LOUISVILLE, KY. — GBT Realty Corp. has closed on the purchase of more than 28 acres in Louisville for the $40 million development of Jefferson Commons, a 210,000-square-foot retail center. The property is more than 82 percent preleased a sports retailer anchor, as well as Shoe Carnival, H.H. Gregg, Liquor Barn, Michael’s Arts & Crafts and Men’s Wearhouse. GBT Realty will provide development, leasing, construction management and property management services for Jefferson Commons. The project team also includes architect MJM Architects, project engineer Gresham Smith and Partners and site-work contractor Louisville Paving & Construction.
Retail
GLEN ELLYN, ILL. — The Opus Group has completed the construction of a new grocery-anchored development, The Fresh Market Center, in Glen Ellyn, a western suburb of Chicago. The Fresh Market, a 23,790-square-foot grocery store, anchors the development. Firehouse Subs will occupy 2,230 square feet of space and other tenants include Great Clips and Tide Dry Cleaners, occupying 1,050 and 2,800 square feet, respectively. Located on East Roosevelt Road between South Lorraine and South Lambert roads, the new retail center includes patio seating and 186 customer parking spaces. Mid-America represented Opus in the lease transaction with Firehouse Subs. Firehouse Subs represented itself in the deal. Opus Development Co. LLC was the developer, Opus Design Build LLC served as the general contractor for the project, Opus AE Group LLC was the architect of record, and OKW Architects was the design architect.
KENT, OHIO — Marcus & Millichap has arranged the $2.9 million sale of Discount Drug Mart Center, a 31,762-square-foot retail property located in Kent, about 15 miles northeast of Akron, Ohio. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller and represented the buyer, both limited liability companies, in the transaction. Discount Drug Mart Center is located at 1763 East Main St. and was fully occupied at the time of sale.
EXCELSIOR SPRINGS, MO. — The Cooper Commercial Investment Group has arranged the $1.8 million sale of a Burger King property located in Excelsior Springs, located approximately 30 miles northeast of Kansas City. Bob Havasi of the Cooper Commercial Investment Group represented the owner, a private investor from Tennessee, in the transaction. The buyer was a private investor based in Missouri. The sales price equates to a 6.2 percent capitalization rate.
NEW YORK CITY — Marcus & Millichap has arranged the $13.9 million sale of 6 St. Marks Place, a five-story retail building located between Astor Place and Second Avenue in Manhattan’s East Village. The sales price equates to $889 per square foot. Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin in Marcus & Millichap’s Manhattan office represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The 15,600-square-foot property is occupied by three tenants on a net-lease basis and was fully occupied at the time of the sale. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Café. St. Mark’s Karaoke occupies the third, fourth and fifth floors.
OKLAHOMA CITY — Glimcher Realty Trust has acquired three retail properties and 12 acres of undeveloped land in Oklahoma City for $51.8 million. The retail properties, which total 290,000 square feet, include Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Combined, the three are averaging $500 in sales activity per square foot and house the market’s only Anthropologie, lululemon athletica and Whole Foods locations. Glimcher is tentatively planning mixed-use shopping and entertainment developments for the open land, which is located in the Northern Oklahoma City and Nichols Hills neighborhoods. Tom Blanton of Blanton Property Co. will retain leasing duties at the properties.
LAS VEGAS – A 24,034-square-foot retail building in Las Vegas has sold to Wyandotte, Inc. for $2.2 million. The building is located at 5050 E. Russell Road. It is currently occupied by a window company. Wyandotte was represented by Neil Dela Cruz of MDL Group. The seller, Kathleen & Adrian Varni Trust, was represented by Katherine Bergh of Marcus & Millichap.
LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall and remain operational while the rest of the mall undergoes renovation. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.