DECATUR, GA. — Lennar Commercial Investors LLC and Sterling Organization have teamed up to acquire North DeKalb Mall, a 622,297-square-foot shopping mall in the northeast Atlanta suburb of Decatur. Lennar and Sterling, along with developer Hendon Properties, plan to convert the enclosed portion of the mall into an open-air concept. Sterling will manage North DeKalb Mall. The current tenants of North DeKalb Mall include AMC Theatres, Burlington Coat Factory, Macy’s, Marshalls and Ross Dress for Less.
Retail
GAITHERSBURG, MD. — JBGR Retail has signed two leases for restaurants in Downtown Crown, a 26-acre neighborhood in the Gaithersburg master-planned community of Crown. Matchbox Food Group will open a Ted’s Bulletin, and Bottleneck Management will open an Old Town Pour House. With the two new leases, Downtown Crown now has six restaurants new to Montgomery County: Coastal Flats, Venti Tre Modern Italian, Asian Nine and &pizza are the other four restaurants. Ted’s Bulletin and Old Town Pour House are set to open later this fall.
REVERE, MASS. — KeyPoint Partners has brokered a lease for Big Lots at Wonderland Marketplace in Revere. Big Lots will occupy 31,000 square feet of space at the 135,000-square-foot shopping center. Current tenants include Marshalls, Staples, Hair Cuttery, Ninety-Nine restaurant and the U.S. Post Office. Big Lots will lease a portion of the former Stop & Shop with the remaining 33,687 square feet available for lease. Don Mac of KeyPoint Partners negotiated the transaction on behalf of the landlord.
MONTCLAIR, CALIF. — Montclair Town Center, a 96,989-square-foot shopping center, has sold to Montclair-ET LLC for $15.8 million. The center is located at 9710-9886 Central Ave. in Montclair. It was 80 percent leased at the time of sale. Montclair Town Center contains 27 tenants, including 24 Hour Fitness, Dollar General, Bank of America (ATM), Burger King, Liberty Tax, Century 21 and Yum Yum Donuts. Montclair-ET, a 1031 exchange buyer, was represented by Eric Treibatch of Ophir Management Services. The seller, Montclair Town Center LLC, was represented by William B. Asher of Hanley Investment Group and Frank Vora of Progressive Real Estate Partners.
ANN ARBOR, MICH. — Colliers International has arranged the lease of a 5,812-square-foot property in Ann Arbor for FarmLogs Inc. The farm management software company will occupy space on the second floor of a building located at 410 N. Fourth Ave. in the Kerrytown Market and Shops retail center. FarmLogs is expanding and relocating its Ann Arbor office to the new space. Brendan Cavender and Jim Chaconas of Colliers International Ann Arbor represented FarmLogs in the transaction.
GRAPEVINE, TEXAS — A new 25,000-square-foot location of retailer Bealls has opened at Grapevine Towne Center in the Dallas/Fort Worth suburb of Grapevine. The apparel, accessory, cosmetic and footwear store relocated from a site along Northwest Highway. Grapevine Towne Center, located at the intersection of SH 114 and William D. Tate Avenue, also houses Target, World Market, Office Depot, Ross Dress for Less, eatZi’s Market & Bakery, Big Lots and Sprint. The Weitzman Group arranged Bealls’ lease, and Cencor Realty Services manages the property.
FARMINGTON HILLS, MICH. — The Boulder Group has arranged the $1.4 million sale of a new McDonald’s ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. McDonald’s is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald’s with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.
LAFAYETTE, LA. — The Ainbinder Co. has inked new lease agreements with several tenants for its Ambassador Crossing Shopping Center, which will be located at the intersection of Ambassador Caffery Parkway and Settlers Trace Boulevard in Lafayette. New tenants joining the Whole Foods-anchored center include J. Crew, Carter’s Babies & Kids, Osh Kosh B’Gosh, Lee Michaels Jewelers, Chipotle Mexican Grill, Sleep Number, Massage Envy, Which Wich and Superior Nails. Whole Foods will occupy 36,200 square feet of the 108,000-square-foot shopping center.
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a retail condo in Chicago. The property is located at 3718 N. Southport Ave. in the Lakeview neighborhood’s Southport Corridor, a popular shopping destination. Tenants at the retail condo include Bank of America and Massage Envy. Bank of America recently exercised its first renewal option and has two years remaining on their lease. Massage Envy has more than eight years remaining on its recently signed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based developer, in the transaction. A West Coast-based investor purchased the property in an all-cash transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Greenbriar North Center, an 84,465-square-foot shopping center in Houston. Constructed in 1981, the property is located at 17503 Imperial Valley Drive and houses tenants including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, Marcel Group, a developer based in The Woodlands. Hargrove and Miller also secured the buyer, a San Antonio-based private partnership completing a 1031 tax-deferred exchange. The property was listed with a price of $7.5 million.