NORTH HANOVER TOWNSHIP, N.J. — CBRE has arranged the $1.4 million sale of a newly constructed Dollar General property in North Hanover Township. The retail store is located at 189 Jacobstown New Egypt Road. The property has a 10-year net-lease in place with two five-year options, with 10 percent escalations in both option periods. The store is located at a signalized intersection and includes ample on-site parking.
Retail
SAN FRANCISCO – The Bay Area will receive the first new TargetExpress stores to open nationwide. The condensed outpost from the big box giant will open three locations in the region, including two in San Francisco and one in Berkeley. These TargetExpress stores will contain 20,000 square feet or less. A 20,000-square-foot store is set to open at 225 Bush Street, next to the Montgomery BART station in San Francisco’s financial district. A 17,000-square-foot store will debut at 1830 Ocean Ave. in southwest San Francisco, while another 12,355-square-foot TargetExpress will open at 2187 Shattuck Ave. in Berkeley. The Bush and Shattuck stores are scheduled to open next spring. The Ocean store is still in the planning stages. No opening date has been set. The test store for the TargetExpress concept opened in the retailer’s hometown of Minneapolis this July. All three Bay Area TargetExpress transactions were executed by Matt Kircher of Terranomics Retail Services.
DALLAS — Studio 6 Fitness is opening its second Dallas location at The Shops at Park Lane. The 2,700-square-foot gym will open later this month at 8180 Park Lane, Suite 343. Tom Metcalfe of Metcalfe Real Estate represented Studio 6 in the transaction. Amanda Gross and Ashley O’Malley of UCR represented The Shops at Park Lane. The property includes more than 5,000 parking spaces and is located near a Dallas Area Rapid Transit line.
SLIDELL, LA. — HFF has arranged the $14.6 million sale of Stirling Slidell Centre, a 139,460-square-foot retail center in the New Orleans suburb of Slidell. Retail Centers of America purchased the asset from LaSalle Investment Management. The property is located on the northwest corner of Interstate 12 and Airport Road. The property’s tenant roster includes David’s Bridal, Ross Dress for Less, PetSmart, Men’s Wearhouse, Shoe Carnival, Party City, AT&T and Dickey’s Barbeque Pit. Jim Batjer, Jim Hamilton and Richard Reid of HFF led the sales team that represented LaSalle.
PHILLIPSBURG, N.J. — HFF has brokered the $22.7 million sale of Greenwich Center, a 182,583-square-foot retail power center located in Phillipsburg, 73 miles north of Philadelphia and 70 miles west of New York City. Greenwich Center is located at 1200-1208 New Brunswick Ave. The building was developed in two stages, Center I was completed in 2002 and Center II was finished in 2006. The shopping center is 93 percent leased to national and regional tenants. HFF represented the seller Retail Properties of America Inc. An affiliate of Northeast Capital Group and BHN Associates purchased the asset free and clear of existing debt in an all cash transaction.
BURLINGTON, MASS. — KeyPoint Partners LLC has added several new leasing and property management assignments to its portfolio. The assignments include Crosspointe Plaza, a 94,000-square-foot retail center in Naugatuck, Conn.; Tyngsboro Crossing (formerly TJ Maxx Plaza), a 180,400-square-foot retail center in Tyngsboro, Mass.; 2100 Washington St., a 20,000-square-foot retail/office property in Hanover, Mass.; and Merchant’s Row, a 63,700-square-foot retail center also on Washington Street in Hanover. Don Mace, vice president of leasing, is handling the assignments. KeyPoint Partners has also been named property manager for the Woonsocket Medical Building, a 53,000-square-foot office property located at John A. Cummings Way in Woonsocket, R.I. KeyPoint Partners is based in Burlington, Mass.
SACRAMENTO, CALIF. – A 76,158-square-foot property in the Sacramento submarket of Rancho Cordova has sold to a Chicago-based private investor for $11.1 million. The property is triple-net leased to Kohl’s. The space is located near the intersection of U.S. Highway 50 and Rancho Cordova Light Rail Station. Notable tenants in the area include Super Target, Wal-Mart, Anna’s Linens, PetSmart, Michaels, Walgreens and U.S. Bank. Kohl’s has 15 years remaining on its lease. Nicholas Coo, Matthew Mousav and Patrick Luther of Faris Lee Investments represented the seller, American Realty Capital (ARC), in this transaction. The buyer represented itself.
SAN JOSE, CALIF. – AutoZone has acquired a 12,000-square-foot property in San Jose for $2.3 million. The space is located at 1717-1721 West San Carlos Street in the West San Carlos Plaza. It was formerly occupied by San Carlos Video and Payless Shoe Source. AutoZone plans to use this space for a new auto parts store. The company was represented by Jon Stansbury of Terranomics Retail Services. The seller was Juanita Brelle Revocable Trust.
JACKSONVILLE, FLA. — The Shopping Center Group has arranged Old Time Pottery’s 84,180-square-foot lease at 380 Blanding Blvd. in Jacksonville. The discount home décor and accessories retailer will occupy the space formerly housing Kmart and will be Jacksonville’s first Old Time Pottery location. Nancy Sumner and Stephanie McCullough of The Shopping Center Group represented the landlord, Kmart Corp., in the transaction, and Todd Snyder of Trademark Properties Inc. represented Old Time Pottery, which is slated to open its store next summer.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. has acquired two properties totaling 89,000 square feet in Greenwich. The first property is a three-story, 48,000-square-foot mixed-used building located on Boston Post Road. It was 97 percent occupied at the time of sale and is occupied by retail tenants including CVS/Pharmacy, Robek’s, Domino’s Pizza and Member’s Credit Union. The second property is a group of two-story mixed-use properties located at the intersection of Sound Beach Avenue and Arcadia Road. The property is anchored by an 18,200-square-foot King’s Supermarket, with other tenants including Dunkin’ Donuts, Panache Salon and Chillybear.