DENTON, TEXAS — The Retail Connection has negotiated a 23,013-square-foot retail lease at 1400-1800 South Loop 288 in the North Texas city of Denton. David Levinson and Jack Weir of TRC represented the landlord, 3503 RP Denton Crossing LP, in the lease negotiations. Robert Aycock of CBRE represented the landlord, HomeGoods Inc., a Massachusetts-based home furnishings company and affiliate of the TJX Cos., which owns Marshalls and T.J. Maxx.
HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Honolulu. The single-tenant, net-leased property was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotiations on behalf of the buyer, a Los Angeles-based Korean investment fund. The transaction was structured as a reverse 1031 exchange, which required the buyer to park a grocery-anchored property located in California with an Exchange Accommodation Titleholder (EAT). This enabled the buyer to purchase the Walgreens site now, and complete the sale of the grocery-anchored center — Hacienda Plaza — at a later date.
PHOENIX — Cushman & Wakefield has arranged the sale of Camelback Center, a 32,963-square-foot shopping center located in Phoenix. CVS/pharmacy and Total Wine anchor the center, which is fully occupied by tenants including Chipotle Mexican Grill, Massage Envy, European Wax Center and Jimmy Johns. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction. Perry Investment Trust purchased the property. Terms of the sale were undisclosed.
FORT COLLINS, COLO. — Otter Products, the company behind OtterBox phone cases, will soon open Otter Shop, a retail store in its hometown of Fort Collins. The first OtterBox was created in a Fort Collins garage in the mid-1990s. This first and only standalone retail location allows the company to showcase its line of products, beyond phone cases. In addition to OtterBox cases, mobile accessories, coolers and tumblers, the store will feature products from sister brand LifeProof, including the recently released AQUAPHONICS line of Bluetooth speakers. Visitors will also be able to print custom cases with their own images or select from dozens of patterns. Otter Shop will be located at 151 W. Mountain Ave. in downtown Fort Collins.
HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.
PROVO, UTAH — California-based real estate investment firm Brixton Capital will invest approximately $80 million in the repositioning of Provo Towne Center, an 800,000-square-foot mall in Provo, located about 45 miles south of Salt Lake City. The project will transform the existing retail space into a mixed-use asset. New areas include a 30,000-square-foot dining district and two 6,000-square-foot restaurant spaces, as well as a 100,000-square-foot office tower and 200 residential units. Other features will include an outdoor park and a 50,000-square-foot space for an anchor tenant. According to Brixton Capital, which acquired the mall in 2016, the repositioning project represents a shift toward more entertainment- and experience-driven retail. “Our plans for Provo Towne Center have been met with excitement, renewed interest and many positive comments from the entire community,” says Travis King, CEO of Brixton Capital. Phase I of construction is already underway and will deliver a 100-room Marriott Residence Inn that will open next summer. Additional phases are scheduled to begin in early 2018. Provo Towne Center is located at 1200 Towne Centre Blvd., along the Interstate 15 corridor, roughly 2.5 miles from Brigham Young University. Approximately 65,000 students live or attend classes within a five-mile radius of the …
TERRELL, TEXAS — Schulman Theatres will develop Film Alley Movie Entertainment Center, a 74,000-square-foot facility that will be located at the corner of Interstate 20 and FM 148 in Terrell, a city approximately 30 miles east of Dallas. The center will feature eight auditoriums, 24 bowling lanes, a 4,500-square-foot arcade and a bar and restaurant. Film Alley will be situated within the 255-acre, master-planned Crossroads at Terrell development. Construction on the property’s infrastructure began in June. The center is scheduled to open in September 2018.
COLUMBUS, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant property occupied by Goodwill in the suburban Columbus community of Dublin for $4.4 million. The 22,000-square-foot building was renovated to accommodate Goodwill, which had previously occupied a 9,400-square-foot space on Sawmill Road. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group. The buyer, a Columbus-based private investor, purchased the property at nearly 99 percent of the list price.
CHICAGO — Veggie Grill has unveiled plans to open its first restaurant in Chicago, the first of the Midwest region. The vegetarian fast casual brand will open a 2,000-square-foot restaurant at 614 W. Diversey Parkway this fall. The restaurant will serve lunch and dinner, as well as provide online ordering and delivery services. Specialty menu items include the VG beyond burger, Santa Fe crispy chickin’ sandwich, quinoa power salad and Sonoran bowl. Founded in 2006, Veggie Grill currently operates 28 locations throughout California, Oregon and Washington. The company plans to open several Chicago locations over the next few years.
BAKERSFIELD, CALIF. — CBRE in conjunction with the National Retail Partners-West (NRP-West) team has brokered the sale of Riverlakes Village, a grocery-anchored shopping center in Bakersfield. Crow Holdings Capital Real Estate sold the 92,212-square-foot property to Phillips Edison Grocery Center REIT II for an undisclosed price. At the time of sale, the center was 97 percent leased to a variety of tenants, including Vons, CVS/pharmacy, US Bank, Starbucks Coffee, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. and Bank of America. Built in 1997, RIverlakes Villages consists of six parcels totaling 9.5 acres at the southeast corner of Coffee and Hageman roads. Philip Voorhees, Preston Fetrow, Kirk Brummer, Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read of CBRE and the NPR-West team represented the seller.