JOHNS CREEK, GA. — Grandbridge Real Estate Capital has arranged a $10 million acquisition loan for a 109,586-square-foot shopping center in Johns Creek, an affluent northern suburb of Atlanta. Publix anchors the shopping center and has roughly five years remaining on its lease. Gerry Robbins of Grandbridge originated the loan through an unnamed insurance company lender on behalf of the undisclosed buyer, which purchased the lender-owned asset at auction.
STAFFORD, VA. — The Greysteel Co. has brokered the $6.2 million sale of the Town Center at Aquia, a 25-acre retail development site located at 2848 Jefferson Davis Highway in Stafford. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, Ramco Gershenson Properties Trust. The Greysteel team also procured the buyer, Mosaic Realty Partners LLC. Currently home to Regal Cinemas and Rite Aid and adjacent to a 98,000-square-foot office building and a 256-unit multifamily project, the buyer plans to develop a 160,000-square-foot grocery-anchored shopping center on the site.
OCEAN, N.J. — IMI Acquisitions Ltd. has acquired a shopping center at Ocean Circle Plaza in Ocean. Constructed in 2010, the 20,000-square-foot retail center sold for $3.8 million. Ray Smith of Stafford Smith Realty brokered the transaction. The name of the seller was not released.
FRISCO, TEXAS — Venture Investment Partners, a newly formed investment group of Venture Commercial Real Estate, has acquired Preston Stonebrook, a 58,594-square-foot specialty center located on the southwest corner of Preston Road and Stonebrook Parkway in Frisco. The deal marks the second acquisition by Venture Investment Partners, an investment platform. Bo Brownlee and Easley Waggoner Jr. represented Venture Investment Partners in the Preston Stonebrook transaction. JLL represented the seller, Dunhill Partners. Venture will handle leasing and management for the center, which is currently 100 percent leased. Tenants include Hallmark, Le Peep, PrimaCare, Republic Title and Taco Bell.
GEORGETOWN, TEXAS —VertsKebap has leased 1,500 square feet of retail space in Republic Square, a shopping center located at 900-930 N. Austin Ave. near IH-35, for a new location. The fast-casual restaurant specializes in kebap, a rotisserie meat served with fresh vegetables in a variety of ways. Republic Square recently underwent a remodel to improve the center’s façade and signage. Brett Maze and Campbell Anderson with the Commercial Retail Division of The Weitzman Group handled negotiations as leasing agents for Republic Square. John Heffington with CBRE handled negotiations for the restaurant.
CINCINNATI — CBL & Associates has completed the disposition of Eastgate Crossing, a retail center located on Eastgate Boulevard in Cincinnati. A joint venture of Inland Real Estate Corp. purchased the 174,700-square-foot property for $22.8 million, including $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The property is 97 percent leased to a mix of national and regional tenants, including Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics and Dollar Tree. Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.
AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.
VANCOUVER, WASH. – A 5,900-square-foot space in Vancouver that is net leased to Round Table Pizza has sold to an individual/personal trust for $2 million. The space is located at 5016 NE Thurston Way. It is situated adjacent to the Westfield Vancouver Mall. Round Table recently signed a 10-year lease extension and performed a major interior renovation at the property. The pizza chain was represented by Justin Poor of Marcus & Millichap’s Portland office. The seller, a limited liability company, was represented by Michael R. Kapnick of the same firm.
HOUSTON — Houston-based Baker Katz has acquired the 105,833-square-foot Federal East Shopping Center located in Houston. The property is located off of I-10, nine miles east of the Central Business District. Baker Katz’s redevelopment plan includes renovating the façade and upgrading the tenant mix. The 33,589-square-foot Fitness Connection and 11,030-square-foot Pappas Meat Co. restaurant anchor the property, along with Avenue Stores, South Texas Dental Associates, H&R Block and other tenants. Construction for Federal East’s renovation is slated to begin later this year.
NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.
