Retail

NAI Mertz Negotiates Sale of 8,750 SF Flex Building in Pennsylvania

by Amy Works August 12, 2015

WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.

August 12, 2015

Maryland Retail Southeast

Washington Property Co. Purchases Maryland Shopping Center for $9.5M

by John Nelson August 12, 2015

FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.

August 12, 2015

California Retail Western

Private Investor Purchases Puente Hills East Shopping Center for $36.7M

by Nellie Day August 12, 2015

CITY OF INDUSTRY, CALIF. — A private investor has acquired Puente Hills East, a shopping center located at 17603-17799 Colima Road in City of Industry. The James Campbell Company sold the 195,063-square-foot retail center for $36.7 million. The center is fully leased to Target, Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggman of Lee & Associates Irvine represented the buyer, who plans to hold the property for the long term. Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller in the transaction.

August 12, 2015

Mixed-Use Retail Texas

Three New Tenants Lease Space at Mixed-Use Development in Metro Houston

by Haisten Willis August 11, 2015

CYPRESS, TEXAS — Three new tenants have signed leases at Caldwell Cos.’ Boardwalk at Towne Lake development, including Jaxton’s, Taisho and Copper Creek Orthodontics. The Boardwalk at Towne Lake is a 150,000-square-foot, waterfront development that is accessible by car and boat. The development will provide 40,000 square feet of waterfront office space and 60,000 square feet of retail space across four buildings. Jason Howard, the maître d’ at Tony’s Restaurant for the last eight years, is founding Jaxton’s, a new restaurant concept that will combine French and Italian cuisine. The team that has opened 11 Shogun Grill restaurants around Texas will open Taisho, a Japanese establishment that specializes in the hibachi and teppanykai style of cooking. Copper Creek Orthodontics will be relocating to a second-floor waterfront office in The Boardwalk at Towne Lake, set to open in spring 2015.

August 11, 2015

Retail Texas

Henry S. Miller Negotiates Sale of Minority Interest in Two Retail Centers in North Dallas

by Haisten Willis August 11, 2015

DALLAS — Henry S. Miller Cos. has negotiated the sale of a 49 percent ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153-square-foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the southeast corner of Preston Road and Beltline Road; and Central Forest Shopping Center, a 94,879-square-foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane. Jim Brownlow of HSM Equities arranged the sale. Robert DuBois of Henry S. Miller negotiated the terms of the transaction on behalf of the seller.

August 11, 2015

Michigan Midwest Retail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw August 11, 2015

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

August 11, 2015

Indiana Industrial Midwest Retail

Bradley Co. Negotiates Leases Totaling More than 15,000 SF in Fort Wayne

by Jeff Shaw August 11, 2015

FORT WAYNE, IND. — Bradley Co. has arranged two leases totaling more than 15,000 square feet in Fort Wayne. In the first transaction, Mike Dahm represented the landlord, Industrial Road Enterprises, as well as the tenant, HD Supply Waterworks, in the lease renewal of 13,480 square feet of industrial space located at 5120 Industrial Road. In the second transaction, Dahm and Kelly Castle represented the tenant, RPM Pizza Midwest LLC, in the lease of 2,130 square feet of retail space located at 301 W. Jefferson Blvd. Bradley Co. has served the Northern Indiana and West Michigan commercial real estate market since 1978.

August 11, 2015

Georgia Retail Southeast

Blanchard & Calhoun Brokers $19.5M Sale of Two Publix-Anchored Centers in Metro Atlanta

by John Nelson August 11, 2015

ALPHARETTA AND LOCUST GROVE, GA. — Blanchard & Calhoun Commercial has brokered the $19.5 million sale of two Publix-anchored shopping centers in metro Atlanta. The properties include the 82,905-square-foot Birmingham Village in Alpharetta and the 89,567-square-foot Shoppes at Locust Grove in Locust Grove. Birmingham Village was 78 percent leased and Shoppes at Locust Grove was 71 percent leased at the time of sale. Blanchard & Calhoun represented the buyer, an international REIT, in the transaction. The seller was the original developer of the two shopping centers.

August 11, 2015

Florida Retail Southeast

Trinity Signs Walmart Neighborhood Market to Anchor Shopping Center in South Florida

by John Nelson August 11, 2015

PALM SPRINGS, FLA. — Trinity Place Holdings has executed a long-term lease with Wal-Mart Stores Inc. to bring a new Walmart Neighborhood Market to South Florida. The new 42,000-square-foot grocery store will anchor Trinity’s 112,000-square-foot Shoppes at Forest Hill, a shopping center located at the intersection of Forest Hill Boulevard and South Military Trail in Palm Springs. The Walmart Neighborhood Market is expected to open in the spring of 2016 and will bring approximately 95 new jobs to the area. David Lipp of Atlantic Commercial Group Inc. and David Emihovich of Katz & Associates were the broker and the agent, respectively, for the transaction.

August 11, 2015

California Retail Western

McGrath Family Sells 294,428 SF Retail Portfolio in San Diego for $107.1M

by Nellie Day August 11, 2015

SAN DIEGO — The McGrath Family has completed the disposition of a retail portfolio encompassing 294,428 square feet along Clairemont Mesa Boulevard and Shawline Drive in San Diego’s Kearny Mesa submarket. New York-based Clarion Partners and San Diego-based HP Investors acquired the portfolio on behalf of one of the partnership’s commingled funds for $107.1 million. Situated on 29 acres, the portfolio consists of six single-tenant retail properties and one retail strip center. Tenants at the fully leased portfolio include Walmart, LA Fitness, McDonald’s, Food 4 Less, Starbucks Coffee, Verizon and Chipotle, among others. Randy LaChance and Mark Caston of Voit Real Estate Services represented the seller in the transaction. The buyer was self-represented in the deal.

August 11, 2015

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