AGOURA HILLS, CALIF. — Lee & Associates-LA North/Ventura has brokered a 45,000-square-foot lease for a built-to-suit LA Fitness at 29431 Agoura Road in Agoura Hills. Selleck Development Group (SDG) is developing the LA Fitness facility, along with a 4,000-square-foot freestanding pad, which was approved by the Agoura Hills City Council in January. The full service health club will feature a pool, racquetball courts, basketball and volleyball courts, free weights, cardio, spinning and a kid’s club. The 4,000-square-foot retail portion of the development can be divided to accommodate units as small as 1,000 square feet. Mike Tingus and Grant Fulkerson of Lee & Associates represented the owner and developer, Selleck Development Group, in the transaction.
VISALA AND SALINAS, CALIF. — DSW Inc., a footwear and accessories retailer, plans to open two new stores in Northern California. The stores will be situated in Visala and Salinas. The new outposts are part of a nationwide 14-store expansion. The stores will open between March and May of this year. As of February 22, 2016, DSW operated 468 stores in 42 states.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of a 14,039-square-foot net-leased Golden Corral located at 12509 N. Lamar Blvd. in Austin. Douglas Diffie and Bruce Bentley III of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a limited liability company. The Mansour Group in Marcus & Millichap’s San Diego office represented the buyer, an out-of-state private investor. Built in 2010, Golden Corral is situated on 2.8 acres.
MILWAUKEE — The Dickman Company Inc./CORFAC International has arranged the sale of a 7,757-square-foot retail building in Milwaukee. The Historic Third Ward Development LLC purchased the building from Jennaro Brothers LLC for an undisclosed price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the seller in the transaction. Marianne Burish of Siegel-Gallagher represented the buyer.
NICHOLASVILLE, KY. — Cypress Property Group has brokered the $2.6 million sale of a 4,850-square-foot Panera Bread restaurant located at 101 Cynthia Drive in Nicholasville. The single-tenant restaurant building is leased to Panera Bread on a triple-net basis. Cypress represented the undisclosed seller in the transaction. The asset sold at a 5.76 percent cap rate, according to Cypress.
LOS ANGELES — The old formula for shopping center success no longer applies today, thanks to the advent of mobile technology, e-commerce competition and changing consumer tastes. This was the sentiment put forth by speakers and panelists at Shopping Center Business’s Entertainment Experience Evolution conference, held Feb. 24 and 25 at Regal Cinema House and the J.W. Marriott at L.A. Live in Los Angeles. Jerry France, chairman and CEO of France Media, set the stage during his opening remarks where he noted how far the retail industry has come — and how much potential is still in store. “We live and work in a very interesting country and are in a very exciting industry,” he said. “Having been in this industry for 50 years, I have seen a lot of change. Today we see a change in retail due to e-commerce versus bricks and mortar. We’re now seeing some e-commerce companies becoming bricks and mortar, so it goes both ways.” “I would not write retail off,” France continued. “I see tremendous growth ahead of us, with lots of new projects.” Indeed, there are many “new” projects on the horizon, though the meaning of this term has changed right alongside the retail …
REISTERSTOWN, MD. — Greenberg Gibbons has purchased Reisterstown Shopping Center, a 167,212-square-foot shopping center in Reisterstown, for $34.5 million. The property’s tenant roster includes Mars Supermarket, Planet Fitness and a mix of national and regional stores and restaurants. Greenberg Gibbons purchased the center from a partnership including Chesapeake Realty Partners for an undisclosed price. Greenberg Gibbons plans to remerchandise the property and bring new stores and restaurants to the retail lineup.
GALLATIN, TENN. — BC Wood Properties has sold Gallatin Center, a 138,238-square-foot shopping center located in Gallatin, for $9 million. The center’s tenant roster includes Burke’s Outlet, Ollie’s, Tractor Supply, Hibbett Sports and Goodwill. BC Wood increased the property’s occupancy from 80 percent to 99 percent during the life of its ownership of the center. The Lexington, Ky.-based shopping center owner and manager sold Gallatin Center through BC Wood Properties Fund I, an investment vehicle that BC Wood launched in 2013.
FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.
BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.