MOUNT LAUREL, N.J. — Prestige Properties has purchased Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. A 426,436-square-foot Wegman’s grocery store anchors the more than 700,000-square-foot regional shopping center. At the time of sale, the property was fully leased to a variety of tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.
WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.
TUCSON, ARIZ. — HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice.
HOUSTON — Buffalo Bayou Brewing Co. will open a three-story, 28,000-square-foot brewery and restaurant at 2101 Summer St. in Houston’s First Ward. Houston-based Method Architecture will be designing the property, which will offer a rooftop beer garden with views of downtown Houston and a full-service kitchen. Construction is currently slated to begin this winter, with a target completion date of late 2018. A general contractor for the project has not yet been selected.
ROGERS, MINN. — Venture Commercial Real Estate has brokered the sale of a 23,184-square-foot retail building in Rogers, about 25 miles northwest of Minneapolis. The sales price was not disclosed. The property is located on 1.7 acres at 20850 Rogers Drive. Clay Mote and Charlotte Cooper of Venture represented the seller, an investment partnership. The tenant, Northern Tool + Equipment, will continue to operate a store at the property. Realty Income Corp. purchased the asset.
HOUSTON — HFF has arranged the sale of Eldridge Lakes Town Center, a 35,530-square-foot retail strip center in northwest Houston. Built in 2003 and shadow-anchored by Kroger, the property was 93 percent leased at the time of sale to tenants such as State Farm, Subway, Metro PCS, Spectrum Eye Care and Little Caesar’s Pizza. Ryan West and John Indelli of HFF represented the seller, Edifis Group, in the transaction. Houston-based Wu Investments purchased the asset for an undisclosed price.
ASHEVILLE, N.C. — Ziff Properties Inc. has acquired Biltmore Station, an 85,401-square-foot office and retail center in Asheville, roughly one mile from the Biltmore Estate. Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction. Other terms of the deal were not disclosed. At the time of sale, Biltmore Station was 78 percent leased to a variety of office and retail tenants, including The Biltmore Co., Coram Healthcare, Image Dental Arts, Jimmy Johns, Pour Taproom, PT Solutions, Edward Jones, Virgola Wine Bar, Ichiban Japanese Restaurant and Fhiit Life.
LOS ANGELES — The Finish Line Inc. has opened its revamped Los Angeles flagship store in the Del Amo Fashion Center. The updated retail space features a new design concept and digital display integrations. The Del Amo store — the third Finish Line location to receive these updates alongside Woodfield Mall in Chicago and Roosevelt Field in New York — puts technology at the center of the store’s total experience. The Finish Line, Inc. is a retailer that carries shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line runs approximately 950 branded locations in U.S. malls and shops inside Macy’s department stores.
SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …
MADISON, N.J. — Although the retail landscape has faced disruption in recent years, nearly half of U.S. adults prefer to make purchases in-store rather than online, according to a new survey conducted by Madison-based Coldwell Banker Commercial Affiliates. “Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” says Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates. Working on behalf of Coldwell Banker, Harris Poll surveyed 2,001 adults from Aug. 15-17 as part of an online study. The participating cohorts included 194 younger Millennials (age 18-29), 160 older Millennials (age 30-34), 479 Gen Xers (age 35-49) and 884 Baby Boomers (age 50-69), to reveal Americans’ shopping preferences and determine the steps retailers can take to remain relevant in today’s competitive retail industry. Overall, the survey found that 47 percent of U.S. adults prefer to shop in-store rather than online. More than half of Baby Boomers (51 percent) prefer the in-store experience, followed by younger Millennials (50 percent), Gen Xers (42 percent) and older Millennials (27 percent). When asked a similar question in 2016, 43 percent of …