Retail

Phillips Edison Grocery Center REIT II Acquires Plano Market Street

by Katie Sloan September 10, 2015

PLANO, TEXAS — Phillips Edison Grocery Center REIT II Inc. has acquired Plano Market Street, a 169,624-square-foot grocery-anchored shopping center located in Plano, for an undisclosed amount. Doug Hazelbaker and Ryan Shore of HFF represented the seller, Lionstone Investments, in the transaction. The center is 94.2 percent occupied by tenants including Market Street, Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74-acres at 1901 to 1941 Preston Road.

September 10, 2015

Fogo de Chão to Open in Restaurant Row at Hughes Landing

by Katie Sloan September 10, 2015

THE WOODLANDS, TEXAS — Fogo de Chão, a Brazilian steakhouse, has signed a lease agreement to open a new location in Restaurant Row at Hughes Landing, a 66-acre mixed-use development offering views of the 200-acre Lake Woodlands. This will be the second Houston-area location for the steakhouse. Rob Rowe of Sierra U.S. and Jack Breard of CBRE | UCR represented Fogo de Chão, and Rip Reynolds of The Howard Hughes Corp. represented The Woodlands Development Co. in leasing negotiations.

September 10, 2015

Midwest Ohio Retail

Cooper Group Brokers Sale of 15,300 SF Retail Center in Medina, Ohio

by Amy Works September 9, 2015

MEDINA, OHIO — The Cooper Commercial Investment Group has brokered the sale of Stonegate Center, a retail center located at 3735 Stonegate Drive in Medina. The 15,300-square-foot center sold for $1.3 million. Built in 2000, the property is shadow anchored by Walmart Supercenter, Kohl’s and Hobby Lobby. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. The Ohio-based buyer acquired the property for 95 percent of the list price representing a 7.5 percent capitalization rate.

September 9, 2015

Michigan Midwest Retail

NAI Wisinski Brokers 9,160 SF Retail Lease at Remembrance Landing in Grand Rapids

by Amy Works September 9, 2015

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the lease of 9,160 square feet of retail space in Grand Rapids. Dollar Tree will occupy the space at Remembrance Landing retail center located at 3500 Remembrance Road. The space is currently is being renovated with an anticipated opening date of mid- to late January 2016. Rod Alderink of NAI Wisinksi represented the undisclosed landlord in the transaction.

September 9, 2015

Northeast Pennsylvania Retail

Old Navy Leases 23,464 SF for Flagship Store in Philadelphia’s Center City

by Amy Works September 9, 2015

PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.

September 9, 2015

Retail Texas

Ridgmar Mall to Undergo Renovations and Tenant Expansion

by Katie Sloan September 9, 2015

FORT WORTH, TEXAS — GK Development Inc.’s Ridgmar Mall is set to open five new stores and complete renovations on existing retail space. Renovations to the 1.27 million-square-foot mall include the expansion of Journeys, a specialty footwear store, to 1,890 square feet with a fresh design and new color palette; the expansion of Zale’s to 2,500 square feet with renovations including new flooring and merchandise displays; remodeling at the mall’s Buckle location, including a new store front and color scheme; and a renovation of Rave Ridgmar 13 + Xtreme by Cinemark Theaters Inc. to include plush oversized recliners, enhanced concessions and reserved seating. J.C. Penney has also remodeled and rebranded its hair salon as The Salon by InStyle. New retailers set to open at Ridgmar include Sweetness Sweets, Luna’s Candy Land Imports, Texas Canyon, Kokitos and Michelle’s Furniture.

September 9, 2015

Florida Retail Southeast

Rockpoint, Ivanhoe Cambridge to Recapitalize Mary Brickell Village in Miami

by John Nelson September 9, 2015

MIAMI — Rockpoint Group LLC has partnered with Ivanhoé Cambridge to recapitalize Mary Brickell Village, a retail and lifestyle center located at 901 S. Miami Ave. near Miami’s financial district. Ivanhoé Cambridge will continue to hold a minority interest, and Rockpoint will become the majority owner. Terms of the transaction were not disclosed. Originally developed in 2008, the 195,988-square-foot property is occupied by more than 50 stores and restaurants, including Publix, LA Fitness, P.F. Changs China Bistro, Fado Irish Pub, Oceanaire Seafood Room, Rosa Mexicana, Blue Martini and Brother Jimmys. Mary Brickell Village has immediate access to the Miami Metrorail at Brickell Station and the Metromover.

September 9, 2015

Loans Retail Southeast Virginia

KeyBank Arranges $20.4M CMBS Loan for Shopping Center in Virginia

by John Nelson September 9, 2015

YORKTOWN, VA. — KeyBank Real Estate Capital has secured a $20.4 million CMBS first mortgage for Village Square at Kiln Creek, a 267,021-square-foot shopping center located in Yorktown. The shopping center is anchored by Kroger. Scott Bois of KeyBank secured the non-recourse loan on behalf of the unnamed borrower.

September 9, 2015

California Retail Western

County Commerce Bank Acquires Building in Westlake Village for $3M

by Nellie Day September 9, 2015

WESTLAKE VILLAGE, CALIF. — County Commerce Bank has acquired a freestanding bank building located at 2663 Townsgate Road in Westlake Village. The 4,183-square-foot property sold for $3 million, or $621 per square foot. County Commerce Bank plans to open a new branch at the location once the existing lease to Rabobank ends in October. Michael Schiff of NAI Capital represented the seller, Westlake Gateway Properties, in the transaction.

September 9, 2015

Retail Texas

Marcus & Millichap Arranges $3.4M Sale of 10,000 SF Net Leased Property

by Katie Sloan September 8, 2015

ATASCOCITA, TEXAS — Marcus & Millichap has arranged the $3.4 million all-cash sale of a 10,000-square-foot property net leased by The Learning Experience in Atascocita. Nate Newman of Marcus & Millichap represented the seller, a developer, and secured the buyer, a California investor, in the transaction.

September 8, 2015

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