ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.
PORT CHESTER, N.Y. — New York Life Real Estate Investors originated a $120 million loan for Port Chester Shopping Center, a 507,000-square-foot center anchored by Whole Foods and Kohl’s. The property is located on Boston Post Road in Westchester County. The 15-year loan was made to a joint venture between Depa USA and AVR Realty.
FALLS & BRISTOL TOWNSHIP, PA. — Tightline Equities, a subsidiary of Larken Associates, and Red Starr Investments LLC have purchased the 290,678-square-foot grocery-anchored Fairless Hills Shopping Center from the Shooster family. Larken plans a multimillion renovation that will include roof replacements and repairs, HVAC replacements and repairs, restriping of parking lots, new landscaping and signage, as well as aesthetic renovations to the façade and store fronts and interior renovations to the second-floor office suites. An existing auto repair pad site will be demolished, making room for three potential outparcels. The property will also be rebranded as Fairless Hills Towne Center. A new long-term extension has been secured by anchor Giant Foods. CBRE/Fameco will be the exclusive brokers for the property.
DALLAS — Three retail real estate industry veterans have launched Trivanta, a real estate advisory firm specializing in the disposition of net-leased properties. Bob Moorhead, Joe Caputo and Mark Wheeler have joined forces as managing partners, with a collective 60 years of industry experience and sales transactions valued at over $2.4 billion. Trivanta, headquartered in Dallas, specializes in seller representation and works with build-to-suit developers, existing owners of net-leased properties and tenants that want to sell their real estate and lease it back on a long-term basis. Assignments range from marketing single assets to large portfolios nationwide. Moorhead and Caputo came together in 2011 at EXP Realty Advisors, where they built their team and marketing platform. In 2014, the pair closed more than 100 transactions. Prior to Trivanta, Wheeler founded Retail Resource Group, a full-service tenant outsource real estate solution.
KENNESAW, GA. — CBRE Capital Markets has secured $78 million in acquisition and construction financing for Kennesaw Marketplace, a 288,000-square-foot retail shopping center located in Kennesaw, a northern suburb of Atlanta. Located at the intersection of Barrett Parkway and Georgia Highway 41, Kennesaw Marketplace will bring Whole Foods, Academy Sports and a mix of national and local tenants to the area. Construction is expected to commence immediately and will be completed by the third quarter of 2016. Jeffrey Ackemann, Jonathan Rice and Robert LaChapelle of CBRE’s Atlanta office arranged the three-year, non-recourse loan through Heitman Real Estate on behalf of a joint venture between Fuqua Development and Batson-Cook Development.
WILLIAMSBURG, VA. — Federal Capital Partners (FCP) and joint venture partner Westmoreland Partners have sold Settlers Market, a 239,464-square-foot retail power center in Willamsburg, for $61.2 million. The property is located at the intersection of State Route 199 and Monticello Avenue. AEW Capital Management acquired the property on behalf of the AEW Core Property Trust, an open-end core real estate fund. Tenants of the 97 percent leased center include Trader Joe’s, Walmart Neighborhood Market, Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co. FCP and Westmoreland Partners originally purchased the asset in 2011 as a financially distressed property. The Shopping Center Group is the leasing agent and manager of Settlers Market. HFF represented AEW Capital Management in the acquisition.
EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.
CYPRESS, TEXAS — The Howard Hughes Corp., along with Bridgeland and The Woodlands Development Co., have begun construction on Lakeland Village Center, in which CVS/pharmacy will be the anchor retail tenant. Lakeland Village Center is the first commercial development in Bridgeland, a master-planned community in Cypress. Set on 20 acres along Fry Road, Phase I of Lakeland Village Center will include 84,000 square feet of retail, restaurants, and professional and medical offices. The center will also feature landscaping, views of two bordering lakes and sidewalks. The contractor for the project is VCC LLC. Completion of Phase I is slated for spring 2016. Lakeland Village Center is within walking distance of Lakeland Heights, a traditional neighborhood development in Bridgeland. The 15,300-square-foot CVS/pharmacy will feature a drive-thru pharmacy, along with health, beauty and personal care products. Construction is expected to begin in mid-July, and the store is scheduled to open in early 2016. Genesis Design Group is the architect for CVS/pharmacy. Rip Reynolds of The Howard Hughes Corp. and the J. Beard Real Estate Co. represented Bridgeland in the lease transaction.
ARLINGTON, TEXAS — A local investor has acquired a commercially zoned 30,000-square-foot lot in Arlington. The site at 2317 W. Arkansas Lane is close to the Pantego-Arlington line and zoned for office, retail and select shop uses. Nearly 14,000 vehicles per day travel the north-south artery, used by local residents looking to avoid freeway congestion. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW in Arlington represented the seller, the Schnitzer Grandchildren’s Trust. Steve Turnbow of MGM Equity Partners in Dallas handled negotiations for the buyer, TPS Family LP.
