MONT BELVIEU, TEXAS — MB Retail Associates has purchased 41 acres for a retail development in Mont Belvieu, 30 miles east of Houston. MB Retail is a joint venture between Houston-based Fidelis Realty Partners and San Antonio-based H-E-B. The site is located at the northwest corner of I-10 and FM 3180 and is within a mixed-use district. The retail development will total 285,000 square feet and will include an 84,000-square-foot H-E-B grocery store. The city of Mont Belvieu was the seller, and Shaw Commercial Properties was the broker of record.
HOUSTON — Marcus & Millichap has arranged the sale of Houston Heights Retail Redevelopment, a 12,050-square-foot retail property in Houston. Gus Lagos and Evan Altemus of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Altemus and Lagos also procured the unnamed buyer. Houston Heights Retail Redevelopment is located at 1803 Ella Blvd.
BUCYRUS, OHIO — Regency Properties has acquired East Pointe Plaza, a 70,882-square-foot shopping center located in Bucyrus, approximately 65 miles north of Columbus, for an undisclosed price. The property is Regency’s first acquisition in Ohio. The center is currently 96 percent leased to tenants including Peebles, Dollar Tree and Hibbett Sports. The acquisition also includes two out-lots with road frontage available for future development.
ST. CHARLES, ILL. — Adelphia Properties has brokered the sale of a 4,350-square-foot retail building net leased to Gabby’s Kitchen for an undisclosed price. Geneva State Bank sold the property to a local independent restaurant operator. The second-generation freestanding building was built in 2010 and is located at 1650 W. Main St. in St. Charles, approximately 45 miles west of Chicago. George Spirrison and Simeon Spirrison of Adelphia Properties represented both parties in the transaction.
LEXINGTON, KY. — Bayer Properties plans to develop an artisan food hall at The Summit at Fritz Farm, a mixed-use development located in Lexington. Deauville Food Hall will feature eight to nine food and beverage concepts and will incorporate architectural elements from the original tobacco barns on Fritz Farm, as well as a landscaped outdoor terrace conceived by local garden designer Jon Carloftis. Local eateries already committed to The Deauville Food Hall include Crank & Boom Craft Ice Cream, a small-batch artisan ice cream maker employing locally sourced ingredients, and an offshoot of Lexington-based Athenian Grill. The Summit is set to open in March 2017.
VIRGINIA BEACH, VA. — Outdoor retailer L.L.Bean has signed a lease with General Growth Properties Inc. (GGP) to open a new store at Lynnhaven Mall in Virginia Beach. The retailer will open its new 16,700-square-foot store in the spring of this year. Existing retailers at the mall include Altar’d States, Vera Bradley, White House | Black Market, Build-A-Bear Workshop, Victoria’s Secret, Jump Trampoline Park and House of Hoops by Foot Locker. Since 2013, GGP has implemented a multi-million dollar renovation of the mall, including a new food court, two-story Main Street-style court, upgraded amenities, new mall entrance and a new retail and dining component that will include valet parking services. GGP plans to complete the renovations by the fall.
SLIDELL, LA. — SRSA Commercial Real Estate has arranged a 34,000-square-foot lease for Sportsman’s Warehouse in Slidell, making it the first Louisiana location for the outdoor retailer. The store will join the tenant roster at the Shops at Rouses, a shopping center located on Kensington Boulevard that’s home to existing retailers such as Rouses and Petco. Kirsten Early and Collin Homes of SRSA Commercial represented Sportsman’s Warehouse, which currently has 66 locations open and operating. Larry Haik of Dale Stram & Associates LLC represented the landlord.
MARIETTA, GA. — Bellwether Enterprise has arranged a $2.4 million acquisition loan for Grove Park Plaza, a 30,600-square-foot retail strip center located in Marietta, a northern suburb of Atlanta. The two-building property sits on 5.3 acres at 1812 Powder Springs Road. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the loan through StanCorp on behalf of the borrower, Petinos LLC.
TEMECULA, CALIF. — Coldwell Banker Commercial- SC’s retail division has hired Janet Kramer and Jay Brun. The pair will serve as senior advisors to the company’s offices in Temecula, San Diego, Redlands and Ontario. Kramer and Brun have more than 45 years of combined commercial real estate experience. They will focus on creating a platform for retail brokers and lead the team as market advisors on all things retail related. Kramer was previously a retail specialist with Grubb & Ellis|WestMar and Voit Real Estate Services. Her 14-year real estate career has focused on retail development, leasing and sales. Brun has completed more than 100 transactions with national credit tenants. His 29-year career has primarily focused on retail development and tenant representation. Brun was previously with Lee & Associates.
SAN FRANCISCO — Broe Real Estate Group has acquired Oceanview Village Shopping Center, a 98,406-square-foot shopping center located in San Francisco, for $30.6 million. Broe Real Estate and operating partner Citivest Commercial plan to reposition the property through improvements including façade upgrades, new landscaping, entrance lighting, parking lot upgrades and a new signage program. Tenants at the center include Albertsons, Walgreens, 24-Hour Fitness and Chase Bank. Crosspoint Realty will act as property manager, while Todd Oliver and Drew Greenspan of Cushman & Wakefield will act as leasing representatives for the asset.