SCOTTSDALE, ARIZ. — DTZ has arranged the sale of The Summit at Scottsdale, a 190,408-square-foot shopping center located in Scottsdale, for $54.1 million. Safeway and Target anchor the center. Ryan Schubert, Michael Hackett and Dan Wald of DTZ worked on behalf of the seller. The center was 97 percent leased at the time of sale to tenants including CVS/pharmacy, Office Max, PetSmart, Starbucks Coffee, Bath & Body Works, Verizon Wireless and Chico’s.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
STERLING HEIGHTS and SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions will be auctioning off two properties on July 20-22. The properties are Forum at Gateways in Sterling Heights, and Nine Mile Crossing in Southfield. Barry Swatsenbarg and Rich Deputa will represent Friedman at the auction. Bidding starts at $1.4 million with a $10,000 bid deposit. The Forum at Gateways is located at 44575-44833 and totals 258,105 square feet on approximately 55 acres. The power center is currently 77 percent occupied and is anchored by a Walmart and LA Fitness. Nine Mile Crossing is a 142,295-square-foot, Class B office building located at 17515 West Nine Mile Road. The 12-story building was constructed in 1969 and renovated in 2012. For auction-related questions, contact Jeff Book at jbook@auction.com.
CROSS ROADS, TEXAS — HFF has arranged the sale of two multi-tenant buildings totaling 24,000 square feet that are part of Village at Cross Roads shopping center in the Dallas suburb of Cross Roads. HFF arranged the sale of the property on behalf of the seller, Lovett Commercial. The assets consist of two outparcels located at the corner of U.S. Highway 380 and FM 424. The 100 percent-leased outparcels are home to Mattress Firm, Starbucks, UPS, Supercuts, Sally Beauty Supply, Fuzzy’s Taco Shop and T-Mobile. The asset is shadow-anchored by an 185,900-square-foot Walmart Supercenter. Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.
ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
UPLAND, CALIF. — Progressive Real Estate Partners has signed two new restaurant leases, totaling 7,940 square feet, at Colonies Crossroads in Upland. Oggi’s Pizza and Brewing, a sports-themed microbrewery with fresh made-to-order pizza, will occupy 5,240 square feet, and open in late 2015 or early 2016. California Fish Grill will occupy 2,700 square feet and is slated to open in early 2016. Both restaurants are ground-up construction at the 1.1 million-square-foot shopping center and will join Chili’s Grill and Bar, Panera Bread, Chipotle, The Habit, Pick Up Stix and Pieology. Paul Galmarini of Progressive handled the lease transactions.
RIVER FOREST, ILL. — Mid-America Asset Management Inc. has brokered a 28,220-square-foot retail lease at 7501 W. North Ave. in River Forest. Fresh Thyme Farmers Market, a natural grocer, will occupy the space, a former Dominick’s supermarket location. Mike George and Richard Spinell of Mid-America represented the landlord, while Andy Robbins and Al Rodenbostel of ARCORE Real Estate Group represented the tenant in the lease transaction.
LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Laurel Bay Center, a 22,286-square-foot retail property located in League City. Nik Kapetanakis, Gus Lagos and Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a bank/financial institution. Laurel Bay Center is located at 2660 Marina Bay Drive.
DALLAS — Four new retailers are joining Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas, and will open their doors at the property over the next few months. Vestar, a privately held real estate company, currently handles property management, leasing and marketing at the center. Leasing for this project is done in partnership with Venture Commercial brokers Easley Waggoner and Tim Henson. The new retailers include: Soma, a women’s intimate apparel boutique which will occupy 2,549 square feet; Francesca’s, a women’s clothing and accessory store which will occupy 1,400 square feet; Chico’s, offering branded clothing and accessories for women which will occupy 3,453 square feet; Beauty Brands, a salon and spa superstore which will occupy 6,844 square feet. With these four tenants, Village on the Parkway is now 92 percent leased. Additional major tenants include Whole Foods Market, AMC Theatres, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T and 24 Hour Fitness.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.
