GLENDALE, ARIZ. — Colliers International has arranged the $6 million sale of Arrowhead Lakes Marketplace, a 22,280-square-foot grocery-anchored retail center located in Glendale. Steve Gonzalez, Marcus Muirhead and Greg Guglielmino of Colliers represented the buyer, DCL Investments LLC, in the transaction. The seller was self-represented. The center was 92 percent occupied at the time of sale.
LOS ANGELES — Carthay Pacific LLC has purchased a 6,789-square-foot retail property in Los Angeles for $3.1 million. The building is located at 6001-6011 W. Pico Blvd. The buyer plans to turn this space into a new multifamily development. The two retail tenants are on short-term leases. Michel Hibbert of Charles Dunn Company represented Carthay. David Aschkenasy of Commercial Asset Group represented the seller, 6001-6011 W. Pico Boulevard LLC.
SANDY SPRINGS, GA. — SRS Real Estate Partners (SRS) has brokered three new leases at Gateway, a 21-acre, 121,071-square-foot mixed-use development in Sandy Springs, a suburb of Atlanta. The development project, owned by Core Property Capital, consists of 630 apartment units, a 20,000-square-foot office component and 100,000 square feet of retail space. New stores will include a 1,530-square-foot Buttermilk Sky Pie Shop, an 850-square-foot Kale Me Crazy and a 2,765-square-foot flagship BLAST fitness studio. Adrienne Crawford and Lily Heimburger of SRS represented Core Property Capital in all three transactions. Steve Shuler of Shuler Properties LLC represented Buttermilk Sky Pie Shop, Shaun Weinstock of Weinstock Realty & Development represented Kale Me Crazy and Jenna Schulten of Richard Bowers & Co. represented BLAST Fitness.
HASTINGS, NEB. — Namdar Realty Group has purchased Imperial Mall in Hastings. The purchase price was not disclosed, but The Grand Island Independent, a local newspaper, reports the property sold for $1.05 million. A Kmart and Herberger’s anchor the 340,000-square-foot retail center. Napoli’s restaurant is also located at the mall. All the tenants at Imperial Mall have short-term leases, according to Namdar Realty. Imperial Mall is situated directly across from Hastings Municipal Airport off West 12th St. Namdar Realty will seek regional and national tenants to stabilize the center. The property was put up for auction on June 1 with a starting bid of $750,000 and was sold through the online auction platform of auction.com. Joel Gorjian represented Namdar Realty in the transaction.
MONROE TOWNSHIP, N.J. — CBRE Group has arranged $7.7 million in first mortgage refinancing secured by Monroe Town Center in Monroe Township. Located at the intersection of Applegarth and Prospect Plains roads, the 32,205-square-foot retail center is anchored by Wawa. James Gunning, Donna Falzarano and Evan Kleppe of CBRE’s Capital Markets Debt & Structured Finance team arranged the financing for the borrower, Monroe Center Associates LLC. The financing is a CMBS loan with a 10-year term from UBS Real Estate Securities Inc.
NEW YORK CITY — EagleBridge Capital has arranged $6 million in permanent mortgage financing for a retail building located at 7821 Third Ave. in Brooklyn. Rite Aid Pharmacy and Tutor Time occupy the 19,200-square-foot property. Brian Sheehan and Ted Sidel of EagleBridge secured the financing provided by a leading financial institution.
HOUSTON — Transwestern has represented MOD Pizza in five leases totaling 13,662 square feet for new locations in the Houston area. Grant Walker and Chris Reyes of Transwestern served as advisors for MOD Pizza in the Houston market, and represented the retailer in the transactions. MOD will be operating over 100 stores across the U.S. by the end of 2015, with plans to open more than 30 additional locations in Houston within the next four to five years. MOD Pizza’s newest Houston locations include 3,175 square feet at 19820 Southwest Freeway in Sugar Land, 2,797 square feet at 5777 San Felipe St. in Houston, 2,744 square feet at 2682 Pearland Parkway in Pearland, 2,446 square feet at 10123 Louetta Road in Houston and 2,500 square feet at 14555 Memorial Drive in Houston.
CERES, CALIF. — Phillips Edison & Co. has acquired Central Valley Marketplace, an 81,897-square-foot shopping center in Ceres. A 59,809-square-foot Food 4 Less anchors the center. Additional tenants include Starbucks Coffee, GameStop, H & A Wireless, Panda Express, Round Table Pizza, Wingstop, Bel Air Nails and Subway.
MOBILE, ALA. — New York-based Rouse Properties Inc. has unveiled plans for a redevelopment of Bel Air Mall, a 1.3 million-square-foot regional mall in Mobile. Once complete, the renovated property will be known as The Shoppes at Bel Air. Renovations will include the redevelopment of the enclosed mall space into a streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard, as well as an interior cosmetic revamp, improved lighting, interior landscaping, soft seating and high-end finishes and amenities. Rouse recently inked a lease with Belk Inc. to open a new 237,000-square-foot flagship store, which will take the place of an existing Sears location. Construction on the new store is slated to begin in January 2016 with completion slated for that fall. Other tenants to join The Shoppes at Bel Air include a P.F. Chang’s and Grimaldi’s Pizza, which will open 6,000-square-foot and 3,500-square-foot locations, respectively, on the newly designed streetscape.
WELLINGTON, FLA. — Walmart Neighborhood Market has opened a new 45,000-square-foot store at 4105 State Road 7 in Wellington, a city in Palm Beach County. In addition to groceries, the store provides health and beauty aids, pet products and cleaning supplies. The new store employs roughly 95 full- and part-time associates.
