KENNESAW, GA. — Preferred Apartment Communities Inc., through its wholly owned subsidiary New Market Properties LLC, has acquired Wade Green Village in Kennesaw, roughly 25 miles outside of Atlanta. The 75,000-square-foot shopping center is anchored by a 47,814-square-foot Publix grocery store. The transaction involved the contribution of Wade Green Village in exchange for Class A units of the company’s operating partnership.
DUBLIN, CALIF. — Ethan Allen has opened a new 7,200-square-foot location at 5170 Dublin Blvd. in Dublin, located in the Bay Area. The design center, which opened in January, joined Whole Foods Market, Nordstrom Rack, Home Goods, Starbucks Coffee and Sur La Table at Persimmon Place. Ethan Allen operates three other design centers in the San Francisco Bay Area, including Concord, San Mateo and Corte Madera, as well as two stores in the South Bay area. Tom Power of SRS Real Estate Partners represented Ethan Allen, while Doug Shaffer provided in-house representation for the landlord, Regency Centers, in the transaction.
ENGLEWOOD, COLO. — Facing stiff competition on the retail playing field, particularly online, Englewood-based Sports Authority Inc. announced today that it has filed for Chapter 11 bankruptcy protection. The company plans to sell or close about 140 stores, or nearly one-third of its locations. The store closing process is expected to take up to three months. “We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael Foss, CEO of Sports Authority, in a press release. “We intend to use the Chapter 11 process to streamline and strengthen our business, both operationally and financially, so that we have the financial flexibility to continue to make necessary investments in our operations.” The decision follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release. All Sports Authority stores nationwide remain open at this point and continue to operate on normal schedules, the company emphasized. …
MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …
OKLAHOMA CITY, OKLA. — Sam’s Club will officially open the doors of its newest location Thursday, March 3, in Oklahoma City. Doors open at the 4101 N. May Ave. location at 8 a.m. Prior to the public grand opening, the company will host a business appreciation event for customers. Walmart founder Sam Walton opened the first Sam’s Club in 1983 in Midwest City, Okla., with the idea that small business owners deserved the same access to warehouse prices as big businesses. More than 650 Sam’s Club locations are in operation today.
HOUSTON — Gracie Barra Heights, a Brazilian Jiu-Jitsu association with over 500 schools on six continents, has leased 22,500 square feet of retail space at 4721 N. Main St. in Houston from Braun Enterprises. Josh Friedlander of NewQuest Properties represented the tenant. John Delarosa of Vanguard Commercial Group represented the landlord.
LAKEWOOD, COLO. — Kensington Real Estate Group has sold Fairfield Commons, a 144,000-square-foot shopping center located in Lakewood, to an affiliate of Phillips Edison Group for $34.3 million. A newly developed Sprouts Farmer’s Market anchors the center. Other tenants include Planet Fitness, T.J. Maxx, Chili’s Bar & Grill, Black-eyed Pea, Starbucks Coffee, Rue 21, Red Wing Shoes and Citi Financial.
CULVER CITY, CALIF. — Niki Properties has completed the disposition of a single-tenant, 32,873-square-foot retail building located at 5660 W. Sepulveda Blvd. in Culver City. An undisclosed buyer acquired the property for $23.5 million. Situated on 2.6 acres, the property is triple-net leased to Sprouts Farmers Market through 2025. Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley of HFF represented the seller in the transaction.
PLAYA VISTA, CALIF. — CBRE Group has arranged a 20,682-square-foot lease for clothing retailer Fred Segal in Playa Vista. Located at 12751 W. Millennium with the Runway Playa Vista project, the new flagship store will join Whole Foods Market, Studio MDR and Yogaworks at the mixed-use development. Runaway Playa Vista includes 217,000 square feet of retail space, 33,000 square feet of office space and 420 apartments. Zachary Card of CBRE represented the landlord, while Jay Luchs of Newman Grubb Knight Frank represented the tenant in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.
