Retail

Federal Realty Acquires 85 Percent Interest in Mixed-Use Development in Miami for $110M

by John Nelson October 2, 2015

MIAMI — Federal Realty Investment Trust, alongside partners Grass River Property and The Comras Co., has acquired an 85 percent interest in The Shops at Sunset Place, a 515,000-square-foot mixed-use center located in Miami. The $110 million transaction includes the assumption of an existing $70.8 million mortgage with an interest rate of 5.6 percent and maturity date of September 2020. The center comprises 408,000 square feet of retail and 107,000 square feet of office space with a 1,700-square-foot parking garage. Tenants at the center include AMC Theatres, LA Fitness, Barnes & Noble, Forever 21, Splitsville and Z-Gallerie.

October 2, 2015

Arkansas Retail Southeast

GBT Realty to Develop Shopping Center in Arkansas

by John Nelson October 2, 2015

BENTON, ARK. — GBT Realty Corp. has signed a contract to acquire a 28.8-acre parcel along I-30 West in Benton for the development of The Shoppes of Benton. The 170,000-square-foot regional shopping center will be GBT Realty’s first development in Arkansas. The Brentwood, Tenn.-based developer plans to close on the land purchase by the end of the year and break ground in the first quarter of 2016. The city of Benton passed a resolution in September that established a partnership with Benton Public Utilities Commission for $1.4 million in infrastructure improvements at the site, including water, sewer and electrical services. Valued at $36 million upon completion, The Shoppes of Benton will feature two anchor tenants, space for three junior anchors, 32,000 square feet of small shop space and four outparcels. GBT is currently finalizing negotiations with several national retailers, some first-to-market. The company expects to announce the initial tenant line-up early next year and complete construction by spring 2017.

October 2, 2015

Florida Retail Southeast

Phillips Edison Grocery Center REIT II Acquires Shopping Center in Metro Orlando for $13.1M

by John Nelson October 2, 2015

DAVENPORT, FLA. — Phillips Edison Grocery Center REIT II Inc. has acquired Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center located 15 miles southwest of Orlando in Davenport. The REIT purchased the shopping center from Sabal Financial Group for $13.1 million. Berry Town Center’s tenant roster includes Leslie’s Pool Supplies, Regis and Linksters Tap Room. CBRE represented the seller in the transaction.

October 2, 2015

Illinois Midwest Retail

CBRE, Greywolf Partners Brokers Sale of 78,213 SF Retail Center in South Elgin, Ill.

by Christina Cannon October 2, 2015

SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.

October 2, 2015

Midwest Ohio Retail

Opus Breaks Ground on 61,000 SF Redevelopment of Retail Space in Youngstown, Ohio

by Christina Cannon October 2, 2015

YOUNGSTOWN, OHIO — The Opus Group has broken ground on a Gander Mountain retail store in Youngstown, approximately 70 miles southeast of Cleveland. Completion of the property is slated for February 2016. The 61,000-square-foot store is being built at the site of Gander Mountain’s former retail store that has been demolished. Opus Design Build LLC is the general contractor for both projects.

October 2, 2015

California Retail Western

Dunhill Partners Acquires The Shoppes at Chino Hills for $147M

by Nellie Day October 1, 2015

CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot lifestyle center located in the Los Angeles suburb of Chino Hills, for $147 million. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transaction. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.

October 1, 2015

California Retail Western

Scripps Ranch Marketplace Phase II Sells for $20.4M

by Nellie Day October 1, 2015

SAN DIEGO — A private investor has purchased Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center located in San Diego, for $20.45 million. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE and Mike Moser of Retail Insite represented the seller, a San Diego-based private asset management and investment company, in the transaction. A Santa Barbara-based private investor purchased the fully occupied property. The center is shadow anchored by Vons and CVS/pharmacy, and home to tenants including Chase, Verizon and Which Wich.

October 1, 2015

California Retail Western

Hanley Investment Group Arranges $15.2M Sale of Single-Tenant LA Fitness

by Nellie Day October 1, 2015

RIVERSIDE, CALIF. — Hanley Investment Group has arranged the $15.2 million sale of a newly built, 45,000-square-foot, single-tenant LA Fitness located in Riverside. Pat Kent and Bill Asher of Hanley Investment Group worked on behalf of the seller, GRAE La Sierra LLC, and George Ragheb of Entrance Homes Inc. represented the buyer, a Lakewood, Calif.-based private investor, in the transaction.

October 1, 2015

California Retail Western

Dollar Tree to Open New Store in Claremont

by Nellie Day October 1, 2015

CLAREMONT, CALIF. — Dollar Tree will open a new 9,000-square-foot store at 342 S. Indian Hill Blvd. in Claremont later this year. The store will be located within the recently renovated Peppertree Square neighborhood center. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.

October 1, 2015

Retail Texas

SHOP Cos. Investment Sales Arranges Sale of Retail Properties in Metro Dallas

by Haisten Willis October 1, 2015

DALLAS, FLOWER MOUND AND WICHITA FALLS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of three retail properties totaling 22,733 square feet in metro Dallas. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the three different sellers in each transaction. The transactions included Jack in the Box, a 2,481-square-foot net leased restaurant located at the corner of Royal Lane and I-35 East in Dallas. The property is located 15 miles northwest of downtown Dallas and eight minutes east of the Dallas/Fort Worth International Airport. Jack in the Box has been a tenant at the property for more than 18 years. SHOP Cos. represented the seller, a Texas-based limited liability company. A private investor from California was the buyer. SHOP Cos. also brokered the sale of a 2,661-square-foot Dairy Queen located on a 1.5-acre pad site in Flower Mound. Dairy Queen signed a 20-year lease prior to closing. SHOP Cos. represented the seller, a private Texas-based limited partnership. A private investor from Louisiana was the buyer. The last transaction was Gabriella’s Square, a 17,591-square-foot shopping center in Wichita Falls. The property fronts I-44/U.S. Route 277. At the time of closing, the property was 44.3 percent leased to tenants including …

October 1, 2015

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