AUSTIN, TEXAS — Los Angeles-based investment firm Westwood Financial has purchased Trails at 620, a 69,037-square-foot shopping center in northwest Austin. The center was roughly 77 percent leased at the time of sale to tenants such as AT&T, Freebirds World Burrito, Black Rock Coffee, Restore Hyper Wellness, Kale Me Crazy, Mattress Firm and European Wax Center. Shea Petrick, Chris Gerard, and John Indelli of JLL represented the seller, Partners Capital, in the transaction.
BOYNTON BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $31 million sale of Village Square at Golf, a 135,133-square-foot shopping center located in Boynton Beach. KC Market anchors the property, which was built in 1983 and renovated in 2012. Other tenants at the center, which was 93 percent occupied at the time of sale, include Enterprise Rent-A-Car, Quest Diagnostics, The UPS Store, Boynton Quality Medical Center and Anthony’s Ladies’ Apparel. Kirk Olson and Drew Kristol of IPA represented the seller, a publicly traded REIT, in the transaction. The buyer was not disclosed.
TAMPA, FLA. — Plaza Advisors has arranged the $12.6 million sale of Fowler Plaza South, a 57,093-square-foot shopping center in Tampa. The property was 97 percent leased at the time of sale to tenants including Dollar General, Champs Sports, AT&T, Jimmy John’s, Foot Locker and Amscot. Fowler Plaza South is located less than a half-mile west of the University of South Florida and across the street from Rithm, the ongoing mixed-use redevelopment project of the former University Mall. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, SJS Realty Management, in the transaction. The buyer was not disclosed.
HUNTINGTON, W.VA. — Cooper Commercial Investment Group has negotiated the $2.7 million sale of a shopping center in Huntington. Dollar Tree anchors the retail center, which is located six blocks from Marshall University and adjacent to St. Mary’s Medical Center hospital. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investment firm based in the Midwest, in the transaction. The undisclosed, privately held buyer purchased the center at 93 percent of list price, according to Cooper Commercial.
CHICAGO — Nassimi Realty, a New York-based real estate development company, has purchased Joffco Square, a 100,000-square-foot retail center in Chicago’s South Loop. The purchase price was $9.2 million. Located at 555 W. Roosevelt Road, Joffco Square is anchored by Best Buy and shadow anchored by Home Depot. The property features a two-story covered parking garage. The seller, Pine Tree, had purchased the asset for $27 million. Nassimi is working with national retailers to address vacancies at the center.
WASHINGTON TOWNSHIP, MICH. — The Salvation Army has signed a 13,065-square-foot retail lease on Van Dyke Avenue in Washington Township, a northern suburb of Detroit. The charitable organization will take occupancy in June and is relocating from across the street. Gary Grochowski and Bryan Barnas of Colliers represented the undisclosed landlord, while John Lominack and Michael Bennett of Colliers represented the tenant. The Salvation Army operates nearly 8,000 locations across the U.S.
HERMOSA BEACH, CALIF. — Chartwell Real Estate Development has purchased Park Pacific Shopping Center, a grocery-anchored retail center in Hermosa Beach, from a private investor for $27.8 million. Located at 1100 Pacific Coast Highway, Park Pacific Shopping Center offers 49,911 square feet of retail space. Current tenants include Trader Joe’s, Starbucks Coffee, Five Below and Sally Beauty. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL handled the transaction.
WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.
COVINGTON, LA. — Gulf States Real Estate, Development and Construction Services has announced that Kia of Covington will soon open its new car dealership. The site of the future dealership is located at the intersection of I-12 and US Highway 190 on Louisiana’s Northshore. The Kia franchise owner, Kevin Szura, had paused the development due to rising interest rates and construction costs, resulting in a six-month delay. While Szura worked on finding alternative financing sources, the Gulf States team led by Jason Reibert and Mike Saucier “value engineered” more than $500,000 out of the construction budget, which also required approval from KIA’s corporate design team. “Although we will be entering the market six months later than we had hoped, the value engineering and financing efforts were well worth it given today’s tough business climate for new construction,” says Szura. Mark Holcomb Consulting LLC served as an advisor for the new Kia of Covington project.
LAS VEGAS — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail property in Las Vegas, on behalf of an entity doing business as Aspen NV LLC. Situated on 23 acres at 3220-3370 E. Flamingo Road, Renaissance III offers 39 retail units totaling 225,748 square feet. Specific tenants were not released. Provided by Symetra Financial, the loan features a three-year, interest-only term at 8.89 percent. The financing was structured to accommodate the borrower’s plans for property renovations to enhance leasing opportunities.