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What’s to Become of a Defunct Florida Mall That Just Sold, Plus 9 More Marketplace Trades

July 21, 2022

Tuscaloosa, Alabama: Select Strategies Realty purchased the 188,406-square-foot McFarland Plaza from GBT Realty Corp. Tenants include HomeGoods, Michaels, Dollar General, Ross Dress for Less, Shoe Carnival and T.J.Maxx.

Chandler, Arizona: The fully leased, 163,286-square-foot Chandler Pavilions sold for $29 million. JLL marketed the property on behalf of Evergreen, which acquired the center in 2020. It’s Schnitzer Properties’ first retail acquisition in Arizona, where it already owns industrial properties. Tenants include Chipotle, REI and Golf Galaxy.

Chandler Pavilions

Chandler Pavilions

Chandler, Arizona: SanTan Gateway South sold for $16.7 million, or $294 per square foot. The 56,852-square-foot center is 100% leased to such tenants as Starbucks, India-focused grocer Patel Brothers and a church. Phoenix Commercial Advisors represented the seller.

SanTan Gateway South

SanTan Gateway South

Fullerton, California: A venture led by World Premier Investments paid Kimco Realty $102.5 million for a majority of the 11-building, 219,902-square-foot, Amazon Fresh-anchored Fullerton Town Center. A residential developer has acquired a separate portion for a multifamily complex. Costco, Five Below, Ross Dress for Less and AMC Theatres are also tenants. The World Premier Investments acquisition represents $466 per square foot, according to NewMark Merrill Cos., which advised the buyers and will manage the center. Reza Investment Group represented Kimco.

Greeley, Colorado: Slate Grocery REIT bought the 152,000-square-fooot, Safeway-anchored CenterPlace of Greeley for $37.55 million. Tenants include Cold Stone Creamery, Famous Footwear and Ross Dress for Less. Marcus & Millichap Institutional Property Advisors represented the seller, InvenTrust Properties, and procured the buyer.

Bradenton, Florida: Nashville businessman Charles R. Jones’ CRJ Bradenton LLC bought the troubled DeSoto Square Mall for $25.7 million and plans to sell off portions for mixed-use development. The seller, Romspen U.S. Master Mortgage LP, had acquired the 1973-era property in an online bankruptcy auction in 2021. The mall — in Bradenton, Florida, pictured at top — had shut down earlier in the year except for Hudson’s Furniture, which continues to operate.

Royal Palm Beach, Florida: The Commons at Royal Palm traded for $34 million. An LLC managed by IMC Equity Group CEO Yoram Izhak sold the 165,064-square-foot retail center to an LLC managed by DJK Capital Management’s John Blizzard. ConnectOne Bank provided a $24.4 million mortgage. The deal equated to $206 per square foot. Tenants include Big Lots, DaVita kidney care, Dollar Tree, Hobby Lobby, Party City, PetSmart and Starbucks.

Cary, North Carolina: The Publix-anchored Bradford Shops sold for $42.2 million. Tenants include First Watch daytime cafe, Tropical Smoothie Cafe, Night & Day Dental and First Carolina Bank. The seller was an LLC affiliated with apartment and mixed-use developer Northwood Ravin, which developed Bradford Shops. The buyer was an LLC affiliated with National Real Estate Management. The deal covers four lots totaling nearly 13 acres. An attached residential complex was not part of the deal.

Humble, Texas: The 163,897-square-foot Humblewood Shopping Center near Houston has sold to JBL Asset Management. JLL Capital Markets marketed the property on behalf of Forge Capital Partners. Tenants include Petco, Michaels, DSW, Five Below and Texas State Optical.

Humblewood Shopping Center

Humblewood Shopping Center

Colonial Heights, Virginia: Q&L Realty LLC bought the 34,705-square-foot Southpark Shopping Center for $5.5 million. Tenants include For Eyes and Party City. Divaris Real Estate represented the buyer, which plans to upgrade the property.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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