PHOENIX — East Village at Shea LLC, a company formed by YAM Properties LLC, has purchased Village at Shea, a 117,025-square-foot retail center located in Scottsdale, for $32.5 million. Michael Hackett and Ryan Schubert, executive managing directors at DTZ, brokered the sale on behalf of the seller, Karlin Scottsdale Shea LLC. Village at Shea, anchored by Harkins Shea 14 Theatre, was 85 percent leased at the time of sale.
SOUTH PADRE ISLAND, TEXAS — Marcus & Millichap has arranged the sale of Plaza 410, a 51,425-square-foot retail property located in South Padre Island. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Levy also represented the buyer, a private investor. Plaza 410 is located at 410 Padre Blvd. and is 74 percent leased to tenants including Tuesday Morning, Spec’s Family Partners, Tate’s Clothiers, Sisters Trading Co., Jong Mi Park, Subway, Coast to Coast Beachwear and SPI Fellowship Group. The building was constructed in 1985 and sits on a 2.7-acre lot.
BALDWINSVILLE, N.Y. — CBRE/New England, along with CBRE Syracuse, has brokered the sale of River Mall Shopping Center in Baldwinsville. Phillips Edison & Co. sold the 165,000-square-foot property for an undisclosed price to RMSC Holdings. The property is anchored by Tops Market and fully leased to a roster of national and regional credit tenants. Nat Heald, Bill Moylan, Chris Angelone and Michael Finn of CBRE represented the seller and procured the buyer in the deal.
SOUTHFIELD, MICH. — Axilla Capital has arranged a $3.7 million loan for the refinancing of Shoppes at Park Place in Southfield. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. The 18,373-square-foot retail property is 93 percent occupied by several national tenants, including Fuddruckers, Tim Hortons, Subway and Qdoba. Joel Mazur of Axilla Capital originated the transaction and secured the financing for the undisclosed borrower.
BROOKFIELD AND GREENFIELD, WIS. — NorthMarq Capital has arranged $6 million in refinancing for two retail properties, both occupied by Office Depot and Petco, in Wisconsin. Totaling 86,274 square feet, the properties are located at 16085-95 W. Bluemound Road in Brookfield and 4940-50 S. 76th St. in Greenfield. Jeff Frankel of NorthMarq’s Chicago office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with a life insurance company.
PLAINFIELD, ILL. — Quantum Real Estate Advisors has arranged the sale of Plainfield Marketplace, a retail building located at 11850 S Route 59 in Plainfield. An Illinois-based private investor acquired the 8,010-square-foot retail center for $1.8 million from a Minnesota-based developer. At the time of sale, the property was 100 percent occupied by Sherwin Williams, Edward Jones, Kumon and EDO Cleaners. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
Alhambra, Calif. — Shea Properties has signed four new tenants to open at the 140,000-square-foot Alhambra Place located in downtown Alhambra. Tenants include Blaze Fast Fire’d Pizza, The Habit Burger Grill, Bank of the West and Maido, a stationery store. The center broke ground in fall 2014, and will open in summer 2015.
HOUSTON — Christian Louboutin will open its first store in Houston at The Galleria in fall 2016. Louboutin is known for its red-soled shoes that have been a staple of women’s footwear for over 20 years. The Galleria location will be the designer’s 19th U.S. store and will carry women’s and men’s shoes, handbags and small leather goods. Louboutin will be located in Galleria I near Neiman Marcus. Simon Property Group recently announced a $30 million complete renovation of The Galleria’s luxury wing to complement the construction of a new flagship Saks Fifth Avenue store slated to open in spring 2016. The redevelopment project will include the addition of 110,000 square feet of new retail space and the creation of a 14,000-square-foot freestanding retail building.
KENOSHA, WIS. — Faris Lee Investments has brokered the sale of Windsor Pointe, a multi-tenant retail center in Kenosha. San Diego-based Windsor Pointe Investors sold the 13,965-square-foot property for $4.6 million to Connecticut-based REI Advisors. Situated on 2.2 acres at 7201 120th Ave., the property is occupied by Best Buy, Woodman’s Markets and Gander Mountain, as well as other regional and national tenants. Jeff Conover of Faris Lee Investments represented the seller in the transaction. The buyer was self-represented.
RICHMOND, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Brook Run Shopping Center, a 147,738-square-foot shopping center located in Richmond. Wheeler REIT acquired the asset for roughly $18.5 million from an undisclosed affiliate. Built in 1990, the property was 91.2 percent leased at the time of sale to tenants such as Martin’s Food Market, CVS/pharmacy, Crunch Fitness, Hair Cuttery and H&R Block. Wheeler REIT funded the purchase using proceeds from a recent financing, debt and issuance of operating partnership units.
