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NEWS ROUNDUP
ACQUISITION: JLL brokers $31.5M sale of grocery-anchored El Cajon neighborhood center. A Texas-based family office acquired The Shops at Parkway Plaza, a 122,484 SF grocery-anchored retail center at 149 Fletcher Parkway in El Cajon, California, for $31.5 million, or approximately $257 per square foot. The seller was a private owner whose identity was not disclosed. The center’s tenants include Aldi, Best Buy, HomeGoods, Texas Roadhouse and Applebee’s Grill + Bar. Daniel Tyner, Geoff Tranchina and Gleb Lvovich of JLL Capital Markets represented the seller in the transaction. The property is adjacent to Parkway Plaza Mall in eastern San Diego County.
ACQUISITION: The Rainier Companies sells 332K SF Newport Pavilion power center in Northern Kentucky. The Rainier Companies sold Newport Pavilion, a 332,309 SF power center on approximately 55 acres in Newport, Kentucky, across the Ohio River from Cincinnati. The center was fully leased at the time of sale and is co-anchored by Kroger and Target. Other major tenants include Dick’s Sporting Goods, T.J. Maxx, Michaels, Ulta Beauty, PetSmart and Chipotle Mexican Grill. The property, originally developed in 2008, benefits from a long-term payment-in-lieu-of-taxes agreement through 2037. Conor Lalor, Kyle Minter, Keely Polczynski, James Sharpe V and Brian Schneiderman of Newmark represented the seller in the transaction.
PEOPLE: Colliers hires Michael and Brian Hirschfeld for New York retail team. Colliers has hired father-and-son retail brokerage team Michael Hirschfeld and Brian Hirschfeld for its New York City retail services group. Michael joins as vice chair, specializing in premium and luxury retail leasing, while Brian joins as senior vice president, focusing on retail brokerage and national expansion strategies. Both previously worked at JLL. The hires expand Colliers’ retail capabilities in New York.
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