LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.
SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.
SAN FRANCISCO — The Gymboree Corporation’s current CEO, Mark Breitbard, will assume the role of chairman of the board of directors, effective Feb. 1, 2017, and will step down as chief executive officer once a successor has been appointed. The board of directors will initiate a search to identify a CEO to lead the San Francisco-based company. As of Oct. 29, 2016, The Gymboree Corporation operated a total of 1,300 children’s apparel stores: 591 Gymboree stores (541 in the United States, 49 in Canada and one in Puerto Rico); 174 Gymboree Outlet stores (173 in the United States and one in Puerto Rico); 150 Janie and Jack shops (149 in the United States and one in Puerto Rico); and 385 Crazy 8 stores in the United States.
SAN ANTONIO — H.I.G. Realty Partners, an affiliate of H.I.G. Capital, has purchased Windsor House Apartments, an apartment complex located in San Antonio, for an undisclosed price. Built in 1997, the property features 322 apartments. The name of the seller was not released.
FORT WORTH, TEXAS — Holt Lunsford has brokered the sale of an industrial property located at 4200 Lubbock Ave. in Fort Worth. TMM Lubbock Avenue LLC acquired the 90,000-square-foot property for an undisclosed price. Donnie Rohde and George Jennings of Holt Lunsford Commercial represented the undisclosed seller in the transaction.
IRVING, TEXAS — Transwestern has negotiated the sale of an office building located at 4001 W. Airport Freeway in Irving. MLMT 2005-LC1 Freeway Offices LLC sold the 85,900-square-foot property for an undisclosed price. Steven Simon and Matt Hurlbut of Transwestern represented the seller. The name of the buyer and acquisition price were not released.
DALLAS — Hanley Investment Group has brokered the sale of a retail property located at 6530 N. Central Expressway in Dallas. An Austin-based private investor acquired the 3,377-square-foot store from a Chicago-based development firm for an undisclosed price. Just Brakes occupies the building, which was built in 1964 and renovated in 2014. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the buyer and seller in the deal.
SEGUIN, TEXAS — Marcus & Millichap has arranged the sale of a restaurant property located at 498 N. Highway 123 Bypass in Seguin. Wendy’s net leases the 2,864-square-foot property, which was built in 2003. Geoff Ficke and Collin Kraft of Marcus & Millichap represented the undisclosed seller. The name of the buyer and acquisition price were not released.
SKOKIE, ILL. — American Landmark Properties has purchased the Illinois Science + Technology Park (ISTP) in Skokie, a suburb of Chicago, for $77 million. The 24-acre campus is located at 4901 Searle Parkway. The property includes 556,650 square feet of office, laboratory and amenity space. The buildings are 86 percent leased to tenants such as NorthShore University HealthSystem, Astellas Pharma, LanzaTech, Vetter Development Services USA and Fresenius Kabi. Included in the acquisition is the 136,000-square-foot 8030 Lamon Ave. building shell, which is suitable for a build-to-suit tenant. Additional development opportunities include up to 1.3 million square feet of new office and lab facilities on the ISTP campus and a 500,000-square-foot, mixed-use retail and residential project directly on Oakton Street. Forest City Realty Trust, which purchased the property in 2005, was the seller. Scott Brandwein and David Saad of CBRE have been retained as the leasing agents for the ISTP property. Cohen Financial secured a $73.5 million loan with Prime Finance Partners of Chicago for the borrower.