DALLAS — Vista Property Co. will redevelop Maplewood, a shopping center located at the corner of Maple Avenue and Inwood Road in Dallas. The development will be rebranded Maple Walk and feature open-air staircases, a glass-enclosed elevator and an open breezeway to the rear parking lot. The project will also allow ownership to create new patio and outdoor seating spaces. Construction is scheduled to begin in late November.
ARLINGTON, TEXAS — Venture Commercial Real Estate has acquired Sublett Corners Shopping Center, an 87,900-square-foot retail center located at the corner of South Cooper Street and Sublett Road in Arlington. Shadow-anchored by Albertsons, the center was 93 percent leased at the time of sale to tenants such as Stein Mart, Dollar Tree, Supercuts, KFC and Jack in the Box. Venture Commercial was represented internally by Bo Brownlee and Easley Waggoner Jr. Bill Jordan of Marcus & Millichap represented the seller, Rip Griffin Truck Service Center Inc.
HOUSTON — Austin-based TREK Investment Group has brokered the sale of Breen Plaza, a 20,000-square-foot retail center in northwest Houston. Built in 2007, the property was 100 percent leased to 11 different tenants at the time of sale. Ethan Offenbecher of TREK represented the undisclosed seller in the transaction. The buyer and sales price were also withheld.
SOUTH MARLTON, N.J. — Colliers International has arranged the sale of Evesham Crossing Shopping Center, located at 515 Route 73 in South Marlton. Starwood Capital and Goodman Properties sold the 81,000-square-foot property to Raymour and Flanigan for an undisclosed price. Todd Sussman and Josh Goldine of Colliers were the sole brokers in the transaction.
CHERRY HILL, N.J. — Cronheim Mortgage has arranged $6 million in financing for Village Walk, a retail property located along Route 70 in Cherry Hill. The loan, provided by a local New Jersey bank, was structured with a five-year term. The 60,000-square-foot property is currently 100 percent leased to 14 tenants, including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center and hair salon. Allison Villamagna, Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the loan for the undisclosed borrower.
FULLERTON, CALIF., AND VANCOUVER, WASH. — Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers on the West Coast for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, and Riverstone Marketplace, a 108,323-square-foot, grocery-anchored shopping center in Vancouver. Fullerton Crossroads was built in 1971 at 3200–3362 E. Yorba Linda Blvd. It was renovated in 1996 and 2005. The center is 98 percent leased to tenants like Ralphs, Kohl’s, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located at 19215 and 19221 S.E. 34th St. and 3415, 3425 and 3505 S.E. 192nd Ave. in the Fisher’s Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL’s Geoff Tranchina represented the seller, the Uhlmann Family Trust. “The seller was looking to divest itself of the day-to-day operations of these properties while maintaining its relationship and exposure to high-quality, West Coast retail real estate,” says Tranchina. “These unique tax-deferred structures, while complex to execute, provide long-term holders of real estate the potential to diversify their risk, eliminate management responsibilities and provide liquidity flexibility in the …
WESTMINSTER, COLO. — HFF has arranged the $4.3 million sale of Brookhill Towne Center, a 99,142-square-foot retail center in Westminster, located 11 miles north of Denver. Jules Sherwood of HFF represented the seller and procured the buyer, Experimental Holdings Inc. Constructed in 1989, Brookhill Towne Center was 81.5 percent leased at the time of sale to Fruehauf’s, Guiry’s and Dollar Tree.
LOS ANGELES — Bob’s Discount Furniture plans to open six new stores in the Los Angeles market simultaneously on Feb. 15, 2018. New locations will open in Baldwin Park, Huntington Beach, Midtown, Long Beach, West Hills and Valencia. These six stores will be the first on the West Coast for the furniture retailer. Bob’s currently has 89 stores in 15 states across the East Coast, Mid-Atlantic and Midwest regions, after adding more than a dozen new stores in the past year. In addition to the six new stores in Los Angeles, the furniture retailer has three others set to open on the same day in Pennsylvania and Virginia. The nine store openings will bring the company to 98 stores nationwide.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the sale of Grove Plaza, a retail property located at 789 Route 22 West in North Plainfield. A private investor sold the 19,845-square-foot property for $1.9 million. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
ATLANTA — The Collective, a new food hall concept, is set to join the forthcoming Coda development underway at 771 Spring St. in Midtown Atlanta’s Tech Square. The Collective will include eight to 10 eateries with communal seating areas opening up into a 20,000-square-foot outdoor space. The historic three-story Crum & Forster building located on the property will serve as an 8,000-square-foot, full-service restaurant with patio seating that will transition to the outdoor space. In addition to several prospective dining options, preliminary plans include a full-service central bar that will enable patrons to take advantage of open carry that will be permitted at Coda. Under development by Portman Holdings, Coda will feature 645,000 square feet of office space, an 80,000-square-foot data center, 30,000 square feet of street-level retail and the new food hall upon completion. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners are spearheading restaurant leasing for The Collective at Coda, which is slated to open in February 2019. Portman Holdings is also developing the neighboring Anthem Technology Center, a new 21-story, 352,000-square-foot building that will rise at the corner of 4th and West Peachtree streets.
