CARROLL, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired its first shopping center in Iowa for $3.8 million. CitiCentre Plaza is a 63,518-square-foot shopping center in Carroll, located approximately 90 miles northwest of Des Moines. Hy-Vee grocery store occupies 45,613 square feet, anchoring the center. CitiCentre Plaza is 87.7 percent leased to six tenants. Davis-HV LLC sold the property to Phillips Edison.
FOUNTAIN HILLS, ARIZ. — Whitestone REIT has acquired Fountain Hills Plaza, 111,289-square-foot retail center in the Phoenix suburb of Fountain Hills, for $20.5 million. The center is located at the southwest corner of Palisades Boulevard and La Montana Drive. It is anchored by a Bashas grocery store and an Ace Hardware. New tenants to the center include Little Caesar’s, GNC, H & R Block and Great Clips. The seller, J & R Holdings XX LLC, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office. J & R is an entity formed by Pederson Group.
GOODYEAR, ARIZ. — Palm Valley Pavilions East, a 35,199-square-foot retail center in Goodyear, has sold to Claxton Real Estate LP 1 for $4.8 million. The center is located at SE McDowell and Litchfield roads. The buyer was represented by Tivon Moffitt and Peter Bauman with Colliers International. The seller, MEI Properties LLC, was represented by Andrew Fosberg, Steve Fernandez and Joseph Compagno of CBRE’s Phoenix office.
LOS ANGELES — Reseda Plaza, a 10,000-square-foot shopping center, has sold to Collins 36 Ltd. for $4 million. The center is located at 18300 Vanowen in the Los Angeles submarket of Reseda. The buyer was represented by Paul Kenworthy of Charles Dunn Company. The private seller was represented by Cheryl Pester of NAI Capital.
PALM BEACH HARBOR, FLA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Crystal Beach Plaza, a 59,015-square-foot shopping center located in Palm Beach Harbor, about 30 miles northwest of Tampa. The shopping center is anchored by a 39,203-square-foot Publix. The REIT’s current portfolio includes 59 properties in 21 states, with an aggregate portfolio purchase price of about $857 million.
NEW ORLEANS — The Howard Hughes Corp. has announced the tenant roster for the redevelopment of the Riverwalk Marketplace in downtown New Orleans into The Outlet Collection at Riverwalk. The property’s tenants that are new to New Orleans include Last Call Studio by Neiman Marcus, Coach Men’s Factory Store, Tommy Bahama, Toby Keith’s I Love This Bar & Grill, Hartstrings Childrenswear, U.S. Polo Assn. Outlet, It’s Sugar, Sunglass Warehouse, Red Mango and New Balance Factory Stores. Additional tenants include Coach Factory Store, Café du Monde, Kenneth Cole Co. Store, LOFT Outlet, Chico’s Outlet, Clarks/Bostonian Outlet, Gap Outlet, Guess Factory Store, Kay Jewelers, Raising Cane’s, Sunglass Hut Outlet and The Fudgery. The redevelopment will expand the property’s footprint by about 50,000 square feet to an approximate total of 250,000 square feet. Interior demolition and other construction activities are underway. The property is scheduled to reopen in late spring/early summer of 2014.
PAPILLION, NEB. — The Lerner Co. and RED Development have begun construction on a new Sam’s Club in Papillion, a southern suburb of Omaha. Sam’s Club will open at Settler’s Creek Shopping Center, located at 72nd Street and Cornhusker Road. The new location, scheduled to open in the fall of 2014, will feature a pharmacy, optical department, fuel station and photo center to serve members in the community. Sam’s Club will join Walgreens and Hobby Lobby, which have previously opened at Settler’s Creek. When completed, the Settler’s Creek Shopping Center development will total 250,000 square feet.
GOODYEAR, ARIZ. — Palm Valley Pavilions East, a 35,199-square-foot retail center in Goodyear, has sold to Claxton Real Estate LP 1 for $4.8 million. The center is located at SE McDowell and Litchfield roads. The buyer was represented by Tivon Moffitt and Peter Bauman with Colliers International. The seller, MEI Properties LLC, was represented by Andrew Fosberg, Steve Fernandez and Joseph Compagno of CBRE’s Phoenix office.
LOS ANGELES — Reseda Plaza, a 10,000-square-foot shopping center, has sold to Collins 36 Ltd. for $4 million. The center is located at 18300 Vanowen in the Los Angeles submarket of Reseda. The buyer was represented by Paul Kenworthy of Charles Dunn Company. The private seller was represented by Cheryl Pester of NAI Capital.
CLERMONT, FLA. — Plaza Advisors has brokered the sale of Clermont Crossings at Lost Lake, a 149,698-square-foot shopping center located in Clermont, a suburb of Orlando. The property was 91 percent leased at the time of sale. The property includes a 11,254-square-foot strip center tenanted by Jimmy Johns and Flippers Pizzeria. Commons at Twin Lakes Associates LLC purchased the shopping center from KMH LLC. Jim Michalak and Mike Cvetetic of Plaza Advisors represented the seller in the transaction.
