NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …
CARLSBAD, CALIF. – A 156,132-square-foot building in Carlsbad that is leased to Macy’s West Stores Inc. has sold to an international commercial real estate investor for $13.7 million. The building is located at 2559 El Camino Real, within the Westfield Plaza Camino Real shopping mall. Macy’s has operated at this location since 1979. The space was renovated in 2000. The seller, a San Diego-based private investor, was represented by John Rodiles and Kirk Garabedian of Marcus & Millichap’s Los Angeles office.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has arranged the $2.2 million sale of a 2,650-square-foot, net-leased property occupied by Starbucks in Arlington Heights, a northwest suburb of Chicago. The property is located at 1808 S. Arlington Heights Road. The building includes a drive-thru. The location is a retrofit of an existing building that includes a new 10-year corporate lease with Starbucks Corp. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a local developer.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 9,360-square-foot net-leased property occupied by Family Dollar in Brownsville. Curtis Carter and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Stephen Berchelmann and Knibbe represented the buyer, a private investor. Family Dollar is located at 4465 Paredes Line Road. The property was built in 2006 and is comprised of 9,360 square feet surrounded by a 28-space parking lot on 0.35 acres.
COSTA MESA, CALIF. – An 8,118-square-foot building in Costa Mesa that is triple-net leased to Citibank has sold to a Pasadena, Calif.-based family trust for $5 million. The building is located at 2700 Harbor Blvd. It sits adjacent to Mesa Verde Shopping Center. Shaun Riley of Faris Lee Investments represented the 1031 exchange buyer. The seller, CP Sunshine LLC, was represented by Equity Investment Advisors.
MIDLAND PARK, POMPTON LAKES, WYCKOFF AND KINNELON, N.J. — Urstadt Biddle Properties Inc. has acquired four shopping centers, totaling 375,000 square feet, in Northern New Jersey. A New Jersey commercial real estate owner and developer sold the properties for an undisclosed price. The properties are the 130,000-square-foot Midland Park Shopping Center in Midland Park, the 125,000-square-foot Pompton Lakes Town Square in Pompton Lakes, the 43,000-square-foot Cedar Hill Shopping Center in Wyckoff, and the 77,000-square-foot Meadtown Shopping Center in Kinnelon. In total the properties are at least 92 percent leased to a variety of national, regional and local tenants, including Kings Supermarket, CVS, Petco, Starbucks, Hudson City Savings Banks, A&P supermarket, TD Bank, Wendy’s, Planet Fitness, Pet Valu, Hallmark, Walgreens, Chase Bank, Subway, Dunkin Donuts, Supercuts and Rite Aid Pharmacy. Additional terms of the transactions were not released.
HALTOM CITY, TEXAS — ALDI, a low-price grocery store chain, has opened a new location in Haltom City. The new store is located at 3173 Denton Hwy. ALDI has more than 1,300 total stores in 32 states. The chain is averaging 80 new stores each year. The Haltom City location was constructed with recycled materials and uses energy-efficient refrigeration and light bulbs.
FRISCO, TEXAS — Dallas-based Venture Commercial Real Estate represented Fitness International LLC in lease negotiations for a new LA Fitness club in Frisco. A new 38,000-square-foot LA Fitness gym will be built in the Frisco Market Center, which is located at the northwest corner of Main Street and the Dallas North Tollway. Other tenants in the mixed-use development include Main Event Entertainment, Elite Care, Pei Wei Asian Diner, Pie Five Pizza Co. and Mooyah Burgers, Fries and Shakes. John Zikos and Jonathan Cooper of Venture represented LA Fitness in negotiations. Walt Brown Jr. and Tim Dollander of Diversified Partners brokered the lease on behalf of LA Fitness. Darrell Hernandez of United Commercial Realty represented the landlord, Dallas-based Hermansen Land Development Inc.
AUSTIN — Velocis has arranged the sale of Springdale Shopping Center in Austin. Tampa-based Forge Real Estate Partners III LP purchased the 163,677-square-foot retail center. Velocis purchased Springdale Shopping Center in 2012 and invested in a new roof, pylon signage updates and parking lot repairs. H-E-B anchors the center, which is located off of Highway 183. Other tenants include Fashion Outlet, Carousel Pediatrics, Family Dollar and O’Reilly Auto Parts. CBRE’s Chris Cozby, Chris Gerard and Kevin Holland brokered the sale on behalf of Velocis.
SAN JOSE, CALIF. – Vitamin Shoppe will open a 3,000-square-foot store at the Westgate Center in San Jose tomorrow, Dec. 13. The shop will be located at the corner of Saratoga Avenue and West Campbell Avenue. It will occupy a former gas station. The corner site will soon include the Veggie Grill, Verizon Wireless, as well as additional tenants that will be announced shortly. Construction on the corner is slated for completion early next year. Notable tenants at Westgate Center include Target, Nike Factory Store, Walmart Neighborhood Market, Old Navy, Gap Factory Store, Burlington Coat Factory, Nordstrom Rack, Michaels, Any Mountain, J. Crew Factory and Ross Dress for Less. Federal Realty Trust owns both the Westgate Center and the gas station site that is being redeveloped. Westgate was represented by SRS Real Estate Partners.