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Valli Produce International Fresh Market sold Evanston, Illinois’ Evanston Plaza to Bon Aviv Investments for $36 million. Valli operates a supermarket at the 212,000-square-foot property, whose tenants also include AutoZone, Blink Fitness, Dance Center Evanston, DaVita, Dollar Tree, Goodwill and Pet Supply Plus. Valli will continue to lease its store.
Evanston Plaza
The 50,303-square-foot, net leased 111 Broadway in Nashville’s Lower Broadway retail and tourist corridor has sold for $36 million. Rock Bottom Restaurant & Brewery occupies the first floor and rooftop, Margaritaville Vacation Club by Wyndham and Glen Campbell Museum have the second floor and Platinum Cos. occupies the third floor. Marcus & Millichap represented the seller and procured the buyer.
Sela LLC sold Oakland Park, Florida’s 150,537-square-foot Oakland Park Festival Plaza to 3400 Andrews LLC for $23.4 million. Tenants include AutoZone, Bravo supermarket, Crunch Fitness and Dollar Tree. Las Olas Capital Advisors provided equity financing, and Starwood Mortgage Capital provided a $12 million loan.
Shoppes at Hickory Hollow — a 144,469-square-foot, Kroger-anchored shopping center in Antioch, Tennessee — traded for $18 million. SRS Real Estate Partners represented the sellers, MGold Cos. The buyer is FNRP CV LLC. Tenants include Citi Trends, EmbroidMe, Little Caesars, Octapharma Plasma, PostalAnnex and Republic Finance.
Black Lion Investment Group acquired a 12,300-square-foot waterfront building in Miami that’s leased to upscale restaurant Amara at Paraiso from Related for $12.1 million. The property is part of the 1,300-unit luxury residential complex Paraiso Bay. FA Commercial represented both Black Lion and Related Group.
MMG Equity Partners purchased Plantation Square, a 65,796-square-foot property in Plantation, Florida, from Plantation Square Ltd. for $12 million. MMG obtained a $10.2 million acquisition and renovation loan from Pacific National Bank. The center is 79 percent occupied, and tenants include Broward Cosmetic Surgery, Denny’s and The Vitamin Shoppe.
Continental Realty Corp. purchased Summit at Towne Lake — a 59,772 square foot, LA Fitness-anchored center in Woodstock, Georgia — for $11.6 million from RCG Ventures and DRA Advisors. Franklin Street represented both parties. Continental purchased the asset on behalf of its $210.8 million private equity Continental Realty Fund V for value-add retail and multifamily properties in the Mid-Atlantic and Southeast.
Summit at Towne Lake
Neighborhood Equities LLC bought three retail properties in Northern Colorado for $10.1 million. The 60,000-square-foot portfolio consists of Fort Collins’ Oakridge Shopping Center and Windsor’s Shops at Westwood and Windsor Town Center II. Avison Young represented the seller, Johnson Investments. Cushman & Wakefield represented the buyer.
A private investor purchased The Shoppes on Route 31, in Carpentersville, Illinois, for $4 million. Hanley Investment Group Real Estate Advisors and ParaSell represented the seller. The property is fully leased.
The Shoppes on Route 31
Tiffany Square — a 34,124-square-foot property in Palos Heights, Illinois — traded for $3.7 million. Marcus & Millichap represented the buyer and seller. Tenants include a bakery, a barbershop, a nail salon, a yoga studio and two local restaurants.
Mr. Implant LLC acquired a 14,290-square-foot, two-building shopping center, in Jacksonville, Florida, from Mark’s Investment Properties LLC for $1.5 million in an off-market transaction. Crown Tenant Advisors represented the buyer and NAI Hallmark represented the seller.
Unilev Capital purchased a 19,708-square-foot retail condo in California’s Downtown Santa Monica. JLL Capital Markets marketed the property on behalf of institutional investors advised by J.P.Morgan Asset Management. The condo is in a 158-unit condominium complex called Waverly and Seychelle. Tenants include BoxUnion gym, Herringbone restaurant and Starbucks.
Waverly and Seychelle
Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, Pennsylvania, has sold to Paramount Realty Services and Edgewood Properties. Marcus & Millichap Institutional Property Advisors represented the seller and procured the buyers. “The new owner will enhance value by leasing two vacancies formerly occupied by Stein Mart and a local gym totaling 60,000 square feet, as well as redevelop a significant portion of the site with an alternative use,” said Institutional Property Advisors senior managing director Brad Nathanson. Constructed in 1958 as a Wanamaker’s department store, the three-story retail structure was transformed into Noble Town Center in 1999. The shopping center, pictured at top, is anchored by Ross Dress for Less, Bed Bath & Beyond, PetSmart, and Walgreens. It was 64 percent occupied at the time of the sale.
BH Properties acquired Preston Shepard Place, a 361,780-square-foot community retail center in Plano, Texas. Anchored by Burlington, Marshalls and Tuesday Morning, it was 55 percent leased at closing. BH Properties believes it can increase occupancy and net operating income significantly within 18 months, according to managing director of acquisitions Scott Henry. “Preston Shepard Place is an underutilized retail site primed for upward leasing momentum and increased traffic patterns. With 163,002 square feet of vacancy, we have plenty of runway to generate future cash flow growth. We plan to accommodate a wide variety of retailers by demising the larger vacancies into smaller spaces.”
Preston Shepard Place
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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