METAIRIE, LA. — KeyBank Real Estate Capital secured a $25 million loan for Westgate Plaza, a 207,866-square-foot shopping center in Metairie, about seven miles west of New Orleans. Academy Sports + Outdoors anchors the center, and HH Gregg and Michaels are the center’s junior anchors. Randy Martin of KeyBank originated the loan.
Retail
DRUID HILLS, GA. — Cousins Properties and Gables Residential have signed Earth Fare, an organic and natural foods grocer, to a 24,782-square-foot lease in Druid Hills, a suburb of Atlanta. The grocer will be part of the tenant mix of Phase II of Emory Point, a luxury mixed-use development near The Centers for Disease Control and Prevention, Emory University and Emory Healthcare. Phase I of Emory Point opened in 2012 and includes 80,000 square feet of retail space and 443 apartment units. Earth Fare’s lease will bring Phase II’s retail portion to 64.6 percent pre-leased. Phase II, which is slated to open in early 2015, features 43,000 square feet of retail space and 307 apartments.
BATAVIA, ILL. — The Boulder Group has brokered the $4.3 million sale of a single-tenant, net-leased Citgo gas station property in Batavia, a suburb of Chicago. The property is located at 200 Fabyan Parkway. Citgo is the sole occupant of the two-acre property, which was built in 1999. Citgo has 10 years remaining on its lease that expires in February 2024 and includes annual rental escalations of 1.75 percent. There are four, five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based high-net-worth individual. An East Coast-based private investment firm purchased the property. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states.
HOWELL, N.J. — Iselin, N.J.-based Sitar Realty Company-TCN Worldwide has announced that BJ’s Warehouse will be joining The Grove at Howell, which is currently under construction. Located on a 52-acre tract along Route 9 and Lanes Mills Road in Howell, the 350,000-square-foot shopping center will offer a mix of clothing, food and entertainment options. The 88,000-square-foot BJ’s Warehouse, which will also include a gasoline station, is slated to open in November. Additional tenants at the project will include a 50,000-square-foot, 14-screen national cinema and a 40,000-square-foot national fitness club, along with other national clothing and food chains. The project is expected to be fully complete by June 2015. New York City-based Sun Equity Partners purchased the future site of BJ’s Warehouse out of foreclosure last summer. Sitar Realty Company-TCN Worldwide is the leasing agent for the property.
ASTON, PA. — Chattanooga, Tenn.-based Chestnut Development Partners and White Plains, N.Y.-based Benbrooke Realty Investment Company have invested in Dutton Mill Shopping Center in Aston. Located approximately 20 minutes from downtown Philadelphia, the 76,000-square-foot property was once anchored by a Shop-N-Bag, a regional grocery store. Chestnut and Benbrooke plan to use the vacant retail space an opportunity to redevelop and market the shopping center to national and regional retailers. This transaction is Chestnut’s ninth investment since November 2012.
LITTLE ROCK, ARK. — Inland Real Estate Income Trust Inc. has acquired the 126,288-square-foot MidTowne Shopping Center in Little Rock. The property, located at the corner of University Avenue and Markham Street, is located across the street from Park Avenue Shopping Center, which Inland purchased in February. MidTowne is 95.6 percent leased to 22 tenants, including The Container Store, Pottery Barn, Ulta Beauty and Williams-Sonoma. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Inland in the transaction.
CAIRO, GA. — Franklin Street Real Estate Services has arranged the $2.8 million sale of Cairo Corners, a grocery-anchored shopping center in Cairo, a town in southwest Georgia along the Florida border. Built in 2008, the property is located at 1000 First Ave. N.E. Harveys Supermarket anchors the shopping center and has 13 years remaining on its lease through its parent company BI-LO LLC. An unnamed company based in Delaware purchased the shopping center from Cairo Sun Properties Ltd. LLP, a Boca Raton, Fla.-based limited liability company. Rafeal Wright and Jonathan Graber of Franklin Street represented the seller in the transaction.
PHOENIX — Coldwater Plaza, a 10,017-square-foot shopping center in Avondale, has sold to Sparty Holdings for $2 million. The plaza is located at 1461 North Dysart Road, just west of Scottsdale. It is fully leased to tenants like Pacific Seafood Buffet, Cricket Wireless, Hire Source Staffing and Checkmate Loans. Sparty was represented by Ken Gatt of Evergreen. The seller, a partnership between North Dysart SG LLC and Coldwater Dysart Partners LLC, was represented by Joseph Compagno, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office.
INDIANAPOLIS — Lee & Associates has arranged the lease of a 1,600-square-foot retail space for a tanning salon in Indianapolis. Fast Tans will occupy space in the George Thomas Plaza located at 1016 N. Shadeland Ave. Cindy Hoskinson of Lee & Associates represented the tenant and the landlord, Ladywood Apartments LLC, in the transaction.
BOSTON — David Barton Gym has signed a long-term lease for 19,000 square feet of space at Boston Park Plaza Hotel and Towers, which is located at 50 Park Plaza in Boston. The gym will feature a ground-floor entrance and below-grade retail space. This location is the company’s first gym in Massachusetts. Scott Edlitz of Colliers International’s New York office represented David Barton Gym in the transaction.