MURRIETA, CALIF. — Coldwell Banker Commercial has arranged a 10-year lease for 9,506 square feet of retail space at Murrieta Crossings, located at 39745 Avenida Acacias, Suites A and B, in Murrieta. Metroflex Gym triple-net leased the space from M.C. Retail. Cyndi Light of Coldwell Banker represented the landlord, while Jay Brun and Steve Castellanos, also of Coldwell Banker, represented the tenant in the deal.
HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.
RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.
SAN ANTONIO — The Mansour Group at Marcus & Millichap has brokered the sale of Hotel Valencia and Retail Net Leased Condos in the River Walk area of San Antonio. The hotel property and accompanying retail condos are located at 150 E. Houston St. The property was leased to The Valencia Group on a long-term NNN lease. The Mansour Group represented the seller, GrayStreet Partners, in the transaction. An out-of-state private investor purchased the asset.
NORMAN, OKLA. — CBRE has negotiated the sale of Colonial Estates, a 104,022-square-foot shopping center located at the intersection of Lindsey Street and 12th Avenue in Norman. The property was 88 percent leased at the time of sale to tenants such as CitiTrends, Dollar General and Rent-a-Center. Jason Little, Justin Brannon, Mark Inman, Stuart Graham and Ryan Storer of CBRE represented the seller in the transaction. Waco-based Hoppenstein Properties Inc. purchased the asset for an undisclosed price.
SAN FRANCISCO — The Gymboree Corporation, following an evaluation of its retail footprint, plans to close approximately 350 stores, mainly across the Gymboree and Crazy 8 brands. The San Francisco-based company hopes to focus its resources on locations with the greatest potential and improve profitability. The company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on July 18, 2017. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor and Lazard is serving as its investment bank. As of April 29, 2017, the company operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.
SAN LUIS OBISPO, CALIF. — Donahue Schriber has acquired Marigold Center, a 174,428-square-foot shopping center located in San Luis Obispo, for $43.6 million. The 89-percent leased center is anchored by Vons and home to tenants including Michaels, CVS/pharmacy, Starbucks Coffee, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. Gleb Lvovich, Bryan Ley and Eric Kathrein of HFF marketed the property on behalf of the seller, Kimco Realty Corp. Donahue Schriber purchased the asset free and clear of existing debt.
NEW YORK CITY — HFF has brokered the sale of a fully leased retail property and parking garage located at 325 Fifth Ave. in Midtown Manhattan. HUBB NYC Properties acquired the property from an undisclosed seller for $38 million. Completed in 2005, the 35,262-square-foot features a 5,972-square-foot ground-floor retail condominium leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank, and a 174-space, 29,290-square-foot below-grade parking garage leased to GGMC Parking. Andrew Scandalios and Rob Rizzi of HFF represented the seller in the deal. Additionally, Michael Gigliotti and Scott Aiese, also of HFF, arranged a 10-year, fixed-rate loan with Allianz Real Estate of America for the acquisition of the property.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.
MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.
