OVERLAND PARK, KAN. — Marcus & Millichap has brokered the $12.2 million sale of a 37,930-square-foot shopping center in Overland Park, a southern suburb of Kansas City. The sales price equates to $322 per square foot. Los Angeles-based Highpoint Capital Group LLC purchased the Southridge retail center, which was built in 2008 and 2009, from Carson Development, a local developer. The retail property is located 12090 Metcalf Ave. Southridge is shadow anchored by Costco.
NEW YORK CITY — Brookfield Asset Management Inc. has made an unsolicited offer to buy the majority stake of mall owner Rouse Properties Inc. that it doesn’t already own for $17 in cash per share, or approximately $657 million. Brookfield currently owns about 33 percent of Rouse’s outstanding shares. The proposed price represents a premium of 26 percent to the closing price of Rouse shares on Jan. 15, and a 19 percent premium to the 30-day volume-weighted average trading price of Rouse shares. The proposal was presented to the Rouse Board of Directors on Jan. 16. Rouse Properties (NYSE: RSE), a New York City-based publicly traded real estate investment trust, is a regional mall owner. The company’s portfolio includes 35 malls and retail centers in 21 states encompassing approximately 24.1 million square feet. Rouse was created in 2012 when General Growth Properties Inc. spun off a portfolio of 30 malls. According to the Wall Street Journal, Toronto-based Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) acquired a 33 percent stake in the Rouse portfolio by leading a $30 billion restructuring of General Growth Properties to help it emerge from bankruptcy in 2010. Brookfield Asset Management describes itself as a global alternative asset manager with …
CHARLOTTE, N.C. — The Retail Brokers Network (RBN), a national network of retail real estate brokers, has selected Debbie Currier as its new president. Currier is the first woman to hold this position in the organization’s almost 25-year history. Currier will be replacing RBN’s outgoing president Chuck Lanyard, president of RBN’s member firm The Goldstein Group. As president of RBN, Currier will be responsible for helping grow the organization’s brand, representing RBN at industry-related events, recruiting new RBN brokerage offices and facilitating education and networking between the 65 member firms. “I’m delighted to be RBN’s new president, and I look forward to working with the executive team and member offices to contribute to the future success of this great organization,” says Currier. “It is also an honor to be the first woman president at a time when women are assuming more leadership roles in the commercial real estate industry.” Currier is the owner and president of Currier Properties, a Charlotte-based retail real estate brokerage firm and member of RBN. Her corporate clients include Target, CarMax, Hancock Fabrics, rue21, GNC, FedEx Office, Pet People and Rainbow Fashions. Founded in 1992, RBN operates in 48 states. The organization’s network of firms has …
NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.
MOUNT OLIVE, N.J. — Gebroe-Hammer Associates has brokered the sale of the 1,172-unit Village Green Apartments and the 91,330-square-foot Village Green Shopping Center in Mount Olive. SDK Apartments acquired the assets from a private investment group for $175 million. Village Green Apartments comprises 871 one-bedroom/one-bath units, 157 one-bedroom with den/one-bath units; and 234 two-bedroom/one-bath units. On-site amenities include a six-hole Par 3 golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts. At the time of sale, the apartment community was 98 percent occupied. Village Green Shopping Center is anchored by a 30,000-square-foot Home Goods. Tenants also include PNC Bank and Dunkin Donuts. Greg Pine, Stephen Tragash and Joseph Brecher of Gebroe-Hammer arranged the 76-building transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily and retail property located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. A group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group acquired the asset from Anthony Fernicola for $15.8 million. The property consists of 18 residential units, one retail shop and 5,700 square feet of air space. At the time of sale, 16 residential units and the retail unit were vacant. The new ownership plans to complete interior and exterior renovations at the property and will use the additional air rights to expand the size of the retail facility. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, while Koshkerman and James Tenaglia of M & J Realty Group represented the seller in the transaction.
HOUSTON, DALLAS AND SAN ANTONIO — HFF has arranged a $247.5 million refinancing for a retail portfolio totaling 20 properties and 2.1 million square feet in Houston, Dallas and San Antonio. HFF worked on behalf of the borrower, Global Fund Investments, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to refinance existing debt and recapitalize the properties. The portfolio is 95 percent leased to 414 tenants, including H-E-B, Kroger, Kohl’s, LA Fitness, Petco, Golfsmith, 24 Hour Fitness, Starbucks and T.J. Maxx. Twelve of the retail centers are in Houston or Houston-area suburbs. The Dallas-Fort Worth area houses seven of the portfolio properties, and one of the retail centers is located in San Antonio. Mike Tepedino, Michael Gigliotti and Cameron Cureton led HFF’s debt placement team.
MIAMI — Swire Properties Inc., along with retail co-developers Whitman Family Development and Simon Property Group, has revealed the tenant list for Brickell City Centre’s 500,000-square-foot, open-air shopping center under construction in Miami’s Brickell district. The nearly 40 tenants joining the open-air center include Armani Collezioni, Intermix, REISS, SportsAction, Kendra Scott, Nars, American Harvest, Luke’s Lobster, AT&T and Westime. Swire Properties is incorporating a Miami Metromover stop that exits directly into the shopping center’s third floor. Brickell City Centre’s two condo towers, two office towers and EAST, MIAMI hotel are set for delivery in 2016, prior to the shopping center’s opening.
GREENVILLE, S.C. — DNA Partners has purchased The Gallery, a 142,000-square-foot retail center located on Haywood Road in Greenville. The Gallery is leased to Gabe’s and Conn’s and features a Chick-fil-A at its entrance. DNA Partners plans to add outdoor seating and update the landscaping of the center’s courtyard. The firm is also planning to redesign the center’s side building to accommodate active outdoor lifestyle tenants.
ONALASKA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 162,905-square-foot shopping center for $16.3 million. Crossing Meadows is located at 1260 Crossing Meadow Drive in Onalaska. Crossing Meadows is anchored by Festival Foods, which leases 57 percent of the retail center. Festival Foods has five years remaining on a 15-year lease. Crossing Meadows is shadow anchored by Sam’s Club and Gander Mountain. Other major tenants include Hancock Fabrics, Rogan’s Shoes and Party City. The shopping center is currently 89 percent leased. Erin Patton, Craig Fuller and Scott Wiles of IPA represented the seller in the transaction, an Ohio-based company. The trio also procured the buyer, a local developer.
