OVERLAND PARK, KAN. — Viking Partners Fund III LLC has acquired an 80,047-square-foot shopping center for $8.5 million. Overland Pointe Marketplace is located in Overland Park, an affluent southwestern suburb of Kansas City. The shopping center is anchored by Babies “R” Us and Golf Galaxy. Shadow anchor tenants include Sam’s Club, Home Depot and ALDI. The shopping center was 94 percent occupied at the time of sale. The seller in the transaction was undisclosed.
SAN JOSE, CALIF. — A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners has acquired Eastridge, a 1.4 million-square-foot super-regional mall located in San Jose, for over $200 million. The two-story enclosed regional mall was purchased in an off-market transaction with General Growth Properties. In 2007, General Growth Properties completed a $140 million expansion and renovation of the mall. Tenants at the center include Round 1 Bowling and Amusement, Barnes & Noble, JC Penney, Macy’s, Sears, Forever 21, Tilly’s, Bath & Body Works, Victoria’s Secret, Chili’s, Red Robin and Olive Garden. H&M is anticipated to open in the fall of 2016. The new owners plan to invest approximately $15 million in renovations to the mall.
BUENA PARK, CALIF. — CBRE Group Inc. has arranged the $85 million sale of Buena Park Downtown, a 535,000-square-foot regional mall. Philip Voorhees of CBRE represented the seller, Coventry Real Estate Advisors, and Timothy Bower and Johnny Choi of CBRE represented the buyer, Newkoa LLC, in the transaction. The mall was 93 percent leased at the time of sale to tenants including DSW, TJ Maxx, Bed Bath & Beyond, 24 Hour Fitness and Metroplex Theaters.
WOODLAND HILLS, CALIF. — Savills Studley has brokered the sale of Warner Plaza, a 115,000-square-foot neighborhood shopping center in Woodland Hills. Plaza International, a private company that owned the asset for 41 years, sold the property to ROIC Warner Plaza LLC, an entity of Retail Opportunity Investment Corp., for $76.3 million. Located at 21841 Ventura Blvd., the property is occupied by Sprouts Farmers Market, Coffee Bean & Tea Leaf, Dickies BBQ and Jerry’s Famous Deli. Bill Bauman and Kyle Miller of Savills Studley arranged the off-market transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.
FORT LEE, N.J. — Weiss Realty has arranged $3.2 million in financing for an affiliated entity on a retail property in Fort Lee. Located at 2215 Route 4 East, the 1,800-square-foot property features a Starbucks Coffee drive-thru and a Bank of America drive-up kiosk. Jaime Weiss of Weiss Realty secured the financing. William Boylan of Malvern Federal Savings Bank represented the bank, William Fiore of Meyner and Landis represented the borrower, and Joseph Jankowsk of Wiletz, Goldman & Spitzer provided legal counsel to the lender.
BENTONVILLE, ARK. — Bentonville-based Wal-Mart Stores Inc. (NYSE: WMT) is set to close 269 stores in the U.S. and globally. In total, the stores to be shuttered represent less than 1 percent of both global square footage and revenue. Wal-Mart Stores will close 154 locations nationally, including 102 of the company’s smallest format stores, Walmart Express. Click here for a full list of the stores set to close. Walmart intends to focus on strengthening the company’s Supercenters, optimizing Neighborhood Markets, growing e-commerce and expanding pickup services for customers. Also included in the closures are 23 Neighborhood Markets, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs. The company is closing 115 stores internationally, including 60 loss-making stores in Brazil and 55 primarily small, loss-making stores in other Latin American markets. Domestically, Wal-Mart intends to open 50 to 60 Supercenters and 85 to 95 Neighborhood Markets in fiscal 2017. Sam’s Club also intends to open seven to 10 new locations. The financial impact of these closures is estimated to be approximately 20 to 22 cents of diluted earnings per share from continuing operations, with approximately 19 to 20 cents expected to impact the fourth quarter of …
LISLE, ILL. — Baceline Investments LLC has acquired a 15,464-square-foot retail property in Lisle, approximately 20 miles west of Chicago, for an undisclosed price. Century Plaza was built in 2002 and is located at 2801 Ogden Ave. The shopping center consists of 10 stores including Dunkin’ Donuts, Jimmy John’s and Domino’s. The seller in the transaction was undisclosed. Denver-based Baceline Investments is a privately held boutique real estate investment and management company that specializes in the acquisition, management and sale of necessity-based shopping centers in the Midwest.
OAK BROOK, ILL. Mid-America Real Estate Corp. has brokered the sale of a 67,143-square-foot retail property in Oak Brook, approximately 20 miles west of Chicago. Newport Capital Partners acquired The Oaks of Oak Brook on behalf of Newport Fund II for $18.2 million. The retail property is located at the intersection of Kingery Highway and 16th Street and features tenants such as Panera Bread, Atheltico, Wells Fargo and Sleepy’s. Joe Girardi and Ben Wineman of Mid-America represented the seller in the transaction, a joint venture between DLC Management and Hutensky Capital Partners.
CHICAGO — Baum Realty Group LLC has brokered the sale of The Armitage Collection in Chicago for $14.6 million. The Armitage Collection is a 32,604-square-foot retail portfolio that is located at 1123 – 1133 W. Armitage Ave. The portfolio is 100 percent leased to five tenants and consists of four, two-story buildings. Greg Dietz and Danny Spitz of Baum Realty represented the private seller in the transaction. The buyer was undisclosed.