DALLAS — NAI Robert Lynn has arranged a 30,724-square-foot lease of flex space for Dave & Buster’s Inc. in Dallas. The property, located at 10796 N. Stemmons Freeway, is in close proximity to the merging of Interstate 35 and Highway 12, as well as Dallas Love Field airport. Jim Svidron of NAI Robert Lynn represented the tenant in the negotiations, while Stream Realty represented the undisclosed landlord. Dallas-based Dave & Buster’s Inc. has not yet announced whether this property will be renovated into a new store location or used for corporate purposes.
ORLANDO, FLA. AND FORT SMITH, ARK. — Inland Real Estate Corp. has acquired two shopping centers for approximately $63.3 million. The properties include the Goldenrod Marketplace in Orlando and the 415,000-square-foot Fort Smith Pavilion in Fort Smith. Inland purchased about 91,500 square feet of Goldenrod Marketplace, and the company plans to soon acquire the remaining 32,600 square feet, which is under development. Goldenrod Marketplace features a Marshalls and LA Fitness, as well as Taco Bell and KFC outparcels. Inland’s purchase of Fort Smith Pavilion included the assumption of a $33.2 million loan. Fort Smith Pavilion’s tenant roster includes Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival and Ulta Beauty.
ANN ARBOR, MICH. — Glimcher Realty Trust has purchased Arbor Hills, an open-air retail center in Ann Arbor totaling 85,000 square feet, for approximately $52.6 million. The North Shore Property Group and Campus Realty developed the center, which held its grand opening in August 2013. The property is approximately 87 percent leased to tenants including Anthropologie, Arhaus, lululemon, Madewell and The North Face. Glimcher purchased a 93 percent interest in the center through a newly formed joint venture. The acquisition was funded primarily through a combination of a property level debt and working capital.
TOLEDO AND WATERVILLE, OHIO — Devonshire REIT Inc., a private real estate investment trust, has acquired five retail properties in Ohio for $31 million. Four of the properties are located on Monroe Street in Toledo. These properties include Monroe Street Square Shopping Center, a 124,904-square-foot, Hobby Lobby-anchored center; Bed, Bath & Beyond Plaza, a fully leased, 55,139-square-foot retail property; the 45,594-square-foot Office Depot Plaza; and a 9,860-square-foot property fully occupied by Pier 1 Imports. Devonshire also acquired 125 acres of the 350-acre, mixed-use Villages at Waterville Landing development in Waterville. The 125 acres are zoned for retail and currently include a new 80,000-square-foot Kroger, a Farmers & Merchants State Bank branch and a Speedway fuel center that is under construction. Goldman Sachs Mortgage Company provided financing for the Monroe Street acquisitions and for the refinancing of the first phase at Franklin Place. The financing package totaled $24 million. The properties were purchased from local real estate developers and investors, Tom Helberg and Thomas Schlachter.
NORTH OLMSTED, OHIO — Marcus & Millichap has arranged the $17.8 million sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center in North Olmsted, approximately 17 miles southwest of Cleveland. The sales price equates to $186 per square foot. Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group. Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor. The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, east of the intersection of Brookpark Road and Great Northern Boulevard. Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.
MIAMI — Eastern Consolidated has brokered the $30 million sale of a retail property located in Miami’s South Beach neighborhood at 530 Lincoln Road. The property sold for $3,000 per square foot, a record price for Miami’s South Beach retail market, according to Eastern Consolidated. The 10,000-square-foot asset is part of Lincoln Road Mall. Tristar Capital purchased the property from Yaniv Sananes, a local seller. The family of Gloria Estefan once owned the two-story trophy retail asset, which now features two short-term, ground-floor leases. Robert K. Futterman & Associates is handling the leasing of the property, and Eric Goldberg of Olshan Grundman Frome Rosenzweig & Wolosky LLP was the buyer’s attorney in the transaction.
SOUTH EUCLID, OHIO — The Cooper Commercial Investment Group has arranged the $1 million sale of a property occupied by Arby’s in South Euclid, a suburb of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the owner, a private investment group based in Cleveland, in the transaction. The buyer was a California-based private investor. Arby’s has seven years remaining on its triple-net lease. The fast-food chain renewed its lease in 2010.
NEW YORK CITY — The Feil Organization has completed a $2 million renovation at Kohl’s Plaza at 3575 Hempstead Turnpike in Levittown, a community located in Long Island. The renovation for the 28-year-old Nassau County shopping center includes a new brick façade, columns, signage and exterior lighting. The six-month construction project began in April and ended in November. Tenants at the shopping center include Kohl’s, Party City, PetSmart, Five Below, Famous Footwear, Dress Barn, GNC and GameStop. The Feil Organization acquired the Kohl’s Plaza/Nassau Mall retail site in 1984. Both centers are 97 percent leased.
LA CAÑADA FLINTRIDGE, CALIF. — Retail Opportunity Investments Corporation has purchased Plaza De La Cañada, a 100,408-square-foot neighborhood shopping center in the San Fernando Valley submarket of La Cañada Flintridge, for $35.9 million. The plaza is located at 651-663 Foothill Blvd. The center is anchored by Gelson’s Market, which recently replaced Vons as the property’s primary anchor. Other notable tenants include T.J. Maxx and Rite Aid. The seller, the Vons Companies Inc., was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley’s Irvine office.
LITTLE ELM, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot net-leased retail property in the Dallas suburb of Little Elm. The building, currently occupied by Walgreens, is located at 2774 E. Eldorado Parkway, in close proximity to FM 423. The buyer, a limited liability company, purchased the property as part of a 1031 tax-deferred exchange and at a 5.8 percent cap rate, according to Marcus & Millichap. Geoff Ficke of Marcus & Millichap marketed the property on behalf of the seller, also a limited liability company, and procured the buyer as well.