COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.
ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.
RICHMOND, VA. — CBRE | Richmond has arranged a 36,125-square-foot lease for a new 2nd & Charles store in Richmond. The new and used goods retailer will replace a former Babies “R” Us store at the Tuckernuck Square shopping center located at 9004 W. Broad St. 2nd & Charles specializes in trading used books, audio books, CDs, DVDs, video game systems, vinyl records and accessories. Brand new merchandise is also available for purchase along with musical instruments and autographed books. According to CBRE | Richmond, each 2nd & Charles store typically has more than 500,000 items and three miles of shelf space. The new store will be the retailer’s second location in the greater Richmond area and third in Virginia. Rob Black, Robby Brownfield and Chris Doyle of CBRE | Richmond represented 2nd & Charles in the transaction.
SUPERIOR, WIS. — Marcus & Millichap has arranged the $2 million sale of a 3,290-square-foot building net leased to Arby’s in Superior, the northwest corner of the state. A limited liability company sold the asset, located at 3821 Tower Ave., to an undisclosed buyer. Sean Doyle, Matthew Hazelton, Cory Villaume and AJ Prins of Marcus & Millichap listed the property on behalf of the seller.
WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …
PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.
GREENLAWN, N.Y. — Winick Realty Group has arranged the sale of an under-construction TD Bank location in Greenlawn. A 1031 exchange buyer acquired the property from CLC Greenlawn LLC for $4.6 million. Situated on 1.8 acres at the corner of Pulaski and Cuba Hill roads, the 2,500-square-foot bank, which is under a 20-year lease, is adjacent to the BAE Systems office complex. Michael Cleeman of Winick Realty Group represented the buyer, while Stan Johnson Co. and GFI Realty Services represented the seller in the transaction.
EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.
LOS ANGELES — An affiliate of Z Capital Partners, the private equity management arm of Z Capital Group, has agreed to acquire chain restaurant brand Pink Taco for an undisclosed price. Z Capital Partners is the largest shareholder in restaurant group Real Mex Restaurants, and plans to expand the Pink Taco brand via new locations and improvements to operations and marketing. Third-generation restaurateur Harry Morton founded Pink Taco in Las Vegas in 1999, and the franchise also has locations in Los Angeles. Hard Rock Hotel will still own and operate the original Las Vegas location. Morton will continue to guide strategic marketing, design and future locations of the chain, as well as help launch take-home products for the brand. The transaction is expected to close in the second quarter of 2016.
CLUTE, TEXAS — Cencor Realty Services will soon open Phase I of Woodshore Marketplace, a 140,000-square-foot shopping center at the southeast corner of Oyster Creek and Dixie drives in the master-planned Woodshore community near Houston. The anchor for Woodshore Marketplace, a 124,000-square-foot Kroger Marketplace, is now open. In addition to the Kroger anchor, Phase I of Woodshore Marketplace will also feature 16,450 square feet of in-line space set to open later this spring, along with three pad sites for freestanding concepts. Steve Chandler, city partner for Cencor in Houston, is directing development of the community retail center. Randy Hopper and Kyle Knight with The Weitzman Group are the leasing agents for Woodshore Marketplace.