HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.
HOUSTON — Berkeley Land Co. has sold Briar Lake Village, a 36,607-square-foot, two-level retail center located in Houston’s Westchase District. The center, located at 10455 Briar Forest Drive, is 85 percent leased to 12 tenants including Palazzo’s Trattoria, Subway, Tiff’s Treats, Moderno, Newmark Homes, Advanced Orthodontics, Capital One Bank, Comerica Bank, Kolache Factory and Luchi & Joey’s. Rusty Tamlyn and Ryan West of HFF represented the seller, and Todd Casper and Michael Hassler of CBRE represented the buyer, Briar Lake Village Inc., in the transaction.
SPRING, TEXAS — Marcus & Millichap has arranged the sale of Spring Crossing Retail Center, a 18,582-square-foot shopping center located in the Houston suburb of Spring. The asset had a list price of $4.1 million. Nate Newman of Marcus & Millichap represented the seller, a local developer, and Allen Smith of Marcus & Millichap represented the buyer, a TIC partnership, in the transaction.
DRIPPING SPRINGS, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of Spring Bluff Center, a 18,732-square-foot office and retail property located at 400 Highway 290 in the Austin suburb of Dripping Springs. Rebecca Zigterman and Matt Levin of ECR represented the undisclosed seller, and Craig and Kristen Van Engelen of Realty Austin represented the buyer, Caissa Properties, in the transaction.
GREENVILLE, N.C. — Publix Super Markets has signed a 49,000-square-foot lease at Greenville Square, a 150,000-square-foot shopping center in Greenville. Publix will replace a former K Mart upon opening in 2017. Brodyco, the owner of Greenville Square since 2005, is redeveloping the shopping center with a new façade, parking lot, lighting and landscaping to make room for Publix, as well as several new national, regional and local retailers. Publix currently has more than 1,100 stores, 11 of which are in North Carolina.
ORLANDO, FLA. — Meridian Capital Group has arranged $18 million in CMBS financing for the refinancing of Deerfield Plaza, a 106,292-square-foot shopping center located at 12700 S. Orange Blossom Trail in Orlando. The property is anchored by LA Fitness, which has 10 years remaining on its lease, and a Wendy’s outparcel. The shopping center was 95 percent leased at the time of financing. Tal Bar-Or of Meridian Capital’s New York City office arranged the 10-year, fixed-rate loan through an unnamed CMBS lender on behalf of the borrower, Blue Sphere. The loan features four years of interest-only payments.
ORLANDO, FLA. — Crossman & Co. has arranged a 45,928-square-foot lease for NYZ Apocalypse to open a new interactive Zombie Survival Experience in Orlando. The new themed attraction will open at Artegon Marketplace, a retail destination located at the north end of International Drive, in the second quarter of 2016. Zombie Survival Experience will join existing tenants such as Ron Jon, Cinemark, Bass Pro Shops, Book Warehouse and Boot Barn. The attraction will create between 60 to 70 full-time jobs. Tyler Wilkins of Crossman & Co. represented the undisclosed landlord in the lease transaction.
LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles. Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping. Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options. Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations. “In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.” The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the …
PLANTATION, FLA. — CBRE has brokered the $10.9 million sale of a single-tenant, 24,826-square-foot retail property leased to The Fresh Market in Plantation. Allegra Tribeca Inc. purchased the property from IMOB Investments LLC. Located at 12171 W. Sunrise Blvd., the property was formerly leased to Borders Books and now serves as an outparcel to Petsmart Plaza. The Fresh Market opened for business at the location in December 2014. Todd Weintraub and Christian Napolitano of CBRE’s Miami office represented the seller in the transaction.
IRVINE, CALIF. — Irvine Co. has planned a $30 million reinvestment for Woodbridge Village Center in Irvine. The transformation will upgrade the retail, dining and entertainment mix at the retail center and create an open-air community space for visitors and retailers. The makeover will reduce the center’s overall square footage by nearly 15,000 square feet, allowing for the community gathering spot and improved parking. Redevelopment work is slated to start in August, with completion scheduled for late 2017.
