PHILADELPHIA — Bloomingdale’s The Outlet Store, a brand of Macy’s Inc. will open at the Shops at Liberty Place at 1625 Chestnut Street in Philadelphia. The 20,000-square-foot location is scheduled to open in December. Michael Salove and Brittany Goldberg of MSC Retail exclusively represent Macy’s Inc. in the Greater Philadelphia region.
DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.
NORTH FORT MYERS, FLA. — RD Management has purchased Merchants Crossing, a 323,061-square-foot shopping center located at 15201 N. Cleveland Ave. in North Fort Myers, for $20.5 million. The property’s tenants include a 16-screen AMC Theatre, Bealls Outlet and Jo-Ann Fabrics. RD’s plans for the center include a major façade renovation, remodel and re-tenanting of the vacant Sears building, landscape modifications and an upgrade to the courtyard. RD purchased the asset from Noble Properties. HFF brokered the transaction.
RACINE AND OCONOMOWOC, WIS. — Brokerage firm Siegel-Gallagher has completed two lease renewals in separate transactions in Wisconsin. In the first transaction, Check Into Cash of Wisconsin LLC renewed its 1,200-square-foot retail lease at 5201-5409 Washington Ave. in Racine. The property is owned by Racine Shopping Centre LLC. Devin Tessmer of Siegel-Gallagher arranged the transaction. In the second deal, Froedtert Memorial Lutheran Hospital renewed its 5,837-square-foot office lease in Oconomowoc. Ohio National Life Insurance is the landlord of the property located at 1230 Corporate Center Drive. Shaun Dempsey of Siegel-Gallagher brokered the deal.
LAKE ELSINORE, CALIF. — Progressive Real Estate Partners has arranged the sale of a Chase Bank located at 31575 Canyon Estates Drive in Lake Elsinore. It sold for $4.4 million, at a capitalization rate of 4.29 percent. Frank Vora of Progressive Real Estate Partners represented the seller, while CBRE’s Don LeBuhn the buyer, a San Francisco-based private investor.
DALLAS — Ashley Casterlin of Davis Commercial Real Estate represented Edwin Cabaniss, owner of the Kessler Theater in Dallas, in the purchase of the historic Heights Theater at 339 W. 19th St. in Dallas. Star Massing of Boulevard Realty represented the sellers, Sharon and Gus Kopriva. Cabaniss aims to transform the theater, which was recently granted landmark status, into a go-to venue for cultural arts events. With a mid-2016 opening planned, the theater will host events such as concerts, weddings and art openings.
LIVE OAK, TEXAS — Venture Commercial has completed a lease on behalf of Northern Tool + Equipment in Live Oak in The Village at Forum Parkway shopping center. Clay Mote of Venture Commercial negotiated the deal on behalf of the tenant. David Nicolson of The Weitzman Group represented the landlord. The Village at Forum Parkway is located at 14619 I-35 North. Northern Tool opened its first store in 1981. Major segments that Northern Tool services include automotive, agriculture and construction. The hardware retailer also sells tools for woodworking, hunting, fishing and home improvement.
LAKE JACKSON, TEXAS — CNG Energy Partners has signed a 10-year contract with the city of Lake Jackson to build, operate and maintain a public access compressed natural gas (CNG) fueling station located at 204 Medical Drive. The truck-friendly CNG fueling facility is designed to support the increasing desire to embrace environmental technologies and reduce pollution levels. It will be the first public-private partnership CNG fueling station in the Houston area. Deployment of the CNG fueling station was made possible through the implementation of a public-private partnership business model. The project is expected to be complete in December.
INDIANAPOLIS — Mid-America Real Estate Corp. has brokered the sale of a multi-tenant building in Indianapolis for an undisclosed price. Providence Development purchased the 4,935-square-foot Lawrence Commons from Sitehawk Retail Real Estate. Tenants in Lawrence Commons include Jimmy John’s, Wok N Roll and Orange Leaf. LA Fitness and Family Dollar shadow anchor the property. Carly Gallagher and Rick Drogosz of Mid-America represented the seller and were the sole brokers in the transaction.
LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.