Good morning! This is Retail Center List.
→ We are here to serve the owners, brokers, capital providers, tenants, and vendors who specialize in neighborhood and essential retail. We are the #1 source for transaction news, industry data, and active property listings. All in a quick email, twice a week.
Do us a favor and forward this email to your favorite retail center pro. They can sign up here.
Now, let's get to it.
NEWS ROUNDUP
ACQUISITION: Continental Realty buys Morehead City’s Cypress Bay Plaza for $24M. Continental Realty Corporation acquired Cypress Bay Plaza, a 280,000 SF shopping center in Morehead City, North Carolina, for $24 million from U.S. Properties Group Inc. The center is anchored by Belk and Hobby Lobby and also includes Best Buy, Rack Room Shoes and Shore and Decor. CBRE’s Chris Decouflé and Kevin Hurley represented U.S. Properties Group in the off-market transaction. Cypress Bay Plaza was one of 14 shopping centers Continental Realty acquired across seven states, a portfolio that expands the company’s assets under management to nearly $5 billion.
ACQUISITION: DLC Management, Principal Asset Management buy 420K SF Legacy Place in Palm Beach Gardens. DLC Management and Principal Asset Management acquired Legacy Place, a 419,936 SF open-air retail center in Palm Beach Gardens, Florida, from Lone Star Funds. The sale price was not disclosed but was reported to be more than $100 million. The center was 94% leased at the time of sale and features tenants including Total Wine & More, Best Buy, Barnes & Noble, Michaels, Petco, EoS Fitness, Ethan Allen, The Capital Grille and Eddie V’s. Newmark’s Conor Lalor and Eric Williams led the sale assignment for Lone Star, with Adam Spies, Kyle Minter, James Sharpe V and Andrei Larion. Newmark’s Lalor, Jordan Roeschlaub, Nick Scribani, John Caraviello and Dan Axelson arranged acquisition financing from Wells Fargo for the joint venture.
ACQUISITION: InvenTrust Properties buys 3609 South in Charlotte’s Lower South End for $16.6M. InvenTrust Properties acquired 3609 South, a 29,000 SF unanchored neighborhood retail center in Charlotte’s Lower South End, for $16.6 million. Cedar Square was the seller. The property is anchored by Goldie’s and includes Ski Country Sports, Anytime Fitness, Jersey Mike’s and Seoul Poke Bowl. CBRE’s Adam Russ, Erin Varol and Will Register represented Cedar Square in the sale. The acquisition equates to approximately $572 per square foot.
ACQUISITION: 11North Partners buys 284K SF West Town Corners near Orlando for $59.5M. 11North Partners acquired West Town Corners, a 284,497 SF grocery-anchored retail center in Altamonte Springs, Florida, for $59.5 million. Washington Prime Group was the seller, and JLL’s Danny Finkle and Jorge Portela represented the seller. The center is anchored by Winn-Dixie, PetSmart, T.J. Maxx and American Signature Furniture, with additional tenants including Five Below, Panera Bread, Bath & Body Works and Crumbl Cookies. 11North also secured a $37.4 million acquisition loan from Bank of America.
ACQUISITION: Halpern Enterprises acquires 74,224 SF Athens Marketplace in Northern Alabama. Atlanta-based Halpern Enterprises has acquired Athens Marketplace, a 74,224 SF shopping center at 1061 Kelli Drive in Athens, Alabama, in the Huntsville MSA. Built in 2024, the center was 100% leased at the time of sale and is anchored by T.J. Maxx and Ross Dress for Less, with additional tenants including Ulta Beauty, Five Below, Rack Room Shoes, America’s Best Contacts & Eyeglasses, High Cotton Nail Bar and Therapy South. Newmark’s Drew Fleming and Mark Joines represented the private seller. Halpern Acquisitions Manager Scott Jackson led the acquisition for Halpern.
FINANCING: Cronheim arranges $75M Loan for 811,272 SF Orange Plaza in Middletown, New York. Cronheim Mortgage arranged $75 million in financing for Orange Plaza, an 811,272 SF regional power center in Middletown, New York, on behalf of borrower National Realty & Development Corp. The loan was provided by an undisclosed life insurance company and carries a seven-year term with a 30-year amortization schedule. Orange Plaza was 94% occupied at the time of the financing and features major tenants including Walmart, Home Depot, Kohl’s, Burlington, Ross Dress for Less, Marshalls, Staples and Old Navy. Cronheim Mortgage’s Brandon Szwalbenest, Andrew Stewart and Dev Morris arranged the financing.
→ Try our resources for retail center pros: