MISSOURI CITY, TEXAS — Marcus & Millichap has brokered the sale of Colony Plaza Shopping Center, a 55,022-square-foot retail property in the Houston suburb of Missouri City, for $8.4 million. Located at 4811 Highway 6 South, the facility is in proximity to Dulles Avenue and I-69. Reconfigured in 2004 for three tenants, the building originally housed an Albertson’s grocery store but is now anchored by Star Cinema Movie Grille. Jerry Goldstein of Marcus & Millichap marketed the asset on behalf of the seller, a private investor.
Retail
FAIRFIELD, CONN. — Regency Centers Corp. has closed on a $150 million, three-property acquisition in Fairfield. As previously reported in December, the company has acquired an 80 percent majority stake in a portfolio of centers — Black Rock Shopping Center, Brick Walk, and Fairfield Center — as a part of a joint venture with local real estate developer Kleban Properties. Together, the three centers feature 315,000 square feet of mixed-use space, with the retail portion representing 73.5 percent of portfolio revenues. The largest center, Brick Walk, boasts 121,000 square feet of retail, office and residential space. The 92,000-square-foot Fairfield Center is located one block from the Metro North rail station on the New Haven line into New York City. The third property, Black Rock Shopping Center, includes 98,000 square foot of retail space and is anchored by Old Navy, GAP, Massage Envy, and Carter’s stores. All properties are currently fully leased.
NEWTON, MASS. — Bierbrier Development Inc. has broken ground on Needham Street Village Shops, a 19,200-square-foot retail development located at 55 Needham St. in Newton. Needham Street Village Shops will be LEED Silver-certified and ready for occupancy by this summer. The retail center will also feature 79 parking spaces. Bowdoin Construction is serving as the general contractor, Prellwitz Chillinski Associates is the project architect and Atlantic Retail Properties is the leasing agent for the property.
ST. LOUIS — U-Haul Corp. has purchased the old Globe Drug buildings, two historic buildings located at 418 S. Tucker Blvd. in St. Louis, for $3.1 million. Constructed by shoe manufacturer Endicott Johnson Co. in 1915 and 1923, the three-story and five-story buildings total 272,000 square feet. The Globe Drug buildings are listed on the National Historic Registry. The opening of this St. Louis facility will be the 27th U-Haul center in Missouri. U-Haul plans to continue operations of the parking garage, which holds 100 cars. The five-story building will be used as a storage facility, and the three-story building will house the retail showroom for selling boxes and packaging, as well as a vehicle rental service. The company plans to move into the building in late April, after renovations are complete. Patrick McKay, Meade Summers and Frank Yocum of Hilliker Corp. represented the seller, R & G Investment Co., which is the parent company of Globe Drug. McKay also represented the buyer, Amerco Real Estate Co., which is the parent company for U-Haul Corp.
BELLEVILLE, N.J. — Cronheim Mortgage has arranged $8 million in financing for a ShopRite-anchored retail center located in Belleville. The loan, placed with Athene Asset Management, was structured with a 10-year term and 25-year amortization, with five years of interest-only payments and a 4 percent interest rate. Belleville Center LLC was the borrower. Belleville Center is a 70,450-square-foot shopping center, anchored by a newly built, 60,000-square-foot ShopRite. The remaining space is fully occupied by Pizza Hut, Kelly's Liquors and a local jeweler. Allison Moravec and Andrew Stewart of Cronheim arranged the loan.
MORENO VALLEY, CALIF. – An all-cash buyer has acquired TownGate Center, a 285,775-square-foot community shopping center in Moreno Valley, for $41.9 million. The center is located at 12625 Frederick Street, just east of Riverside. It is situated next to the Moreno Valley Mall. TownGate is anchored by TJ Maxx/Home Goods and Ross Dress for Less. Other notable tenants include Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and Chipotle. CBRE’s Philip D. Voorhees and the National Retail Investment Group – West (NRIG-West) team represented the buyer. Voorhees also represented the seller, a partnership between Walton Street and Fritz Duda Company, along with NRIG-West and CBRE’s Megan Read, Jimmy Slusher, John Read and Brad Rable.
MINNEAPOLIS — Ackerberg has entered into an agreement to purchase Calhoun Square, a 170,521-square-foot shopping center located at 3001 Hennepin Ave. in Minneapolis. The center was built in 1984 and renovated in 2008. Major tenants include LA Fitness, Kitchen Window, H & M, Famous Dave’s, BayStreet Shoes, Timberland and CB2. Ackerberg plans to overhaul the interiors of Calhoun Square and has engaged the services of David Shea of Shea Architects. The expected closing date is early April.
WEST MILFORD, N.J. — Marcus & Millichap has arranged the $4 million sale of Bearfort Shopping Village, a 34,438-square-foot retail shopping village located in West Milford. Michael Lombardi in Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor.
SAN ANTONIO — Robert Faust Mortgage Co. has arranged a $6.6 million refinancing loan for Rigsby Shopping Center, a 64,200-square-foot retail property in San Antonio. Constructed in 2002, the center is located on more than five acres at 2000 Loop 410, in close proximity to Super Walmart. Tenants of the property include IHOP, Dollar Tree, Sally Beauty and Rue 21. Robert Faust of Robert Faust Mortgage Co. arranged the loan within two weeks on behalf of the property owner, Rigsby Road Shopping Center LP, through a private money lender.
JACKSONVILLE, FLA. — Bi-Lo Holdings LLC, the parent company of the BI-LO and Winn-Dixie supermarket chains, plans to convert seven existing Harveys stores in Georgia to Winn-Dixie stores and three existing Winn-Dixie stores in Georgia to Harveys stores. Last month, Bi-Lo Holdings received approval from the Federal Trade Commission to proceed with the transaction to acquire the Sweetbay, Harveys and Reid’s supermarket chains from Delhaize Group pending the divestiture of 12 stores by Bi-Lo Holdings, and Delhaize Group retaining two stores and converting them to the Food Lion banner. The following Harveys stores will convert to Winn-Dixie: · 341 Venture Drive in Brunswick · 5711 Altama Ave. in Brunswick · 284 Hyde Park Commons in Brunswick · 2714 Osborne Road in Saint Marys · 2111 Bemiss Road in Valdosta · 4036 Bemiss Road in Valdosta · 1715 Norman Drive in Valdosta The following Winn-Dixie stores will convert to Harveys: · 1208 Crawford St. in Americus · 2800 Old Dawson Road in Albany · 1553 US 19 South in Leesburg