THE WOODLANDS, TEXAS — Fogo de Chão, a Brazilian steakhouse, has signed a lease agreement to open a new location in Restaurant Row at Hughes Landing, a 66-acre mixed-use development offering views of the 200-acre Lake Woodlands. This will be the second Houston-area location for the steakhouse. Rob Rowe of Sierra U.S. and Jack Breard of CBRE | UCR represented Fogo de Chão, and Rip Reynolds of The Howard Hughes Corp. represented The Woodlands Development Co. in leasing negotiations.
MEDINA, OHIO — The Cooper Commercial Investment Group has brokered the sale of Stonegate Center, a retail center located at 3735 Stonegate Drive in Medina. The 15,300-square-foot center sold for $1.3 million. Built in 2000, the property is shadow anchored by Walmart Supercenter, Kohl’s and Hobby Lobby. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. The Ohio-based buyer acquired the property for 95 percent of the list price representing a 7.5 percent capitalization rate.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the lease of 9,160 square feet of retail space in Grand Rapids. Dollar Tree will occupy the space at Remembrance Landing retail center located at 3500 Remembrance Road. The space is currently is being renovated with an anticipated opening date of mid- to late January 2016. Rod Alderink of NAI Wisinksi represented the undisclosed landlord in the transaction.
PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.
FORT WORTH, TEXAS — GK Development Inc.’s Ridgmar Mall is set to open five new stores and complete renovations on existing retail space. Renovations to the 1.27 million-square-foot mall include the expansion of Journeys, a specialty footwear store, to 1,890 square feet with a fresh design and new color palette; the expansion of Zale’s to 2,500 square feet with renovations including new flooring and merchandise displays; remodeling at the mall’s Buckle location, including a new store front and color scheme; and a renovation of Rave Ridgmar 13 + Xtreme by Cinemark Theaters Inc. to include plush oversized recliners, enhanced concessions and reserved seating. J.C. Penney has also remodeled and rebranded its hair salon as The Salon by InStyle. New retailers set to open at Ridgmar include Sweetness Sweets, Luna’s Candy Land Imports, Texas Canyon, Kokitos and Michelle’s Furniture.
MIAMI — Rockpoint Group LLC has partnered with Ivanhoé Cambridge to recapitalize Mary Brickell Village, a retail and lifestyle center located at 901 S. Miami Ave. near Miami’s financial district. Ivanhoé Cambridge will continue to hold a minority interest, and Rockpoint will become the majority owner. Terms of the transaction were not disclosed. Originally developed in 2008, the 195,988-square-foot property is occupied by more than 50 stores and restaurants, including Publix, LA Fitness, P.F. Changs China Bistro, Fado Irish Pub, Oceanaire Seafood Room, Rosa Mexicana, Blue Martini and Brother Jimmys. Mary Brickell Village has immediate access to the Miami Metrorail at Brickell Station and the Metromover.
YORKTOWN, VA. — KeyBank Real Estate Capital has secured a $20.4 million CMBS first mortgage for Village Square at Kiln Creek, a 267,021-square-foot shopping center located in Yorktown. The shopping center is anchored by Kroger. Scott Bois of KeyBank secured the non-recourse loan on behalf of the unnamed borrower.
WESTLAKE VILLAGE, CALIF. — County Commerce Bank has acquired a freestanding bank building located at 2663 Townsgate Road in Westlake Village. The 4,183-square-foot property sold for $3 million, or $621 per square foot. County Commerce Bank plans to open a new branch at the location once the existing lease to Rabobank ends in October. Michael Schiff of NAI Capital represented the seller, Westlake Gateway Properties, in the transaction.
ATASCOCITA, TEXAS — Marcus & Millichap has arranged the $3.4 million all-cash sale of a 10,000-square-foot property net leased by The Learning Experience in Atascocita. Nate Newman of Marcus & Millichap represented the seller, a developer, and secured the buyer, a California investor, in the transaction.
HOUSTON — Houston-based NewQuest Properties has arranged five retail leases at separate properties in North, Central and South Texas. Transactions include a 7,454-square-foot lease for Gen Korean BBQ House at Carrollton Town Center in Carrollton; a 43,940-square-foot ground lease for Panda Express at New Braunfels Town Center at Creekside in New Braunfels; a 21,164-square-foot lease for Halloween City at Market in Hunting Bayou in Houston; a 6,300-square-foot lease for Halloween City in Tomball Parkway Plaza in Tomball; and a 4,004-square-foot lease for Wholesale Lubricant Services at 2101 Shepherd Drive in Houston. Heather Nguyen, John Nguyen and Meredith McLeod-Cobb of NewQuest Properties represented the landlord for Carrollton Town Center, and Tey Tiner of CBRE represented Gen Korean BBQ House; David K. Meyers and Glenn Dickerson of NewQuest Properties represented the landlord of New Braunfels Town Center at Creekside, and Michael Jersin of Reata Real Estate represented Panda Express; Brad Elmore of NewQuest Properties represented the landlord of Market at Hunting Bayou and Tomball Parkway Plaza, and Traci Holman of Baker Katz represented Halloween City; and Chris Dray of NewQuest Properties represented the landlord of 2101 Shepherd Drive, 2101 Shepherd LLC, and Todd Moseley of Moseley Commercial represented Wholesale Lubricant Services in …
