FINDLAY, OHIO — Mascia Development LLC has purchased Findlay Marketplace, a 30,100-square-foot retail center at 2023 Tiffin Ave. in Findlay. The shopping center is more than 90 percent occupied with tenants such as Armed Forces Career Center, AT&T, Penn Station Subs and Pet Supplies Plus. Mascia Development raised more than $1.5 million from crowdfunding, using the recently passed Jumpstart Our Business Startups (JOBS) Act regulations, for the purchase. The JOBS Act allows companies to raise capital more quickly and cost efficiently, according to Mark Mascia of president and CEO Mascia Development, who was involved in the transaction.
CHARLOTTE, N.C. — A joint venture between Childress Klein Properties and a pension fund advised by CBRE Global Investors has sold RiverGate Shopping Center in Charlotte. The 236,579-square-foot property is located in southwest Charlotte’s Steele Creek submarket adjacent to a Super Target and Home Depot. Childress Klein constructed RiverGate in 2006-2007. The shopping center was 98 percent leased at the time of sale to tenants such as Marshalls, PetSmart, Old Navy, Best Buy, Office Max, Starbucks Coffee, Bath & Body Works, Rack Room, Dress Barn, Verizon Wireless, Mattress Firm and Massage Envy. Mike Burkard and Steve Shields of CBRE represented the joint venture in the transaction. The undisclosed buyer has retained Childress Klein to manage the property.
MIAMI GARDENS, FLA. — Wal-Mart Stores Inc. has opened a new Walmart Neighborhood Market located at 3791 N.W. 167th St. in Miami Gardens. The new store is expected to employ roughly 95 people. The 41,000-square-foot location will feature groceries, health and beauty aids, a pharmacy, pet products and cleaning supplies.
JACKSON, MISS. AND CAMPBELLSVILLE, KY. — Namdar Realty Group, a private real estate investment and management firm based in New York, has recently purchased a freestanding Dollar General store in Jackson and a freestanding Kroger in Campbellsville. CVS Caremark has subleased the 11,000-square-foot store in Jackson to Dollar General and the discount retailer has two years remaining on its lease agreement. Winston Rego sold the asset to Namdar Realty Group for an undisclosed price. Stan Johnson Co. brokered the transaction. The 34,000-square-foot Kroger is located at 1505 E. Broadway in Campbellsville and has three years remaining on its lease. The seller, a private group, sold the grocery store to Namdar Realty Group for an undisclosed price. Al Isaac of NAI Isaac brokered the transaction. Joel Gorjian of Namdar Realty Group led the company’s acquisition team in both deals.
EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $5.9 million sale of Southwest Station, a 14,031-square-foot retail property located in Eden Prairie. The property is located at 13300 Technology Drive. Built in 2004, the property is fully occupied with five tenants. Cory Villaume, Sean Doyle and Brian Klancke of Marcus & Millichap’s Minneapolis office represented the undisclosed seller and buyer in the transaction.
LEAGUE CITY, TEXAS — NewQuest Properties will begin this year on Marketplace at Ninety-Six, a 36-acre retail development in League City featuring a 123,000-square-foot Kroger Marketplace as well as several pad sites and 25,000 square feet of retail space. The project is set for completion in early 2016. There are more than 6,000 homes within the immediate area, with nearby residential communities including Brittany Lakes, Brittany Bay, Sedona, Westover Park and Magnolia Creek. The development is located less than half a mile from I-45.
FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.
BROOKFIELD, WIS. — Mid-America Real Estate Corp.’s Investment Sales team has brokered the $1.7 million sale of a 4,991-square-foot, multitenant retail building in Brookfield. A private investor purchased the property located within Underwood Crossings, a 175,000-square-foot retail center. The development is located at the southeast corner of Bluemound Road and Columbia Drive approximately 12 miles west of downtown Milwaukee. The subject building features a Starbucks, Great Clips and T-Mobile. Target, Trader Joe’s and PNC Bank shadow anchor the property. Carly Gallagher of Mid-America and Dan Cohen of Mid-America Real Estate – Wisconsin LLC brokered the transaction on behalf of Minneapolis-based Ryan Cos. US Inc.
NEW YORK CITY — New York City-based Savanna has partnered with Hornig Capital Partners and Chelsea Village Associates to acquire 95 Evergreen Ave. in the Bushwick neighborhood of Brooklyn for an undisclosed price. The five-story, 165,000-square-foot industrial building is located on the southeastern corner of Evergreen Avenue and George Street. Originally built as the Schlitz Brewery, the property features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The joint venture plans to launch a $20 million building-wide capital improvement program in the first quarter of 2015 to convert the property into an office and retail location. Renovations include upgrading the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. The new space will cater to creative, media and technology tenants. Joe Berko and Lee Slipe of Berko & Associates represented the undisclosed seller in the transaction.
LOS ANGELES — Hollywood Park Land Company has announced plans to develop a new sports and entertainment district in the Los Angeles submarket of Inglewood. The development is named the “City of Champions Revitalization Project.” The new development “builds on the momentum of the original 238-acre, mixed-use project currently under construction at Hollywood Park after years of community engagement and the approval of entitlements by the Inglewood City Council in 2009,” according to a statement from the land company. Hollywood Park Land Co. is a joint venture between Stockbridge Capital Group and the Kroenke Group (TKG). Stockbridge purchased the original 238-acre Hollywood Park site in 2005. The Kroenke Group purchased an adjacent 60-acre parcel in 2013. The two then joined forces through the Hollywood Park Land Co. venture in 2014 to develop the project. The 298-acre project will include a stadium of up to 80,000 seats and a performance venue of up to 6,000 seats. It will also reconfigure the previously approved Hollywood Park plan that called for up to 890,000 square feet of retail, 780,000 square feet of office space, 2,500 new residential units, a 300-room hotel, and 25 acres of public parks, playgrounds, open space, and pedestrian and …