Conshohocken, Pennsylvania-based CenterSquare has acquired four retail properties, adding to the firm’s essential service retail portfolio.

The latest additions bring CenterSquare’s portfolio to 80 properties nationwide. The acquisitions include the Trade Court Shoppes in Charlotte, the Deer Valley Shops in Phoenix, Lake Mead Gateway Plaza in Henderson, and The Shops at Foothills Mall in Fort Collins.

The Trade Court Shops is a 100% occupied property spanning 14,721 square feet and is the company’s 10th property in the Charlotte MSA. Deer Valley Shops features 17,043 square feet of retail space and is 83% leased. It is CenterSquare’s seventh property in the Phoenix MSA.

Lake Mead Gateway Plaza is a 19,671-square-foot retail center that is 100% occupied and marks the firm’s sixth acquisition in the Las Vegas MSA. CenterSquare’s fourth Colorado property, The Shops at Foothills Mall, is a 111,220-square-foot asset that is currently 88% leased.

AV Management, a private New York based investment firm, completed the acquisition of 73-75 Sullivan St. in SoHo from a longtime SoHo developer for $43,333,000. Cushman & Wakefield’s Dylan Walsh and Nico Nicolaou represented the seller. Citizens Private Bank provided $21.6 million in competitive acquisition financing under significant time constraints.

73-75 Sullivan St. was completed in 2016 as a ground-up construction project. It features expansive layouts, modern construction vintage and long-term commercial tenancy, according to AV Management.

“This special situation transaction represents the robust opportunity set to purchase investment-grade assets at historically high yields by taking advantage of early-cycle market dynamics,” said AV Principal Ahcene Ouldsaada. “73-75 Sullivan St. capitalizes on the dislocation caused by the 2022’s historically unprecedented hike in domestic base rates. The asset was acquired at an opportunistic basis and will be held long-term as a permanent income vehicle with an option for attractive liquidity as markets normalize.”

Basis Industrial and One Investment Management have paid $89.5 million for a 621,759-square-foot industrial portfolio within the Atlanta metro area. Commercial Search reports Middour Investments was the seller, and Bank of Montreal provided acquisition financing.

The portfolio comprises 25 buildings across five industrial campuses completed between 1982 and 1995. Three of them are located in Stone Mountain, Ga., while the other two are situated in Tucker, Ga.

The collection houses 119 tenants with a weighted-average lease term of nearly 2.2 years. Basis plans renovations throughout the portfolio.

Basis’ Anthony Scavo represented the buyer, while Middour Founder & Principal Owen Middour represented the seller.

This is the joint venture’s second acquisition. The first one was the $144.6 million purchase of five shallow-bay properties in the Atlanta and Orlando, Fla., metros, a transaction that closed in April.

PGIM, the $1.4-trillion global investment management business of Prudential Financial, Inc., said Wednesday that the PGIM Real Estate Fund, Inc. has completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community at 3260 Henry Hudson Pkwy. in the Riverdale neighborhood in the Bronx, at a gross capitalization of $73.5 million

The fund acquired the asset in a joint venture with Fetner Properties through a sale-leaseback with the seller, Columbia University, which uses it to house students, faculty and staff. Beginning in July 2026, apartments are expected to be re-leased in two phases and undergo a value-add capital improvement program.

“Reaching 10 property acquisitions, $260 million in capital deployed and over $632 million in gross property value are important proof points for this fund and for our broader commitment to opening institutional-quality private real estate to a wider pool of investors,” said Darin Bright, senior portfolio manager for the PGIM Real Estate Fund.

Rubicon Point Partners (RPP) and Canyon Partners has acquired the Shockwave Medical headquarters, a 201,078-square-foot, four-building R&D campus at 5353 Betsy Ross Dr. in Santa Clara, on behalf of Rubicon Point Fund II. Terms were not disclosed. The property is 100% NNN leased to Shockwave Medical, Inc., a medical device company and wholly owned subsidiary of Johnson & Johnson.

“This is the beginning of a billion-dollar investment strategy that we plan to deploy over the coming few years throughout the region,” said Ani Vartanian, co-founder and managing partner of RPP. “This acquisition represents the quality and caliber of assets we will continue to target: mission-critical real estate leased to world-class tenants in the most dynamic markets on the West Coast.”

The acquisition is the 10th joint venture between RPP and Canyon. CBRE National Office Partners served as the exclusive advisor to RPP.

Hear from LA Leadership on May 28.
Gain direct insight from Los Angeles leadership, including Mayor Karen Bass and former Mayor Antonio Villaraigosa, as they discuss policy, growth, affordable housing and the city’s future. Don’t miss this high-level conversation—secure your spot today: www.connectLA26.com

Another high-end retail outlet in Charlotte will carry the Simon brand. 

Simon Property Group has acquired the Phillips Place mall in the SouthPark neighborhood of Charlotte, according to a press release.

Phillips Place is a 134K SF, mixed-use, open-air retail center with more than 25 retail shops and restaurants, a 180-plus-room hotel and a multifamily residential property on the grounds.

Simon, a retail REIT that owns over 90 malls in the United States, paid $144.8M for Phillips Place, Charlotte Business Journal reported.

Phillips Place sits on 15.4 acres and was Charlotte’s first mixed-use development when it opened in 1997, CBJ reported.

Berkeley Capital Advisors listed the shopping plaza this past July, marking it as 95 percent leased and noting that the three most recent leases rented at an average of $100 per SF.

Big retail names at the shopping center include Ralph Lauren, Peter Millar and J. Crew.

With the sale, Simon now has five malls and retail outlets in the Charlotte area, including the nearby SouthPark mall, the city’s largest. This comes as Charlotte is seeing a surge of new retail and restaurant openings across its malls. 

The company’s acquisition of Phillips Place comes at a time when quality malls have been making a comeback in the United States following the retail slowdown at the height of the pandemic. 

Nationally, retail foot traffic recovered to prepandemic levels by Q3 2024 and this year is projected to surpass 2019 volumes, according to CBRE’s 2025 U.S. Retail Market Outlook.

StoneRiver Co. purchased the 288-unit 198 Milltown Apartments from Zimmerman Development Co. for $66.9 million.

198 Milltown Apartments, which are located at 198 Milltown St., were built in 2020 and offer one-bedroom, two-bedroom and three-bedroom units, with sizes ranging from 700 square feet to over 1,200 square feet. The complex is just north of Interstate 40/85 on the west side of University Drive in a high-growth area near Alamance Crossing and only a few minutes from Elon University.

The apartment’s amenities include a 24-hour health club, resident lounge, pet spa and pet park,  salt-water swimming pool, outdoor social lounge and grill area, Amazon package lockers, a playground, a car care center and garages. 

The Triad Business Journal reports that the acquisition is the first investment by StoneRiver Investment Fund III, which includes institutional, family office, and high-net-worth investors, according to a press release from Berkadia. StoneRiver Investment Fund III recently held its initial equity closing and raised $81.75 million in capital commitments.

Alta West Partners, Glendon Capital Management and an affiliate of A2 Capital Management, have closed on the $21.4-million purchase of 3401 Del Amo in Torrance, an 83,000-square-foot flex research and development asset in the South Bay submarket of Los Angeles County. Originally purpose-built for Kubota Tractor Corporation, the property has never been publicly marketed for lease. 

A Cushman & Wakefield broker team led by Brett Racanelli, Nathan Piehl and Jeff Morgan represented the buyer as well as the seller in the all-cash trade. Cushman & Wakefield was also retained by the new owner to handle leasing efforts for the property going forward.

“This property aligns with Alta West’s investment strategy, and we were pleased to have supported them throughout a very smooth closing process,” said Racanelli. “Torrance continues to attract innovative companies in technology, aerospace, and advanced manufacturing, making this a prime location for R&D and flex users.”

Kempner Properties, a White Plains, NY commercial real estate company, has acquired a portfolio of six shopping centers located in Connecticut and Rhode Island and anchored by Town Fair Tire for $30.75 million.

The portfolio totals 126,299 square feet and is 92% occupied. Town Fair Tire leases 40% of the space on triple net leases, with the rest filled by a mix of local, regional and national tenants. 

The six properties were sold by the Estate of Neil Mellen, the founder of Town Fair Tire, who passed away in January 2024. Jeffrey Winokur of J H Winokur, Inc. represented the seller.

 “These properties are in prime, high-traffic regional locations,” said Douglas Kempner, managing partner of Kempner Properties. “We are excited about this acquisition and believe we’ve secured high-quality assets with a strong anchor and a well-balanced mix of tenants.” The new ownership plans to invest in improvements, including parking lot upgrades and exterior enhancements at several of the centers.

MDH Partners recently acquired a one-million-square-foot Dallas industrial property. The Dallas Business Journal reports that the company used a $258 million loan to purchase portions of the site.

The Commerce 20 industrial park at 4601 and 4951 Langdon Road sits on just over 100 acres. It was developed by Hillwood and houses tenants such as Olam Cotton, Fischer Scientific and Genco.

Hillwood and CBRE have been handling leasing on the property.

Commerce 20 is just one of around 30 buildings that MDH purchased last year. The firm said it acquired more than 9 million square feet across 11 markets including Austin, South Carolina and Orlando. The properties had an average occupancy rate of 99% and average lease term of more than five years.

MDH Partners was founded in 2005.