Winter Garden, Fla. — CBRE has brokered the sale of Winter Garden Village, a 629,326-square-foot power center located in Winter Garden, a western suburb of Orlando. The Orlando Business Journal reports that an affiliate of New York City-based RREEF Property Trust purchased the center for $165 million. Dennis Carson, Casey Rosen, Michael Etemad and Sriram Rajan of CBRE represented the seller, Beachwood, Ohio-based SITE Centers, in the transaction. Curbline Properties, an affiliate of SITE Centers, retained 130,563 square feet of single- and multi-tenant outparcels at Winter Garden Village.
The retail center was 89 percent leased to tenants including Bealls, Best Buy, Burlington, Marshalls/HomeGoods, Ross Dress for Less and Ulta Beauty at the time of sale.
Gilbert, Ariz. — A partnership between Las Vegas-based IndiCap, Salt Lake City-based Colmena Group and locally based Langley Properties has received final entitlement approval from the Town of Gilbert’s Planning Commission to begin construction for The Ranch, a proposed $1 billion mixed-use development in Gilbert.
Situated near the Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic Campus, The Ranch will span more than 295 acres and is anticipated to become Gilbert’s largest mixed-use development to date, according to the development team. The project is also expected to create roughly 6,000 jobs during construction.
“This entitlement approval marks a turning point not just for The Ranch, but for Gilbert as a whole,” says Todd Ostransky, vice president of regional development at IndiCap. “This development is designed to meet the evolving needs of businesses and residents while driving sustainable economic growth in the region.”
Upon full build-out of the multi-phase project, The Ranch will include a 221-acre light industrial component totaling 3 million square feet, 34 acres of retail space and 729 multifamily units across three communities.
Steve Larsen of JLL is managing leasing efforts for the industrial portion of the project.
Phase I of The Ranch — which is set to break ground in the fall — will include Harvest Village, a neighborhood retail center that will comprise 51,000 square feet of commercial space across seven buildings. Jennifer Hill of GPS Advisors will be handling leasing and sales at the center.
The Ranch’s second retail component, dubbed Corner Springs, will span 78,000 square feet, and will offer four dedicated drive-thru pad sites, as well as retail, restaurant, office and patio space. Mark Bramlett of Lee & Associates is leading the brokerage efforts for Corner Springs.
Phase I will additionally include the development of roughly 18 acres of open space, featuring walking trails, seating and gathering areas, as well as infrastructure improvements such as turn lanes, traffic signal upgrades, street lighting and landscaping.
Founded in 2021, IndiCap has developed more than 30 million square feet of commercial real estate throughout the industrial, office and retail sectors.
Colmena Group holds a current portfolio valuation of more than $1.6 billion and has developed, co-developed and invested in multifamily, senior living, office, student housing, research parks, retail, hotel, industrial warehouses and mixed-use properties since 2008.
With over 60,000 acres owned across the Southwest United States, Langley Properties currently manages and leases prime office and retail space in Alabama, Georgia, Kentucky, North Carolina and Tennessee.
Robertsdale, Ala. — Forman Capital has provided a $20 million construction bridge loan to LV Petroleum, the largest owner and operator of TA Travel Center franchises in the United States, for the redevelopment and completion of a retail travel plaza in Robertsdale. Formerly the Oasis Travel Center, the property has already been converted into a TA Travel Center with all facilities operating, except for diesel fuel sales.
Situated about 27 miles east of Mobile, the 51-acre site features 26,797 square feet of retail space, including Subway and Sbarro restaurants, eight gas pumps, five diesel pumps, four diesel emission fluid pumps and parking for 100 vehicles and 220 semi-trucks. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury of Forman Capital internally represented the firm in the transaction. LV Petroleum operates more than 40 convenience stores and travel centers throughout the country.
Lawrenceville, Ga. — North Carolina-based Prudent Growth Partners has acquired Sugarloaf Village, a 32,000-square-foot shopping center located in Lawrenceville, for $7.3 million. Situated approximately 30 miles northeast of downtown Atlanta, the property was originally built in 2008 and features a mix of 17 tenants including lifestyle retailers and service providers. Other nearby retailers include AT&T, Starbucks Coffee, Publix, Target, Marshalls, ALDI, Home Depot, PetSmart, Hobby Lobby and Panera Bread.
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