PHILADELPHIA — iPic Entertainment has started construction for iPic Theaters at The Boyd, a movie theater in downtown Philadelphia. Located at 1910 Chestnut St., the theater will feature eight screens and 744 seats, as well as Tanzy Express, an in-theater dining concept. The eight auditoriums will vary in size, offering seating for between 60 to 120 customers. The dine-in restaurant, Tanzy, will serve artisanal Italian cuisine with contemporary style and a full-service bar. The theater is slated for completion in 2015.
Retail
MANSFIELD, TEXAS — Venture Commercial Real Estate has brokered the sale of a 59,297-square-foot retail building in the Dallas/Fort Worth suburb of Mansfield. Located at 989 N. Walnut Creek Drive, the property is within the larger Walnut Creek Village shopping center. Previously owned and occupied by Albertsons, the facility is now fully leased to Big Lots and Urban Air Trampoline Park. John Zikos and Chris Booras of Venture Commercial represented the seller, Dallas Retail Associates, in this transaction, as well as the past sales of four other former Albertsons stores in North Texas. Dallas Retail Associates is a partnership between Centennial Real Estate Co. and The Praedium Group, Randall Stepp of Lincoln Property Co. and Nick Ibarra of Clear Fork Properties represented the buyer, Walnut Creek Plaza LLC, in the Walnut Creek transaction.
KATY, TEXAS — Hunington Properties Inc. has brokered the sale of the Shops at Fry, a 20,000-square-foot shopping center in the Houston suburb of Katy. Located at the intersection of Fry Road and West Little York Road, the property was 88 percent leased at the time of the sale. Sandy Aron and Todd Carlson of Hunington Properties marketed the asset on behalf of the seller, a local private developer. A Hawaii-based investor purchased the center as part of a 1031 tax-deferred exchange.
ALLEN, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Bethany Center, a 10,000-square-foot strip shopping center in the Dallas/Fort Worth suburb of Allen. Located on the northwest corner of Bethany Boulevard and Highway 5, the recently remodeled property houses tenants including Royal Chopstix and Lucky Paws Pet Lodge. Sean Byrne of The Byrne Company represented the seller. Jose Thankachan of Beam Real Estate represented the unnamed buyer.
FONTANA, CALIF. — The Shops at Sierra Lakes, a 21,615-square-foot retail center in Fontana, has sold to Farsai Fontana LLC for $7.8 million. The center is located at 16943 & 16975 Sierra Lakes Parkway. It was built in 2009 and 2012. The Shops at Sierra Lakes is also part of Sierra Lakes Marketplace, which contains more than 880,000 square feet of retail properties, including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot and LA Fitness. Farsai Fontana was represented by Scott Hook of Coldwell Banker Commercial. The seller, PRP Investors-Fontana LLC, was represented by Jeff Conover of Faris Lee Investments.
BARSTOW, CALIF. — Barstow Plaza, a 68,362-square-foot shopping center, has sold to a group of Los Angeles-area private investors for $3.6 million. The center is located at 1303-1311 E. Main Street near Interstate 15. It is 56 percent occupied. Notable tenants include Family Dollar, Aaron’s, Wienerschnitzel and Fast Auto Loans. The buyers were represented by Victor Gausepohl III of Collier’s International. The seller, The Steele and Shelger Family Trusts, was represented by Brad Umansky, Kenia Drugan and Greg Bedell of Progressive Real Estate Partners.
FLOWER MOUND AND MANSFIELD, TEXAS — Disney Investment Group (DIG) has brokered the sale of two Dallas/Fort Worth Metroplex shopping centers for approximately $35 million. The properties include Cross Timbers Village, located in Flower Mound at the intersection of FM 1171 and Brutan Orand Blvd.; and Mansfield Pointe, located in Mansfield on the corner of Highway 287 and Debbie Lane. The 19,333-square-foot Cross Timbers Village is shadow-anchored by a Tom Thumb grocery store and is in proximity to the Wellington Estates community. The 148,529-square-foot Mansfield Pointe was 97 percent occupied by tenants including Sports Authority, Bed Bath & Beyond, PetSmart and Party City. In the sale of Cross Timbers Village, David Disney and Adam Crockett of DIG represented the seller, an entity controlled by Direct Development and Thackeray Partners, and also procured the buyer, a private buyer. In the sale of Mansfield Pointe, David Disney brokered the deal between the seller, The Retail Connection, and the buyer, Inland Real Estate Acquisitions.
UNION CITY, GA. — King Industrial Realty/CORFAC International has brokered the sale of Shannon Mall, a vacant 90-acre shopping mall in Union City. The buyer, Atlanta-based Rooker, plans to demolish the mall and build up to 1.2 million square feet of warehouse, distribution and logistics facilities that will target e-commerce occupiers. Rooker purchased the property, which features 10 acres of outparcels, from Lee Group USA, MB-REO Retail, MB-REO Land and Sears, Roebuck & Co. Inc. Sim Doughtie of King Industrial Realty/CORFAC worked with Union City Mayor Vince Williams to rezone the retail site to industrial.
FORT MYERS, FLA. — The Ferber Co. has developed Chipotle Mexican Grill and a drive-thru Starbucks Coffee in the Shops at University, located at 10010 University Plaza Drive in Fort Myers. The new property spans 4,327 square feet and is the first Chipotle Mexican Grill in the Fort Myers area.
ATLANTA — OliverMcMillan has confirmed the names of 28 tenants that will join Buckhead Atlanta, the new 1.5 million-square-foot mixed-use development under construction in Atlanta’s Buckhead district. The first retailers and restaurants will open their doors in September, and the remaining tenants will open through the holiday season and early 2015. The tenants include: Akris (2,164 square feet) Bella Bag (1,178 square feet) Brunello Cucinelli (2,491 square feet) Canali (2,111 square feet) Christian Louboutin (1,787 square feet) diptyque (496 square feet) Etro (2,214 square feet) Helmut Lang (2,116 square feet) Hermès (4,100 square feet) Jimmy Choo (2,162 square feet) L’Occitane (2,784 square feet) Moncler (1,899 square feet) Scoop NYC (2,461 square feet) Spanx (2,999 square feet) Theory (2,580 square feet) Tod’s (2,101 square feet) American Cut (10,000 square feet) American F+B (6,370 square feet) Corso Coffee (1,596 square feet) Doraku Sushi (2,725 square feet) Georgetown Cupcake (2,700 square feet) Gypsy Kitchen (3,750 square feet) Le Bilboquet (3,686 square feet) Lugo Caffé (6,050 square feet) Shake Shack (2,500 square feet) The Southern Gentleman (3,750 square feet) Thirteen Pies (4,300 square feet) Qing Mu (2,725 square feet)