HENDERSON, NEV. — LBG Real Estate Cos. LLC, in partnership with Aviva Investors Real Estate Capital Partners I-A LP, has sold a single-tenant, net-leased Home Depot location in the Las Vegas suburb of Henderson for $23 million. Chris Kostanecki and Dave Lucas of Capital Pacific brokered the sale of the property, located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road. The buyer of the 102,370-square-foot Home Depot was undisclosed.
SANTA ROSA, CALIF. — Arroyo & Co. has arranged the sale of a 90,348-square-foot retail building connected to Santa Rosa Plaza in downtown Santa Rosa. The deal was through Ten-X, and terms of the transaction were not released. Pedro Arroyo and David Kram of San Francisco-based Arroyo & Co. represented the undisclosed buyer. Situated on 3.4 acres, the building is partially leased to Forever 21 and has 47,289 square feet of retail space available for lease. The connected Santa Rosa Plaza is occupied by 120 specialty stores, including Apple, Abercrombie & Fitch, Forever 21, Macy’s, Sears, Eddie Bauer, Gap, Gymboree and Victoria’s Secret, as well as 16 eateries.
GOODYEAR, Ariz. — REI, a specialty outdoor retailer, has teamed with Blue Oak Energy to complete a 2.2 megawatt rooftop solar installation atop REI’s new distribution center in Goodyear, a western suburb of Phoenix. The system is expected to offset all of the facility’s annual electricity consumption. REI and Blue Oak have worked together on solar projects for eight years. The partnership has resulted in a 5.4 megawatt solar portfolio for REI. Blue Oak Energy was founded in 2003 in Davis, Calif. In 2015, Panasonic Enterprise Solutions Company and Coronal Group LLC invested in the company. REI is headquartered near Seattle and has 144 stores in 35 states.
ST. LOUIS — Mid-America Real Estate Corp. has brokered the $15.2 million sale of Southtown Centre, an 88,364-square-foot retail property in St. Louis. Newport Capital Partners acquired the property on behalf of Newport Capital Partners Fund II. Southtown Centre is comprised of five buildings located at the northwest corner of Chippewa Street and Kingshighway Boulevard in the Tower Grove South neighborhood. Tenants at the center include Walgreens, PetSmart, OfficeMax, Athletico and Starbucks. Ben Wineman of Mid-America was the sole broker in the transaction and represented the seller, a publicly traded REIT.
OMAHA, NEB. — Omaha-based Scooter’s Coffee has acquired Coffeesmiths, a coffee company with three locations in the Cedar Rapids metro area. Scooter’s will own and operate the three locations at 7037 C Ave. NE, 2300 Edgewood Road SW and 690 Marion Blvd. Scooter’s will rebrand the coffee shops throughout the summer and began offering its menu items June 13. Scooter’s operates more than 135 stores in 15 states and plans to open 40 new locations by the end of the year.
MIAMI — Marcus & Millichap has brokered the $12.5 million sale of Sabina Plaza, a 51,044-square-foot shopping center located at 4001 S.W. 152nd Ave. in Miami’s West Kendall submarket. Built in 2007, the property is fully leased to tenants such as Dollar Tree, two restaurants, a cross-fit gym, nail salon, martial arts studio, nail salon, beauty salon, dental office and a daycare. Walgreens and Bank of America are outparcels to the property but were not included in the sale. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, Sabina 40 Street LLC, an affiliate of North Miami-based IMC Equity Group and headed by Yoram Izhak, who purchased the property out of foreclosure in 2012 for $5.4 million.
CANTON, GA. — The Home Depot has sold a 1.9-acre tract of land located at the intersection of Sixes Road and Holly Springs Parkway in Canton, a northern suburb of Atlanta in Cherokee County. Keith Valentine of Atlanta-based Corporate Property Dispositions represented The Home Depot in the sale. The buyer, Ferber Development, plans to build a retail strip center at the site that is pre-leased to AT&T and Starbucks Coffee, as well as an outparcel pre-leased to Taco Bell. The new project will be located near The Home Depot and Northside Hospital’s offices.
ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …
A new report from George Washington University finds that metropolitan areas in the United States are shifting toward developing more walkable areas, reversing a trend that dates back more than half a century. Christopher Leinberger and Michael Rodriguez of The George Washington University School of Business wrote the report, titled “Foot Traffic Ahead, Ranking Walkable Urbanism in America’s Largest Metros.” “The end of sprawl is in sight,” the authors write. “The nation’s largest metropolitan areas are focusing on building walkable urban development.” For what may be the first time in 60 years, the report finds that walkable urban places (WalkUPs) in all 30 of the largest metros are gaining market share over their drivable suburban competition, which is often accessible only by car. This has been coupled in recent years by substantially higher rental premiums in the office and retail sectors. The 30 metro areas measured include 46 percent of the nation’s population (145 million of 314 million) and 54 percent of the national GDP. They were measured based on the current percentage of occupied walkable urban office, retail and multifamily rental square feet in their WalkUPs. The top walkable metro areas are as follows: The study found that walkable …
PLANO, TEXAS — A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC has sold Phase II of Willow Bend Commons. The retail property is located at 1885 Dallas Parkway in Plano, and was sold to an undisclosed buyer. The newly constructed, 6,000-square-foot building is leased to Verts Mediterranean Restaurant and Ideal Dental. The partners purchased a 5.2-acre site from Costco two years ago for the development. Phase I was a 14,000-square-foot retail center that was 100 percent leased upon completion, and subsequently sold in 2015. Phase I tenants include Torchy’s Tacos, Shell Shack, Jersey Mike’s Subs, LA Bikini, Wok Box and Salada. In addition to the retail center, one pad site was sold to Randolph-Brooks Federal Credit Union, whose facility also opened in 2015.
