Retail

HFF Brokers $25M Sale of Fitness-Anchored Shopping Center in South Florida

by Camren Skelton October 16, 2017

PALM BEACH GARDENS, FLA. — HFF has arranged the $25 million sale of LA Fitness Plaza, a 105,453-square-foot fitness- and food-anchored shopping center in the South Florida city of Palm Beach Gardens. Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores of HFF represented the seller, an institutional investor of Barings Real Estate Advisers. Fondo Atlas acquired the retail center. Located at 7100 Fairway Drive, LA Fitness Plaza is situated near the entrance of the PGA National Resort & Spa.

October 16, 2017

Michigan Midwest Retail

Gerdom Realty Brokers Sale of 230,500 SF Former Sears Building in Waterford Township, Michigan

by Kristin Harlow October 16, 2017

WATERFORD TOWNSHIP, MICH. — Gerdom Realty & Investment has brokered the sale of a 230,500-square-foot former Sears building at Summit Place Mall in Waterford Township, about 30 miles north of Detroit. The sales price was not disclosed. The building is positioned on 22.5 acres of land on Telegraph Road. Tjader Gerdom and Mike Murphy of Gerdom Realty, along with Nicholas Kanich of Cushman & Wakefield, represented the undisclosed seller. New ownership is looking to redevelop the property and offer pad site opportunities, according to a news release.

October 16, 2017

Midwest Missouri Retail

Block & Co. Negotiates $3M Sale of Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow October 16, 2017

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Chapel Ridge Retail Center in Lee’s Summit for $3 million. The 35,000-square-foot shopping center is located at 3680 Akin Drive. The property is 90 percent occupied by tenants including Total Body Fitness, Allstate Insurance, Foxy Nails, Quilter’s Station, KC Salt Mines and Jimmy John’s. William Glasgow of Block & Co. negotiated the sale on behalf of the seller, Rocky Top Holdings LLC. VAAP Chapel Ridge LLC purchased the property. Block & Co. will continue to handle leasing efforts for the new owners.

October 16, 2017

California Retail Western

MSM Global Ventures Buys Shopping Center in Corona del Mar for $23M

by Nellie Day October 16, 2017

CORONA DEL MAR, CALIF. — MSM Global Ventures has acquired Corona del Mar Shopping Center, a 33,404-square-foot retail center in the Southern California community of Corona del Mar. The sales price was not disclosed, but the Orange County Register reports the asset sold for $23 million. The historically grocery-anchored property was anchored by discount grocer Smart and Final at the time of sale.

October 16, 2017

Arizona Retail Western

Cushman & Wakefield Arranges $10.2M Sale of Grocery-Anchored Center in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.

October 16, 2017

Arizona Retail Western

Velocity Signs Two Retailers to 48,000 SF Vacant Storefront in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.

October 16, 2017

Retail Texas

Mimco Acquires 200,000 SF Shopping Center in San Antonio

by Taylor Williams October 13, 2017

SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired City Base Landing, a 200,000-square-foot shopping center located at the intersection of Interstate 37 and SE Military Drive in San Antonio. Built in 2005 and shadow-anchored by Walmart and Sam’s Club, the center houses more than 40 tenants, including Best Buy, Office Depot, Chick-fil-A, AT&T and Chili’s. With this transaction, Mimco’s portfolio of shopping centers in San Antonio now totals more than 1.5 million square feet.

October 13, 2017

Retail Texas

EDGE Brokers Sale of 67,486 SF Retail Property in Dallas

by Taylor Williams October 13, 2017

DALLAS — EDGE Realty Capital Markets has brokered the sale of Parkway Corners, a 67,486-square-foot retail property located at the corner of Dallas North Tollway and Dallas Parkway in Dallas. Brandon Beeson and Brandon Crow of EDGE represented the seller, Greenway-Parkway Corners LP, in the transaction. EMD Group LLC purchased the asset for an undisclosed price.

October 13, 2017

Retail Texas

Marcus & Millichap Arranges Sale of 33,000 SF Retail Asset in McAllen

by Taylor Williams October 13, 2017

MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of a 33,000-square-foot, net-leased retail property located at 4037 W. Expressway 83 in McAllen. The property is leased to Tru Fit Athletic Clubs and is positioned in-line with a multi-tenant shopping center. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a private investor, in the transaction. An unidentified REIT purchased the asset in an all-cash deal for an undisclosed price.

October 13, 2017

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $12.7M Sale of Mixed-Use Property in Manhattan

by Amy Works October 13, 2017

NEW YORK CITY — Eastern Consolidated has brokered the sale of a six-story mixed-use building located at 331 E. 81st St. on Manhattan’s Upper East Side. A private investor acquired the building for $12.7 million, or $1,202 per square foot. The 10,606-square-foot property features 14 residential apartments and one retail space, which is leased to Bar Prima. Jeremy Simon and Ronda Rogovin of Eastern Consolidated represented the seller, a real estate investment firm, while Simon also procured the buyer in the deal.

October 13, 2017

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