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NEWS ROUNDUP
DEVELOPMENT: Grocery-Anchored Alder Creek Marketplace in Folsom hits 90 percent pre-leased ahead of 2027 opening. Hunter Partners’ Alder Creek Marketplace, a 95,000 SF grocery-anchored retail center in Folsom Ranch, Folsom, California, is 90 percent pre-leased more than a year ahead of its planned fall 2027 opening. Safeway will anchor the center with a 55,000 SF grocery store and fuel station. Recent leases include 4,500 square feet for Bank of Montreal (BMO) and 3,300 square feet for Pacific Dental Services. Matt Spear of CBRE represented BMO, while Matt Goldstein of Gallelli Real Estate represented Pacific Dental Services. Andrea Sessions of the Edwards Company negotiated all leases on behalf of Hunter Partners. Other signed tenants include MOD Pizza, Chipotle, Jersey Mike’s, Paris Baguette, Nail Chateau II, Jet Set Pilates, Next Health and SAFE Credit Union.
ACQUISITION: CenterSquare acquires four retail centers including Phoenix’s Deer Valley Shoppes. Conshohocken, Pennsylvania-based CenterSquare Investment Management has acquired a four-center retail portfolio spanning more than 162,000 square feet across four states. The properties are Trade Court Shoppes Add-On, a 14,721 SF center in Charlotte, North Carolina; Deer Valley Shoppes, a 17,043 SF retail center in Phoenix; Lake Mead Gateway Plaza, a 19,671 SF center in Henderson, Nevada; and The Shops at Foothills Mall, a 111,220 SF retail center in Fort Collins, Colorado. The portfolio was 93 percent occupied at the time of sale. CenterSquare’s announcement identifies the acquisitions as additions to its Essential Service Retail Portfolio.
ACQUISITION: Phillips Edison buys 29,986 SF Firethorne Plaza in Katy, Texas. Phillips Edison & Company has acquired Firethorne Plaza, a 29,986 SF retail strip center at the entrance to the Firethorne master-planned community in Katy, a western suburb of Houston. The center was 100 percent leased to 14 tenants at the time of sale, including Edward Jones, Pizza Hut, Tide Cleaners and Eye Level Learning. Ryan West and John Indelli of JLL Capital Markets represented the undisclosed seller. The acquisition adds to Phillips Edison’s recent buying activity, following its late-April acquisition of Prairieview Center, a grocery-anchored shopping center in suburban Minneapolis, for $27.7 million.
DEVELOPMENT: MMG Equity Partners plans 35,810 SF retail center at Kendall Town Center in South Florida. MMG Equity Partners, a Pinecrest, Florida-based real estate investment and development firm founded by the owners of the Navarro Discount Pharmacy chain, plans to develop The Shops at Kendall Town Center, a 35,810 SF retail and restaurant center in West Kendall, Miami-Dade County. The project will occupy a 5.1-acre site at the intersection of North Kendall Drive (SW 88th Street) and SW 158th Avenue within the larger Kendall Town Center development. MMG partners Marcos Puente and Gabriel Navarro lead the firm. Plans call for an additional 4,321 square feet of outdoor terrace space, with approximately half the retail space intended for restaurant tenants. MMG is under contract to acquire the site from KTC SW 88th St LLC, with closing expected by late 2026 and construction anticipated to begin in early 2027. Raising Cane’s, Chase Bank, and El Car Wash have signed for separate outparcel sites within the broader development. Ed Schmidt and Robert Eckstein of NAI Miami/Fort Lauderdale are handling leasing.
FINANCING: PSRS arranges $24M refinancing for San Diego retail building. Pacific Southwest Realty Services (PSRS) has arranged $24 million in refinancing for a 54,650 SF retail building at 701 Fifth Avenue in San Diego’s historic Gaslamp Quarter. Tony Messiah of PSRS arranged the financing through one of the firm’s correspondent life insurance company lenders. The loan carries a five-year term and a 25-year amortization schedule. The borrower, specific lender, and property tenants were not identified in the published reports.
ACQUISITION: Newman Commercial buys a 7,100 SF retail strip center in The Woodlands, Texas. Newman Commercial Real Estate has acquired Grogan’s Forest Center, an approximately 7,100 SF neighborhood retail center at 25114 Grogan’s Mill Road in The Woodlands, about 30 miles north of Houston. The center is occupied by Komeya Sushi & Ramen, Great Clips, Prime Dental Care USA, and Feng Cha. The acquisition was an off-market transaction.
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