Southeast: Blackstone Real Estate Income Trust will buy Preferred Apartment Communities for $5.8 billion, adding 54 grocery-anchored shopping centers in the Southeast and Texas to Blackstone’s 545 U.S. shopping centers. The deal also will add 42 apartment properties to Blackstone’s portfolio at a time when residential prices are rising and more investors are funding development. BREIT also agreed last year to buy single-family rental operator Home Partners of America for $6 billion last year.

U.S. and Canada: Ares Management Corp. acquired 250 net lease car dealerships for $3.8 billion from a Brookfield private real estate fund. The acquisition of Capital Automotive, which conducted sale-leasebacks for automotive dealers acquiring new locations and upgrading facilities, had the properties under long-term, triple-net leases.

Boston: Realty Income will expand its universe of net lease investments beyond retail, industrial and office with its first gaming property. The REIT will buy Encore Boston Harbor resort and casino for $1.7 billion under a 30-year net lease with Wynn Resorts. The property comprises more than 3.1 million square feet housing slot machines, gaming tables, poker tables, food-and-beverage, meeting space and 671 luxury hotel rooms and suites. Realty income expects the sale-leaseback to be executed at a 5.9% initial cap rate.

New York City: American Finance Trust closed on a $547 million acquisition of 44 open-air shopping centers and upon closing changed its name to The Necessity Retail REIT. The properties form the first tranche of acquisitions from the firm’s definitive agreement to acquire 81 retail properties from CIM Real Estate Finance Trust for $1.3 billion.

Denver: A new Sprouts Farmers Market in the Green Valley Ranch area traded in a 1031 exchange. Evergreen developed the 23,300-square-foot supermarket as a build-to-suit for Sprouts, which anchors a new shopping center. Rustic Partners LLC purchased the property as it exited a multifamily investment. Marcus & Millichap Institutional Property Advisors represented the seller.

Lawrenceville, Georgia: DLC Management, represented by RealSource Group and ParaSell, sold a new net lease building in Lawrenceville Town Center for $9.35 million, representing a cap rate of 6.3%. The buyer of the 34,000-square-foot property, occupied by LA Fitness, is a Dallas-based owner experienced with LA Fitness properties. “The buyer liked the Kroger-anchored shopping center location, especially since that Kroger was the only grocer in the immediate trade area,” said RealSource senior vice president of investment sales Austin Blodgett. “There is also no major full-service health club within a three-mile radius.”

Kansas City, Kansas: Lincoln Property Co. Retail acquired a freestanding building in the parking lot of the 850,000-square-foot Plaza at the Speedway. The 7,575-square-foot property has a long-term, triple-net lease with Red Lobster. Block & Co. represented the sellers.

St. Cloud, Minnesota: Told Development Co. sold a single-tenant property ground-leased to Raising Cane’s Chicken Fingers for $3.5 million. Built in 2021, the 3,493-square-foot building sits on 1.1 acres on Division Street, the city’s primary commercial corridor. The restaurant operates on a long-term, absolute triple-net, corporate-guaranteed lease. Pacific Commercial Investments represented the San Jose, California-based buyer, Caravella Properties, which is experienced with Raising Cane’s properties. CBRE and Hanley Investment Group represented the seller.

Long Beach, California: The private owner of the Marina Pacifica shopping center on the Pacific Coast Highway at the border of Los Angeles and Orange counties landed a $33.3 million refinancing loan. The 20 acres encompass 296,958 feet in nine buildings. Anchors include Ralphs supermarket, Nordstrom Rack, Barnes & Noble, AMC Theaters, LA Fitness and Howard’s appliances. 3650 REIT funded the seven-year loan, which features a fixed rate and potential extensions. Gantry’s George Mitsanas helped arrange the loan.

Big Bear Lake, California: The 24,806-square-foot Village Mall, pictured at top, sold for $3.9 million in cash. The fully occupied center sits in a Southern California mountain destination that draws nearly 100,000 daily visitors during peak seasons. Progressive Real Estate Partners represented the seller, a private investor based in the Inland Empire. Pinnacle Real Estate Group represented the buyer, a private investor based in California’s San Gabriel Valley. The 13 tenants include specialty independent boutiques, a sandwich shop, a fitness facility, a beauty salon and a music store.

Indian Land, South Carolina: Developer Hutton, represented by JLL Capital Markets, sold Promenade at Carolina Reserve in this suburb of Charlotte to Bandera Ventures. The fully leased, 255,868-square-foot center was completed in 2018, and anchors include Burlington, Hobby Lobby, HomeGoods, Petco, Ross Dress for Less, T.J.Maxx and Ulta Beauty. Five outparcels totaling 22,410 square feet are occupied by Heartland Dental, The Habit Burger Grill, Taco Bell, Chili’s and Mavis Discount Tire.

Georgetown, Texas: Phillips Edison & Co. acquired the 78,888-square-foot Oak Meadows Marketplace from Cypress. Anchor Randalls, an Albertsons Cos. brand, has 18 years remaining on its lease at the property, which is 92% occupied. SRS Real Estate Partners Investment Properties represented the seller. Built in 2018, the Austin area property sits one mile from the Sun City Texas Del Webb active-adult community, whose 15,500 residents comprise more than 20% of Georgetown’s population.