WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.
BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.
BURLESON, TEXAS — Kroger Marketplace is now open in Burleson Commons, located at the intersection of Wilshire Boulevard (State Highway 174) and FM 731 in Burleson. Kroger conducted a grand opening of the 120,000-square-foot store on Jan. 8. The grocery store, which features a Kroger Fuel Center and Kroger Pharmacy, joins Premiere Cinemas as a co-anchor of the shopping center, which is owned and managed by Peoria, Ill.-based Cullinan Properties. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan Properties in the transaction. The new store will feature more than 60 shopping aisles and more than 20 checkout lanes, as well as a Starbucks coffee shop. The store will employ more than 300 associates. Daily hours of operation are from 6 a.m. to 1 a.m.; pharmacy hours may vary.
FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.
MOBILE, ALA. — Marcus & Millichap has brokered the $11.2 million sale of a 41,117-square-foot Walmart Neighborhood Market located at 1300 N. University Blvd. in Mobile. The store is situated less than two miles from the University of South Alabama and features a 20-year lease term with Walmart. Glen Kunofsky of Marcus & Millichap’s Manhattan office and Mike James of the firm’s Encino, Calif., office represented the seller, a major national developer, in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama.
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.
