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Bain Capital, 11North Acquire Five Open-Air Retail Centers Across Four States for $300 Million

by Abby Cox

California, Virginia, Florida and Texas — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, California; Falls Church, Virginia; Altamonte Springs, Florida; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time …

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CaliforniaInvestment salesMixed-useNews

Bridgeton Sells Retail, Office Component of Museum Parc in San Francisco for $19.3 Million

by Abby Cox

San Francisco — Bridgeton has sold the 36,000-square-foot retail and office component of Museum Parc, a mixed-use property located in San Francisco’s SoMa neighborhood. Built in 1989, Museum Parc features 234 luxury condominiums with ground-floor retail and office space. Tenants at the property, which was fully leased at the time of sale, include Crunch Fitness, El Dorado Latin Fusion, Aquabyte and TowerWAV. Eric Kathrein, Andrew Spangenberg and Allie Repaskey of JLL represented the seller in the transaction. DPI Retail was the buyer.

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CaliforniaInvestment salesNews

SRS Real Estate Negotiates $4.4 Million Sale of Single-Tenant Restaurant Property in Southern California

by Abby Cox

Palmdale, Calif. — SRS Real Estate has negotiated the $4.4 million sale of a single-tenant restaurant property located in the Southern California city of Palmdale. Chipotle will occupy the 2,325-square-foot building on a 15-year absolute triple-net corporate guaranteed lease. The newly constructed property is expected to open on June 4. Calvin Short and Jeff Christian of First Street Inc. represented the seller, Phoenix-based First Street Development, in the transaction. The buyer was a Los Angeles-based private 1031 exchange investor.

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Investment salesNewsTexas

Marcus & Millichap Brokers Sale of 17,107-Square-Foot Long Prairie Plaza in Metro Fort Worth, Texas

by Abby Cox

Flower Mound, Texas — Marcus & Millichap has brokered the sale of Long Prairie Plaza, a 17,107-square-foot retail center located in Flower Mound, roughly 25 miles northeast of Fort Worth. The center comprises two adjacent multi-tenant buildings constructed in 2022. Tenants at the property, which was fully leased at the time of sale, include Active Dental, TeaCupfuls, Fiore Nail Bar, Cold Stone Creamery, JDX Blinds, Zelene Head Spa, Degree Wellness and Donatos Pizza. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, a Florida-based private capital investor, in the …

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LeasingNewsTexas

Whitestone Signs Leases with Three New Tenants at Shops at Starwood in Frisco, Texas

by Abby Cox

Frisco, Texas — Whitestone REIT has signed leases with three new tenants at the Shops at Starwood, a 90,667-square-foot retail center located near the Dallas Cowboys headquarters in Frisco. Stackz Smashburgers & Cocktails will open by the end of spring, while 33 Peaks Café and Mr. Winston’s Barbershop will debut this summer. The new tenants total nearly 6,000 square feet. Additional retailers and restaurants at the Shops at Starwood include Chip City Cookies, TruFire Kitchen + Bar, Bottled in Bond Cocktail Parlour & Kitchen, Tupy’s Mexican Restaurant, J. Theodore’s, Paper Affair …

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ArizonaColoradoInvestment salesNevadaNewsNorth Carolina

CenterSquare Acquires Four Centers

by Abby Cox

Conshohocken, Pa. — Conshohocken, Pennsylvania-based CenterSquare Investment Management has acquired four shopping centers in four states. The portfolio includes Trade Court Shoppes Add-On, a fully leased, 14,721-square-foot retail center in Charlotte, North Carolina; Deer Valley Shoppes, a 17,000-square-foot retail strip center in Phoenix; Lake Mead Gateway Plaza, a fully leased, 19,671-square-foot shopping center in Henderson, Nevada; and The Shops at Foothills Mall, a 111,220-square-foot retail center in Fort Collins, Colorado. Together, the shopping centers span more than 162,000 square feet and were 93 percent occupied at the time of sale.

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Investment salesNewsTexas

JLL Negotiates Sale of 353,000-Square-Foot Lifestyle Center in San Antonio

by Abby Cox

San Antonio — JLL Capital Markets has negotiated the sale of The Legacy, a 353,000-square-foot lifestyle center located in San Antonio. Barry Brown, Whitney Snell and Shea Petrick of JLL represented the seller, Santikos Real Estate Services. Rio Capital, in partnership with Triangle Capital Group, purchased the property. Built in 2006 on 32.2 acres, The Legacy features a mix of tenants such as Main Event Entertainment, Best Buy, Spec’s, Paul Mitchell and Buffalo Wild Wings. Along with ground-floor retail, the property includes second floor office space and five pad sites.

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Investment salesNewsNorth Carolina

Marcus & Millichap Brokers $2.9 Million Sale of Glenwood Retail Center in Raleigh, North Carolina

by Abby Cox

Raleigh, N.C. — Marcus & Millichap has brokered the $2.9 million sale of Glenwood Retail Center, a 10,000-square-foot retail property located in Raleigh. The three-tenant center was built in 1997 and was fully occupied at the time of sale by tenants including Apotheca, Stylist Studios and Kingdom Life Church International. Patrick Barratt, Andrew Margulies and Harrison Creason of Marcus & Millichap marketed the property on behalf of the Raleigh-based seller and procured the buyer, a Raleigh-based private partnership.

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ArizonaLeasingMixed-useNews

Mill Creek Residential Signs Leases with Seven New Tenants at Modera Higley Commons in Gilbert, Arizona

by Abby Cox

Gilbert, Ariz. — Mill Creek Residential has signed seven new leases totaling 16,650 square feet at Modera Higley Commons, a mixed-use apartment community located in Gilbert, a suburb of Phoenix. Tenants will include The Mick Brasserie, California Closets, Pvolve, Zara Nail Bar, Playa Bowls, Bodybar Pilates and GoodVets. Roughly 85 percent of the retail space is now occupied. Modera Higley Commons features 19,602 square feet of ground-floor retail space, along with 276 apartments.

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CaliforniaInvestment salesNews

Faris Lee Investments Arranges $10.6 Million Sale of Three Convenience Stores

by Abby Cox

Irvine, Calif. — Irvine, California-based Faris Lee Investments has arranged the $10.6 million sale of three convenience stores in three separate transactions. Scott DeYoung, Jeff Conover, Greg Lukosky and Hunter Steffien of Faris Lee Investments represented the sellers, private family offices based in South Carolina, Atlanta and Dallas. The transactions included the sale of two newly constructed Murphy USA locations in Miami and Cordele, Georgia, along with a newly constructed Circle K located in Henderson, Nevada.

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