EDISON, N.J. — Marcus & Millichap has arranged the sale of Galleria 27, a retail property located in Edison. A private investor acquired the property for $2.4 million. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, and the buyer in the all-cash transaction.
PEACHTREE CITY, GA. — The $9.5 billion MEPT Fund, along with its affiliated funds, has purchased Kedron Village II, a 157,185-square-foot shopping center located in Peachtree City, about 30 miles southwest of downtown Atlanta. MEPT also owns the adjacent Kedron Village I, a 97,000-square-foot, grocery-anchored retail center. Built in 2006, Kedron Village II was 90 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond and Petco. The weighted average remaining lease term for all tenants is nearly five years and 80 percent of the tenant base has been at the center for seven or more years. Bentall Kennedy, a Sun Life Investment Management company, advised MEPT in the transaction.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Northstar Crossing Shopping Center, a 67,509-square-foot retail center in Garland. Located at 1120-1332 Belt Line Road near North Garland Avenue, the property was 82 percent leased at the time of sale. Lisa Estrada of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer’s name and brokerage representation were not disclosed.
KATY, TEXAS — Thor Equities has signed leases with three new retailers totaling 7,150 square feet at The Shoppes at Cinco Ranch, a 183,700-square-foot retail center under construction within Cinco Cranch, a 8,100-acre master-planned development in the western Houston suburb of Katy. Yao Chen of World Wide Realty represented Super Yummy Mongolian Stir-Fry and Sushi, which has leased 2,610 square feet, while Lasater Miller of The Retail Connection represented salad bar restaurant Salata, which has leased 3,000 square feet. Kristen Barker of Wulfe & Co. represented beverage producer Bambu, which has leased 1,540 square feet. George Stanchfield of Thor Equities represented the landlord internally in all three transactions.
While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report. While this infusion of new space may have a small squeeze on asking rates — currently at $13.24 per square foot — the outlook for Jacksonville’s retail market remains strong. The St. John’s Town Center has had a transformative effect on the Northeast Florida market over the past decade. The shopping center saw huge success when it first opened its doors in 2005 and was relatively immune to the effects of the downturn. As the economy started to trend upward, the St. Johns area saw even greater shopper traffic and with that came expansion; in fact most of the 748,000 square feet of retail space currently under construction is in the St. Johns area. As St. John’s continues to fuel Jacksonville’s retail market, …
BELMONT, N.C. — Ramey Miller Properties plans to deliver Belmont Town Center, a 105,000-square-foot, grocery-anchored shopping center in the Charlotte suburb of Belmont this fall. Harris Teeter will anchor the center, which will also include a Harris Teeter Fuel Station. Coldwell Banker Commercial MECA is handling the leasing assignment of Belmont Town Center on behalf of Ramey Miller and has arranged leases with Collins Cleaners, Great Clips, Vitamins 4 Less, Jersey Mikes, Marcos Pizza and I Color Nail Bar. Ramey Miller is also building single-family and multifamily residences adjacent to Belmont Town Center.
HOUSTON — HFF has closed the sale of Renaissance Center, a 97,279-square-foot, grocery-anchored retail property in downtown Houston. Located at 6102 Scott St. near the intersection of Old Spanish Trail, the center lies inside Houston’s Interstate 610 loop and is within two miles of the Texas Medical Center. Current tenants include H-E-B, Taco Bell, BB&T Bank, Watermill Express and U.S. Renal Care. Ryan West and Rusty Tamlyn of HFF represented the seller, Lionstone Investments, an analytics-driven real estate firm. The buyer, Williamsburg Enterprises Limited, obtained the property with zero outstanding debt.
COPPERAS COVE, TEXAS — Marcus & Millichap has brokered the sale of Copperas Cove Retail, a 16,400-square-foot retail property located at 301 Constitution Drive in Copperas Cove, a city roughly 65 miles north of Austin. The property was 100 percent occupied at the time of sale to tenants such as Payless Shoe Source, Sally Beauty Co., Bank of America, GameStop and Jackson Hewitt Tax Service. Philip Levy of Marcus & Millichap represented the seller, a developer, and secured the buyer, a private investor. Both parties requested confidentiality.
LANSDALE, PA — CBRE has brokered the sale of Tollgate Commons, a retail property located at 1650 Sumneytown Pike in Lansdale. A local developer sold the property to an undisclosed buyer for $7.2 million. At the time of sale, the 21,293-square-foot multi-tenant retail center was fully occupied. Matthew Gorman and Michael Shover of CBRE represented the seller, while Keller Williams Commercial represented the buyer in deal.
NAVASOTA, TEXAS — An entity related to Finial Group has sold 12.6 acres of land zoned for retail on Highway 6 near Highway 105 in Navasota, a city located roughly halfway between Houston and College Station. The Finial Group-related partnership originally purchased the site in February 2016.