Hialeah, Florida: Centennial acquired Westland Mall from Starwood Capital, assuming the property’s $149 million mortgage. Centennial took over management of the 50-year-old property on Oct. 1st and assumed ownership in December. The 835,000-square-foot mall sits just northwest of Miami and features such tenants as Macy’s, JCPenney, Bath & Body Works, Finish Line, Pandora, G by Guess, Victoria’s Secret, H&M, T-Mobile, Outback Steakhouse, Chili’s Grill & Bar, Subway and IHOP. “The best real estate in major markets is where malls sit today,” Centennial president and COO Whitney Livingston told Commerce + Communities Today. “We don’t buy just to be a mall operator. We buy to own select, bull’s-eye real estate that we can redevelop into dominant mixed-use destinations.”

Morris County, New Jersey: One of the largest remaining tenant-in-common-owned retail properties in the country has traded, avoiding foreclosure. National Asset Services and RJ Brunelli & Co. arranged for the group to sell regional power center ITC Crossing South to Black Lion. Built in 1999, the almost 374,000-square-foot center is anchored by Lowe’s, T.J.Maxx, Michaels, Bed Bath & Beyond and Old Navy. The TIC group purchased the center in 2006 and then faced the 2008 recession and ensuing retail bankruptcies. Large properties with the maximum number of TIC ownership positions are uncommon. Sales of TIC properties require approval of every co-owner. The property was at risk of defaulting on loans, according to National Asset Services. “It really was a miraculous achievement and one that was unthinkable just a few months ago,” said Spencer Tashima, a co-owner of the property. Five Below, AT&T, Amy Murphy’s Salon & Spa and Rita’s Ice recently opened at the property.

Orlando: Williamsburg Downs Shopping Center — a fully leased, 109,246-square-foot neighborhood shopping center — sold for $28.8 million in an off-market transaction. JLL arranged the sale on behalf of the seller, V 3 Capital. An affiliate of Core Investment Management acquired the asset. Publix has been at the property for nearly 40 years and in 2018 built a new store and signed a long-term lease.

Fallbrook, California: Fallbrook Mercantile Center, a 70,411-square-foot retail center in San Diego County anchored by Major Market, traded for $27.2 million. JLL marketed the property on behalf of Gerrity. A private investor acquired the asset. The 96.8% leased center has a strong renewal history and houses tenants like Anytime Fitness, Denny’s, Sherwin-Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Care and Pho House and Grill, according to Gleb Lvovich, a managing director at JLL Capital Markets. “Suburban shopping centers have seen a strong demand spike from both tenants and capital,” Lvovich said. “With the rise in hybrid work and working from home, necessity-based retail near quality residential has been strong beneficiary of this trend.”

Terre Haute, Indiana: The 107,733-square-foot Honey Creek Marketplace, anchored by Fresh Thyme Market and Academy Sports + Outdoors, traded for $22.3 million. Stan Johnson Co. represented the seller, a Texas developer, and the buyer, a Wisconsin institutional investor. The deal reflects a 7.38% cap rate.

San Gabriel, California: A grocery-anchored, three-tenant, 25,510-square-foot center sold for $10.9 million. A 21,485-square-foot Grocery Outlet, Bank of America and Wingstop occupy the center. SRS Real Estate Partners represented the seller, a West Coast owner and operator of retail centers. The buyer is from Hong Kong. Situated on 1.9 acres less than 1.5 miles from Interstate 210 and Santa Anita Park horse racing track, the center was built in 1960 and renovated in 2017 and 2018.

Jurupa Valley, California: A combination Shell gas station, drive-thru Mexican restaurant and Circle K convenience store and car wash traded for $9.3 million. The purchase included both the business and the real estate. Progressive Real Estate Partners represented the seller, and Tobias Commercial represented the buyer which operates Arco gas stations throughout California. The property was built in 1999 and remodeled in 2013, and the site includes 1.6 acres of additional land that could be used for additional pumps, electric vehicle charging or a fast-food drive-thru.

Enterprise, Alabama: A 54,500-square-foot shopping center at 913 Rucker Blvd. traded for $3.2 million. The center is anchored by Planet Fitness and features seven additional tenants. Stan Johnson Co. represented the Mississippi private investor seller, and the buyer, a New Hampshire individual investor. “This was our third Planet Fitness-anchored center sold since July and the second in the past month to go under contract before it ever hit the open market,” said Stan Johnson’s Brett Puckett. “Even though the property sits on a ground lease in a tertiary Alabama market, the strength and standing of Planet Fitness in the investment world made this a desirable asset.” The property was built in 1973 on nine acres. At the time of sale, the shopping center was 78% leased.

Dallas-Fort Worth: CenterSquare made its first commercial property purchase in the metro area with the acquisition of Parkwood Plaza, a four-building, 32,500-square-foot retail center. Tenants include First Watch, Navy Federal Credit Union, MedExpress, Massage Envy and Ideal Dental.

Lenexa, Kansas: Block & Co. and other investors bought Orchard Corners Shopping Center. The 200,000-square-foot property sits on 19 acres across the street from Oak Park Mall. Anchors include Nordstrom Rack, T.J.Maxx, HomeGoods and Michaels. Built in 1971 and renovated in the 1990s, the center has a 37,000-square-foot former Stein Mart up for lease. CBRE represented the sellers.