MAYFIELD HEIGHTS, OHIO — Coldwell Banker Commercial (CBC) Alliance has arranged the $47 million sale of the Golden Gate Shopping Center in Mayfield Heights, a Cleveland suburb. A joint venture betweenHornig Capital Partners LLC, a New York-based real estate firm, and Hutensky Capital Partners of Hartford, Connecticut, purchased the property. Golden Gate, built in 1958, is a 371,748-square-foot center that was renovated in 1995. The center is currently 95 percent occupied. Anchor tenants at the center include Marshalls, PetSmart, Golf Galaxy, H.H. Gregg, OfficeMax and Jo-Ann Fabrics. Cleveland-based Forest City Enterprises Inc. sold the property. Bruce Weissberg of CBC Alliance assisted in closing the off-market deal.
Retail
ALTOONA, PA. — HFF has closed the sale of Logan Towne Centre, a 715,819-square-foot shopping center in Altoona. AVR-ALTOONA LP sold the property to a private investor for $101.5 million. Situated on 75 acres at 155 Falon Lane, the grocery-anchored shopping center is 98.4 percent leased to tenants, including Giant Eagle Supermarket, Kohl’s, Best Buy, Staples, Bed Bath & Beyond, Michaels, Ross, Boscov’s and Dick’s Sporting Goods. Jim Koury and Claudia Steeb led the HFF investment sales team that represented the seller in the transaction.
HOUSTON — Dairy Ashford Village, a 43,751-square-foot retail center at 1570 S. Dairy Ashford Road in Houston, has been sold to a Houston-based private equity group. The center is 89 percent leased. Christopher Winters and John Parsley of Colliers International represented the seller, N.J.G. & M. Texas. Keller Williams represented the buyer, DAV Entrepreneurs. The property is located next to a Kroger-anchored shopping center on Briar Forest Drive.
HESPERIA, CALIF. – A 66,389-square-foot retail building in Hesperia that is occupied by Kmart has sold to a private California real estate investment company for $5.2 million. The building is located at 16968 Main Street within the Midtown Square Shopping Center. The center is also anchored by Stater Bros. and Orchard Supply Hardware. The buyer was represented by David Chasin at Pegasus Investments. The seller, The Burokas Family Trust, was represented by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
MADERA, CALIF. – A 4,558-square-foot retail property in Madera that is net leased to IHOP has sold to an unnamed buyer for $2.4 million. The property is located at 2201 West Cleveland Ave. IHOP has occupied this space since it was originally constructed in 1995. Steve Sauter of Marcus & Millichap’s Palo Alto office represented the seller, a private investor.
LOS ALTOS, CALIF. -Jos. A. Bank has signed a 10-year lease for 4,087 square feet at the Colonnade mixed-use development in Los Altos. The space is located at 4750 El Camino Real in Silicon Valley. The new store will sit adjacent to Whole Foods and directly across from San Antonio Shopping Center. Colonnade is being developed by Sares Regis Group of Northern California and Pritzker Realty Group. Jos. A. Bank was represented by Laura Tinetti of SRS Real Estate Partners. Sares Regis was represented by Randol Mackley and Steve Gazzera of the same firm.
TERRELL, TEXAS — Whataburger has leased a 41,000-square-foot pad site at the Terrell Market Center. The site is located at the northeast corner of FM 148 and Crossroads Parkway in Terrell, 40 minutes east of Dallas. Opening is scheduled for summer 2015. W. Thurston Witt, Jr. of UCR Dallas represented Whataburger, and Andrew Lehner, also with UCR, represented the developer, Oakridge Investments.
DALLAS — The first Bonobos in Dallas has opened at 1901 N. Henderson Ave. The 1,240-square-foot store is the first in the Dallas area and second in the state of Texas. Michael Miller of United Commercial Realty represented Bonobos in the lease transaction. Matthew Heisley of Open Realty Advisors represented the landlord, Henderson Main LP. Bonobos is a New York City-based retailer of men’s clothing.
KILGORE, TEXAS — Stan Johnson Co. has arranged the sale of a 14,820-square-foot retail property in Kilgore leased to Walgreens to an institutional REIT based in New York for an undisclosed price. Todd Moore, Jim Gibson and Donny Joseph of Stan Johnson’s Houston office represented the seller, an unnamed investor based in Chicago, and the buyer in the transaction. The property is 100 percent leased to Walgreen Co. and is located at the intersection of Henderson Boulevard and Highway 259. Nearby tenants include Walmart Supercenter, Brookshire’s, Fred’s Store, Bealls and Hibbett Sports.
KATY, TEXAS — Mark One Capital has arranged $2.9 million in financing for a 20,000-square-foot retail property in the Houston suburb of Katy. Farhan Kabani, a senior director in the firm’s Dallas office, arranged the loan. The name of the borrower was not disclosed. The loan is structured with a 10-year term and amortizes over 25 years with a fixed interest rate of 4.25 percent.