Evan Parker, Gus Caiola and Jude Carlon of JLL arranged the three-year loan through FS Credit Real Estate Income Trust on behalf of the borrower, O’Connor Capital Partners. Shops at Stonefield is anchored by Trader Joe’s and includes a mix of additional tenants such as L.L. Bean, lululemon, Sephora and a 14-screen …

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Chesterfield-Commons
FinanceMissouriNews

Gantry Arranges $22 Million in Refinancing for Chesterfield Commons in Metro St. Louis  

by Abby Cox

Chesterfield, Mo. — Gantry has arranged a $22 million permanent loan to refinance maturing debt for Chesterfield Commons, a 750,000-square-foot power center located in Chesterfield, approximately 22 miles west of St. Louis. Joe Monteleone and Rulin Dai of Gantry secured the five-year, fixed-rate, nonrecourse loan through one of Gantry’s correspondent insurance company lenders on behalf of the borrower, a private real estate investor. Gantry will service the loan. Chesterfield Commons is anchored by Walmart, Sam’s Club, Best Buy and Ross. The center features a mix of 40 additional tenants, including …

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biggs-park-mall-redevelopment
NewsNorth Carolina

Carolina Commercial Invests $18 Million to Renovate Biggs Park Mall in Southeastern North Carolina

by Abby Cox

Lumberton, N.C. — Carolina Commercial has broken ground on an $18 million renovation of Biggs Park Mall, a 250,000-square-foot shopping center located in Lumberton, roughly 32 miles south of Fayetteville. In addition to leading the redevelopment, the firm will oversee leasing, asset management and all future daily operations for the property. The redevelopment includes a curated tenant mix and physical upgrades. New retail tenants include T.J. Maxx, Burlington and Five Below, along with several new restaurants. Carolina Commercial is also negotiating new lease extensions with existing retailers Shoe Show, Tomlinson’s, Bath …

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DevelopmentMissouriNews

SimonCRE Purchases 28 Acres to Develop 316,000-Square-Foot Farmington Crossings Retail Center in Southeast Missouri

by Abby Cox

Farmington, Mo. — SimonCRE has purchased roughly 28 acres of land to develop Farmington Crossings, a 316,064-square-foot open-air center located in Farmington, approximately 75 miles southwest of St. Louis. Situated at the gateway to St. Joe State Park, Farmington Crossings will include a 129,000-square-foot national big box retailer, which will be disclosed at a later date, as well as a 55,000-square-foot Academy Sports store. The developer has also secured a lease with Burlington, which is set to join a range of national soft goods retailers ranging in size from 22,000 …

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The-Shops-Park-Algodon-Phoenix-AZ
ArizonaDevelopmentMixed-useNews

Creation Completes Construction of $250 Million Park Algodon Mixed-Use Development in Phoenix

by Abby Cox

Phoenix — Locally based Creation has completed construction for Park Algodon, an industrial and mixed-use development at the northwest corner of Loop 101 and Indian School Road in Phoenix. Spanning 86 acres, Park Algodon includes 1.3 million square feet of Class A industrial space and an adjacent 7-acre mixed-use destination with retail and restaurant space. The first phase of the industrial portion of Park Algodon was developed in partnership with Clarion Partners. The two-phase speculative industrial project includes four buildings, totaling 725,000 square feet, designed to accommodate tenants ranging from …

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Spruce-Creek-Shoppes_Summerfield
FloridaInvestment salesNews

Colliers Brokers $13.5 Million Sale of Central Florida Retail Center Near The Villages

by Abby Cox

Summerfield, Fla. — Colliers has brokered the $13.5 million sale of Spruce Creek Shoppes, a 42,203-square-foot shopping center located at 17860 S.E. 109th Ave. in Summerfield. The retail center sits within the trade area of The Villages, a master-planned community in Central Florida often cited as the No. 1 retirement destination in America. Tommy Isola, Harry Blyden and Billy Weiser of Colliers represented the seller, an entity doing business as Spruce Creek Holdings, in the transaction. About 80 percent of Spruce Creek Shoppes’ tenancy are restaurant, medical and service-oriented retailers, …

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