UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.
SPANISH FORK, UTAH — Englewood Construction has been tapped to work on three food-related projects in the Western U.S. The firm recently completed a 7,794-square-foot Olive Garden Italian Restaurant in Spanish Fork. It is one of more than 800 Olive Gardens in 49 states for Orlando, Fla.-based Darden Restaurants Inc., a national client of Englewood Construction. Tustin, Calif.-based CRHO Architects was the project architect. The national general contractor has also started interior remodeling projects for two test kitchens and training facilities for US Foods in California and Arizona. Englewood additionally commenced construction on two food-service projects in La Mirada, Calif., and Phoenix. Rosemont, Ill.-based US Foods Inc., a food company and distributor to restaurants, healthcare, hospitality, government and educational facilities, hired Englewood Construction to remodel two of its Western test kitchen and training facilities. Scheduled to be complete early next year, the interior remodels will accommodate the latest kitchen and training equipment. Hartland, Wis.-based ESI Design Services is the project architect for both locations. Englewood will build a classroom-style arrangement around a condensed version of the standard cook line, with a ventilation hood over open flames, a fryer, skillet and griddle. Englewood will remodel each of US Foods locations’ existing 6,775-square-foot …
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.
VESTAVIA HILLS, ALA. — New York-based Katz Properties has acquired Vestavia Hills City Center, a 392,000-square-foot shopping center in Vestavia Hills, roughly six miles south of Birmingham, for $60.3 million. HFF arranged mortgage financing for the acquisition. The seller was not disclosed. Vestavia Hills City Center is home to anchor tenant Publix, AMC Vestavia Hills 10, Planet Fitness, Starbucks Coffee, Rite Aid, Stein Mart and various restaurant tenants. In addition, the center is home to a variety of office users. Katz Properties has hired Fairway Management Group LLC to manage the property.
CLARKSVILLE, TENN. — Atlanta-based RCG Ventures has sold Hampton Plaza, a 124,260-square-foot shopping center in Clarksville, for $17.8 million. Fain Hicks of Cushman & Wakefield arranged the transaction on behalf of RCG Ventures. An affiliate of White Plains, N.Y.-based Yale Realty Services acquired the asset. Kohl’s anchors Hampton Plaza, which is also home to Michaels, Party City, Ulta Beauty, Kirklands, Books-A-Million, CATO, Mattress Firm, Lane Bryant, It’s Fashion and Sally Beauty Supply.
CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and execution of transaction documents, as well as customary approvals. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to GGP. The transaction would boost BPY’s portfolio to almost $100 billion of real estate assets globally and an annual net operating income of approximately $5 billion, according to BPY. “Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” says Brian Kingston, CEO of Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would …
GILBERTSVILLE, PA. — Brixmor Property Group has sold Gilbertsville Shopping Center, a grocery-anchored retail center located at 1050 E. Philadelphia Ave. in Gilbertsville, a suburb of Philadelphia. The Westover Cos. bought the property for an undisclosed price. Weis Markets anchors the 85,576-square-foot center, which was constructed in 1976. The 95.6 percent leased center is also home to Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, National Auto Stores, Great Clips, Quest Diagnostics, KeyBank and Fine Wine & Good Spirits. Chris Munley, Michael DiCosimo and Jose Cruz of HFF represented the seller in the deal.
PEORIA, ILL. — Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie in Peoria for an undisclosed price. The 468,127-square-foot lifestyle center is situated on 30.3 acres at 5201 W. War Memorial Drive. Completed in 2003, the property includes six multi-tenant buildings and one single-tenant building. The property is 94 percent leased to more than 35 tenants such as Bergner’s, Dick’s Sporting Goods, Marshalls, HomeGoods, DSW, H&M, Old Navy, J. Crew Mercantile, Banana Republic Factory and J. Jill. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF marketed the property for Miller Capital. An affiliate of Singerman Real Estate LLC purchased the asset.
CHARLOTTE, N.C. — Northridge Capital LLC, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot creative office and retail project located at 1213 W. Morehead St. in Charlotte’s Midtown district. The five-story building will include four upper levels of 22,500-square-foot floorplates, 10- to 14-foot ceilings heights and floor-to-ceiling glass windows. The first floor will be dedicated to retail space and will feature 16-foot ceiling heights. The Refinery will also feature a rooftop amenity space, free parking in a 350-space parking deck, electric car charging stations, interior bike storage, private showers and locker rooms and a gathering space in the main lobby. The building will sit adjacent to a 287-unit multifamily community currently under construction. In addition, The Refinery is within walking distance to a number of restaurants in Charlotte’s Freemore West neighborhood. Barry Fabyan and Charley Leavitt of JLL are handling the leasing assignment for the office portion of the project, and John Hadley of The Nichols Co. is overseeing retail leasing. The project team includes architect BB+M Architecture, civil engineer LandDesign and general contractor Edifice Construction. Northridge and Insite plan to deliver The Refinery in fall 2018.
