BRENTWOOD, CALIF. –The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Legacy for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
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ATLANTA — Atlanta-based Regent Partners LLC, a full-service real estate investment and development firm, has acquired Concourse Corporate Center, including Atlanta’s iconic “King and Queen” high-rise office buildings, in the Central Perimeter submarket near the Interstate 285 and Georgia Highway 400 interchange for more than $300 million. The 2.2 million-square-foot Concourse Corporate Center also includes three mid-rise office buildings and is situated on a 64-acre campus. The campus includes a four-star Westin Hotel, the Concourse Athletic Club and KinderCare Child Learning Center, which were not part of the transaction. GEM Realty Capital affiliates, Equity Group Investments affiliates and funds managed by San Francisco-based Farallon Capital Management are part of the new ownership group. Regent Partners’ David Tennery and Adam Allman will lead leasing and marketing for Concourse Corporate Center.
MONTGOMERY, ALA., AND DOUGLAS, GA. — New Hope, Pa.-based National Net Lease Realty has arranged two sales of triple-net leased CVS/pharmacy properties in Alabama and Georgia. National Net Lease Realty’s Terry Marks represented the seller, a Southern California-based limited liability company, in the $4.2 million sale of a 13,706-square-foot CVS/pharmacy property that was built in 2005 at 3050 Zelda Rd. in Montgomery. Another West Coast-based limited liability company purchased the property, including the assumption of a CMBS loan through Wells Fargo. CVS/pharmacy has 19 years remaining on its lease. Marks also facilitated the $3.7 million sale of a 10,880-square-foot CVS/pharmacy at 912 W. Ward St. in Douglas. The pharmacy and retail company has 19 years remaining on this Georgia triple-net lease as well. Marks represented the seller, a Southern California-based limited liability company. A West Coast-based limited liability company purchased the property, which also includes the assumption of a CMBS loan through Wells Fargo.
ATLANTA — The $100 million Emory Point project, a mixed-use development located near Emory University and the Centers for Disease Control (CDC) in Atlanta, has signed three new restaurants and two new retailers, including Burgerfi, Bonefish Grill, Paradise Biryani Pointe, LOFT and Francesca’s Collections. Emory Pointe is 82 percent committed with the addition of these five tenants. Retailers, restaurants and other services are expected to open at Emory Pointe this November. Atlanta-based Cousins Properties Inc. and Gables Residential are collaborating for the first time on Emory Pointe.
GAITHERSBURG AND GERMANTOWN, MD. — H&R Retail, the largest retail-only brokerage firm in the Washington, D.C./Baltimore metropolitan area, has completed three retail leases. LA Fitness leased 39,192 square feet at Crown Farm, Sam Eig Highway and Fields Road in Gaithersburg from JBG Associates. H&R Retail’s Marc Katz, David Ward and Geoffrey Mackler represented LA Fitness. Buffalo Wings and Beer leased 4,418 square feet at Kingsview Shopping Center on Leaman Farm Road in Germantown from Giant of Maryland. H&R Retail’s Jim Crilley represented the landlord in the transaction. Finally, Education Outlet leased 2,040 square feet at Diamond Square Shopping Center on Bureau Drive in Gaithersburg from Giant of Maryland. Crilley represented Education Outlet.
BIRMINGHAM, ALA. — Birmingham-based EGS Commercial Real Estate Inc. (EGS), a company specializing in tenant representation, leasing, management, sales and commercial real estate development, has completed four industrial lease transactions in the Birmingham area, including two at Cahaba Valley Business Park, one at the Distribution Center and one at Southside Business Center. Cintas/American First Aid, a supplier of first aid safety equipment and related services, renewed its 11,250-square-foot lease at 602-612 Cahaba Valley Pkwy. at Cahaba Valley Business Park. Graham & Co.’s Jack Brown represented the tenant. Astral Industries, a steel purchaser that produces finished powder coated products, signed a 3,750-square-foot lease at 227 Distribution Center Dr. at the Distribution Center in Birmingham. Graham & Co.’s Ogden Deaton represented the landlord and EGS’s Stuart Brock represented the tenant. Computer Resources Inc., which provides software, hardware, training, support and other services to the communications industry, renewed its 3,300-square-foot lease at 300-304 Cahaba Valley Pkwy. at Cahaba Valley Business Park. EGS’s Brad Moffatt and Brock represented the landlord. Finally, Goodwyn, Mills & Cawood Inc., an architectural firm, renewed its 3,300-square-foot lease at 2501-2523 Fifth Ave. at Birmingham’s Southside Business Center. Moffatt and Brock represented the landlord.
WAUKESHA, WIS. — Oak Grove Capital has arranged an $18.3 million loan for the refinancing of Avalon Square, a 143-unit seniors housing community in Waukesha. The property includes senior apartments, assisted living and specialty care. Ken Dayton arranged the financing through the HUD Lean 232/223(a)(7) refinance program.
SPRING LAKE, MICH. — Three Strands Properties has acquired a 29,671-square-foot retail building in Spring Lake for $360,000. The property is located at 18000 Cove Ave. Bryan Bench of Signature Associates represented the seller, Coastal Real Estate Holdings, in the transaction.
TAYLOR, MICH. — Oakwood Healthcare has signed a lease for 4,400 square feet at 9870 Telegraph Road in Taylor. The company will use the space for a new physical therapy facility. Susan Acciaoli and Adam Goodman of Mid-America Real Estate-Michigan represented the landlord, NW-Taylor Farmer Jack, in the transaction. NAI Farbman represented the tenant.
PHILADELPHIA AND HANOVER, PA. — JC Penney has opened two new stores at retail centers owned by Pennsylvania Real Estate Investment Trust in Pennsylvania. The company opened a 125,000-square-foot store at Will Grove Park in suburban Philadelphia and an 83,000-square-foot store at North Hanover Mall in Hanover. Both locations will feature a 1,700-square-foot “Sephora inside JC Penney,” which will offer cosmetic brands.