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NEWS ROUNDUP
ACQUISITION: The Village at Allen changes hands in largest Texas power center sale in two decades. Sterling Organization acquired The Village at Allen in Allen, Texas, from an affiliate of DLC Management Corp. and American Realty Advisors, in a transaction arranged by JLL Capital Markets. JLL said the transaction marked the largest sale of a power center in Texas in more than 20 years. The property spans 109.53 acres and comprises 851,457 SF of gross leasable area; it was 89% leased at the time of sale. JLL represented the seller with a team led by Senior Managing Directors Chris Gerard and Barry Brown and Director Erin Lazarus. The property also includes a 206,012-square-foot open-air lifestyle component, nine single-tenant outparcels and more than eight acres of undeveloped land.
ACQUISITION: CBRE negotiates $21.4M sale of ShopRite-Anchored Wallingford Fair Shopping Center in Connecticut. CBRE negotiated the $21.4 million sale of Wallingford Fair Shopping Center in Wallingford, Connecticut. United Hampshire US REIT acquired the 115,223 SF property from Feldco Development Corp. The grocery-anchored center is located at 846 North Colony Road and is anchored by ShopRite, with Petco and Wallingford Fair Self-Storage among its other tenants. Nat Heald, Jordana Roet, Connor Scott and Kyle Juszczyszyn of CBRE represented the seller and procured the buyer.
ACQUISITION: Roadside Development acquires the Galleria at Mt. Lebanon in Pittsburgh. The building features a 168,000 SF shopping center located in the Mt. Lebanon neighborhood of Pittsburgh. The two-story property is anchored by tenants including Anthropologie, Pottery Barn, Williams-Sonoma and AMC Theatres, along with restaurants such as The Yard Gastropub, Houlihan’s, Mitchell’s Fish Market, Panera Bread and Starbucks. Claudia Steeb of JLL represented the seller, while Jason Cannon and Hollis Hames of CBRE represented Roadside Development in the transaction.
ACQUISITION: Phillips Edison & Co. buys suburban Minneapolis grocery-anchored center for $27.7M. Phillips Edison & Co. has acquired Prairieview Center, a 113,601 SF shopping center in Eden Prairie, Minnesota, for $27.7 million. The property is anchored by Lunds & Byerlys and was fully leased at the time of sale. Additional tenants include Starbucks, Culver’s, and Chase Bank. United Properties was the seller. Evan Halkias, David Matheis and Zander Fried of Cushman & Wakefield represented United Properties in the transaction.
ACQUISITION: Publix-Anchored Shoppes at Cypress Bay in Palm Bay trades for $19.2M. The Shoppes at Cypress Bay, a newly constructed, 60,287 SF Publix-anchored shopping center in Palm Bay, Florida got sold for $19.2 million. The property, located at 9179 Babcock St. SE, includes a 48,387 SF Publix and additional retail space. Berkeley Capital Advisors represented the seller in the transaction, with Alex McDonald handling the sale.
DISPOSITION: Saks Global sells Scarsdale Retail Center to Sagehall for $80M. Saks Global has sold 750 White Plains Road, a 200,473 SF mixed-use retail and medical property in Eastchester/Scarsdale, New York, to Sagehall for $80 million. The property was 64% leased at the time of sale, with in-place tenants including White Plains Hospital, Equinox, Cava, Tatte Bakery, Pottery Barn Kids and Williams Sonoma. The former Lord & Taylor space is being repositioned for multi-tenant retail and medical uses. CBRE’s Jeffrey Dunne, David Gavin and Travis Langer represented Saks Global and procured the buyer. Sagehall was founded in 2020 by Sush Torgalkar and Lanhee Yung.
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