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NEWS ROUNDUP
ACQUISITION: Greenberg Gibbons and Wilder pay $33M for Raleigh’s Wakefield Commons in first North Carolina buy. Baltimore-based Greenberg Gibbons and Boston-based Wilder acquired Wakefield Commons, a 163,975 SF retail center in Raleigh, North Carolina, for $33 million from Mishorim Gold NC, LP. Located near the intersection of Falls of Neuse Road and Capital Boulevard, the center was approximately 96% leased at closing, according to Marcus & Millichap. Tenants include Marquee Cinemas, Starbucks, Burn Boot Camp, and Galaxy Fun Park, which has occupied the former Kroger space. The joint venture plans to reposition the property through targeted capital improvements, changes to the tenant mix, and enhanced customer experience. Marcus & Millichap’s Andrew Margulies, Harrison Creason and Patrick Barratt, in association with North Carolina broker of record Charles Gallagher, represented the seller and procured the buyer.
DISPOSITION: DLC and Acadia sell 296K SF grocery-anchored Tri-City Plaza in Vernon, Connecticut, for $62.5M. DLC Management and Acadia Realty Trust sold Tri-City Plaza, a 295,817 SF shopping center in Vernon, Connecticut, for $62.5 million to East Coast Acquisitions. The property was 96% leased at the time of sale and is anchored by ShopRite, with TJ Maxx among its tenants. CBRE’s Jeffrey Dunne, David Gavin and Travis Langer represented the sellers and procured the buyer.
ACQUISITION: Cohen & Steers acquires 442,000 SF retail portion of Cedar Park Power Center. Cohen & Steers Income Opportunities REIT acquired the 442,000 SF retail portion of 1890 Ranch, an approximately 850,000 SF power center in Cedar Park, a suburb of Austin, Texas. The acquisition was completed through a joint venture with Sterling Organization, and Endeavor Real Estate Group was the seller. The acquired portion was 99% occupied and shadow-anchored by Target, with tenants including Academy Sports + Outdoors, Crunch Fitness, Burlington, Ross Dress for Less, Hobby Lobby and Ashley Furniture. JLL represented Endeavor in the sale and arranged acquisition financing for Sterling through MetLife Investment Management.
LEASE SIGNED: Belle Hall Shopping Center in Mount Pleasant adds 9,397 SF of tenant leases and expansion. Belle Hall Shopping Center, an open-air retail center in Mount Pleasant, South Carolina, has reported new leasing activity and tenant expansion totaling 9,397 square feet. American Asset Corporation manages the property and lists Patrick Russell as an executive vice president for retail leasing. Individual tenant names, lease sizes, the property’s legal owner and the brokers involved in these specific transactions have not been independently confirmed.
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