Retail

Mid-America Real Estate Corp. Brokers $54M Sale of Shopping Center in Lafayette, Ind.

by Danielle Everson February 12, 2015

LAFAYETTE, IND. — Mid-America Real Estate Corp. has brokered the sale of a 348,531-square-foot shopping center in Lafayette. A real estate investment trust sponsored and managed by Phoenix-based Cole Capital purchased the property for $54 million. Lafayette Pavilions Shopping Center is located at the southwest corner of State Road 26 and Creasy Lane. Gordmans, Hobby Lobby, Gander Mountain and TJ Maxx anchor the shopping center. Rick Drogosz and Ben Wineman of Mid-America, in cooperation with Mid-America Real Estate – Indiana LLC, were the exclusive brokers in the transaction on behalf of the seller, Dallas-based Invesco Real Estate.

February 12, 2015

Retail Texas

Boxer Retail Arranges Retail Lease in Metro Dallas

by Haisten Willis February 12, 2015

FORT WORTH, TEXAS — Boxer Retail has arranged a lease with Town Center Bingo for 13,464 square feet of retail space at La Gran Plaza Mall in Fort Worth. Beatrice Townsend negotiated the lease on behalf of Boxer. La Gran Plaza is a regional mall located on the northwest corner of Seminary Drive and I-35. The mall includes more than 200 stores.

February 12, 2015

Retail Washington Western

Overlake Shopping Center in Bellevue Sells for $30M

by Nellie Day February 12, 2015

BELLEVUE, WASH. – Overlake Shopping Center, a 49,167-square-foot, grocery-anchored center in Bellevue, has sold to Panos Properties for $30 million. The fully leased property is located at 15555-15585 NE 24th Street. It is anchored by Trader Joe’s, PetSmart and Walgreens, the seller. Walgreens signed a 20-year lease with Panos as part of the sale-leaseback transaction. Panos Properties was represented by Reynolds Haas of Colliers International. Walgreens was represented by Lauren Powell of Powell Development Company in this off-market transaction.

February 12, 2015

California Retail Western

Altadena Crossing Shopping Center Changes Hands

by Nellie Day February 12, 2015

ALTADENA, CALIF. – Altadena Crossing, a 43,108-square-foot shopping center, has sold to a private family trust for an undisclosed sum. The fully leased center is located at 2230-2268 Lincoln Ave. in Altadena, just north of Pasadena. It was built in 2006. Notable tenants include Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. The latter three tenants were not part of the sale. The trust was represented by Martin Agnew and Jessica Kelley of Marcus & Millichap’s Encino office. The seller was not named. The transaction’s financing was arranged by Sharone Sabar of MMCC’s Encino office.

February 12, 2015

Mississippi Retail Southeast

Glickman Retail Group Brokers $27M Sale of Mississippi Shopping Center

by John Nelson February 12, 2015

MERIDIAN, MISS. — Sean Glickman of Coldwell Banker Commercial NRT, founder of the Glickman Retail Group, has brokered the $27 million sale of Meridian Crossings, a 206,365-square-foot shopping center in Meridian. Built in 2007, the asset was 96 percent leased at the time of sale to T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Best Buy and Books A Million. Glickman represented the buyer, a 106-year-old family-owned company that owns, manages and develops shopping centers in 11 states.

February 12, 2015

Midwest Ohio Retail

Phillips Edison Grocery Center REIT II Buys Shopping Center in Akron for $8M

by Danielle Everson February 11, 2015

AKRON, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired a 75,866 square foot grocery-anchored shopping center in Akron for $8 million. The REIT purchased the property from Garrison Central Harvest Plaza LLC, a Delaware limited liability company. Harvest Plaza is located at the intersection of Akron-Canton Road and E. Waterloo Road in the Ellet neighborhood on the southeast side of Akron. A Giant Eagle grocery store anchors the shopping center. Other tenants include Papa John’s, Subway and Super Cuts. The shopping center was fully occupied at the time of sale.

February 11, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers $4.3M Sale of Retail Building in Naperville, Ill.

by Danielle Everson February 11, 2015

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.3 million sale of a single-tenant retail building in Naperville. The property is located at 1823 Freedom Drive. Fidelity Investments occupies the property. The site is part of the Freedom Commons mixed-use development. Tenants include Morton’s The Steakhouse, Subway, Athletico Physical Therapy, Jason’s Deli and Maggiano’s Little Italy. A real estate investor based in Scottsdale, Ariz., sold the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum was the sole broker in the transaction.

February 11, 2015

Michigan Midwest Retail

Colliers International Arranges 4,100 SF Lease in Plymouth, Mich.

by Danielle Everson February 11, 2015

PLYMOUTH, MICH. — Colliers International has arranged the lease of a 4,100-square-foot retail space in Plymouth. The property is located at 44717 Five Mile Road. Kent Butler of Colliers International represented the landlord, Sheldon Place LP, in the lease transaction. The Little Gym is leasing the space and plans to open its second Michigan location in April. The franchise currently operates 300 locations throughout the country.

February 11, 2015

Mixed-Use Multifamily Retail Texas

Construction Begins on SkyHouse Main Tower in Houston

by Haisten Willis February 11, 2015

HOUSTON — A development team including Jim Borders and Novare Group, with co-sponsor Batson-Cook Development Co., local development partner Peter W. Dienna, general contractor Batson-Cook Construction Co. and architectural firm Smallwood, Reynolds, Stewart, Stewart, has broken ground on SkyHouse Main. The development will be located at 1725 Main St. in Houston and will feature 336 residences across 24 stories, along with 7,200 square feet of street-level retail space. SkyHouse Main apartment homes will have floor-to-ceiling glass and high-end finishes, including stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet. The amenity package included a top floor featuring a club room, fitness center, pool and grilling area and unimpeded views of Houston. The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. The project will be adjacent to the Bell Station Metrorail stop, providing access to the Texas Medical Center. SkyHouse Main is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The project will generate more than 500 temporary construction jobs and about 50 permanent jobs when finished. Batson-Cook Development …

February 11, 2015

Retail Texas

Outdoor Retailer Gander Mountain to Open Metro Dallas Store

by Haisten Willis February 11, 2015

FRISCO, TEXAS — Gander Mountain, an outdoor retailer, will open a new location in Frisco this fall. The newest Gander Mountain store will be located in a new 60,100-square-foot space in the Eldorado Marketplace, near the northeast corner of Eldorado Parkway and Dallas North Tollway. It will be the 22nd Gander Mountain location in Texas, and the fifth in the Dallas-Fort Worth Metroplex. Gander Mountain’s newest store will feature one of the largest selections of new and used firearms in Texas, together with the best selection of gear and accessories for hunting, fishing, camping, boating and archery. The store will offer a selection of men’s and women’s active performance outdoor and casual apparel featuring brands like Under Armour, The North Face, GSX, Columbia, Carhartt, Guide Series and Kühl, and a variety of men’s and women’s active footwear featuring brands like Asics, Merrell, Rocky, Reebok, Reef, Keen, Irish Setter, Teva, New Balance, Patagonia, Timberland, LaCrosse, Itasca, Saucony and Salomon.

February 11, 2015

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