LITTLETON, COLO. — Phillips Edison-ARC Grocery Center REIT II has acquired Kipling Marketplace, a 90,124-square-foot shopping center in Littleton, for an undisclosed sum. The center is located at 5005 – 5075 South Kipling Street. Kipling Marketplace is anchored by Safeway. Other notable tenants include Sylvan Learning, Dairy Queen, Cost Cutters and H&R Block.
Retail
EDMOND, OKLA. — Disney Investment Group (DIG) has arranged the sale of Bryant Square shopping center in Edmond, Okla., just north of Oklahoma City. Bryant Square spans more than 275,000 square feet and tenants include Bed Bath & Beyond, Ross Dress for Less, Old Navy, Stein Mart, Famous Footwear and Petco. The center is located at the southeast corner of Bryant Avenue and Second Street in Edmond. David Disney of DIG brokered the sale of Bryant Square to an undisclosed institutional buyer and worked with representatives of CBRE’s office in Conshohocken, Pa.
CANTON, MICH. — Nelson Properties Inc. has arranged the lease of a 12,000-square-foot retail building at Coventry Commons Shopping Center in Canton, 10 miles southwest of Livonia. Locally owned franchises Aqua-Tots Swim Schools will occupy 8,400 square feet and Funtastic Play Center Inc. will occupy the remaining 3,600 square feet at the building. Brian Tomina is the real estate developer for Aqua Tots. Terry Bixler of ROC Real Estate represented Funtastic Play Center. Matthew Schoch of Nelson Properties represented the landlord in both transactions.
BERWYN, ILL. — Summit Design + Build LLC has been selected as general contractor for the reconstruction of a 6,500-square-foot microbrewery building in Berwyn, a suburb 10 miles west of Chicago. Big Hurt Brewhouse will be located at 6801 W. Cermak Road. The project involves the redevelopment of an existing two-story limestone building, which was originally occupied by American State Bank and most recently Berwyn National Bank, into the flagship brewhouse for Chicago White Sox legend Frank Thomas. The baseball Hall of Famer launched his line of specialty brew — Big Hurt Beer — in the fall of 2011. Construction plans call for a complete gutting of the existing building, plus an interior renovation. The new microbrewery, sports bar and grill will feature an outdoor beer garden and include 2,200 square feet of second-floor offices and a private suite. Kisarau Architect Ltd. is providing architectural services for the project, which is slated for completion this fall.
SAN DIEGO – A 22,000-square-foot property in San Diego that is triple-net leased to Rite Aid Pharmacy has sold to an unnamed buyer for $7.1 million. The building is located at 13167 Black Mountain Road in the Rancho Penasquitos neighborhood. It sits adjacent to a Vons-anchored shopping center. The private seller was represented by CBRE’s Ian Schroeder and Maurice Nieman.
CHINO, CALIF. — Clark’s Nutrition and Natural Food Market has signed on to lease 46,134 square feet at Mountain Village Plaza in Chino. It will serve as the plaza’s anchor. Mountain Village is located at 12835 Mountain Ave. Other notable tenants at the plaza include Fitness 19, Starbucks, Round Table Pizza and Mobil Oil. Clark’s Nutrition is scheduled to open this fall. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented both the landlord and Clark’s Nutrition in this transaction.
ORLANDO, FLA. — The Shopping Center Group has brokered the sale of two Orlando shopping centers for an aggregate purchase price of $26.6 million. Orange Blossom Center, a fully leased, 161,000-square-foot asset in south Orlando, sold for approximately $16.3 million. The center’s tenant roster includes Save-A-Lot, Planet Fitness, CitiTrends and Walgreens, which wasn’t included in the sale. The Shopping Center Group represented the seller, an affiliate of California-based PICOA Inc., in the transaction. A private investor from New York was the buyer. Additionally, Century Plaza, a fully leased, 135,000-square-foot shopping center in east Orlando, sold for $10.3 million. The asset’s tenant roster includes Aldi, Ross Dress for Less, Big Lots and dd’s Discounts. The Shopping Center Group represented the seller, Kimco Realty, in the sale of the asset to ARC Centers.
MCLEAN, VA. — Finmarc Management Inc. and SPMC Urban Properties has sold a two-story, 32,857-square-foot retail store located at 8209 Watson St. in McLean. Constellation 107th Street LLC purchased the asset for $22 million. The two-story building, which also features a two-story parking garage, is fully leased to Recreational Equipment Inc. (REI). The property is adjacent to Tysons Corner Center and the new Silver Line of the Washington Metro Transit System. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain Cos. LLC represented both the buyer and the sellers in the transaction.
MIAMI — CREC has secured a lease for a new 30,000-square-foot Ross Dress for Less at Miller Square Shopping Center, a 196,323-square-foot center in Miami. The asset is located at the southwest corner of 137th Avenue and Southwest 56th Street in Miami’s West Kendall submarket. CREC worked with owner Principal Real Estate Investors and manager Schiff Properties to demolish an underutilized 21,000-square-foot portion of Miller Square to make room for the new Ross store. Steven Henenfeld and Ruben Suarez of CREC arranged the lease deal on behalf of the landlord. Construction is expected to wrap up in 2015.
GALLIPOLIS, OHIO — New York-based Time Equities Inc. (TEI) has acquired Ohio River Plaza, an 87,373-square-foot shopping center located at 1-61 State Route 7 in Gallipolis in southeast Ohio for $4.9 million in an all-cash transaction. Peebles and Dollar Tree anchor the property, which is 80 percent occupied. Renovated in 2007, the retail property features ample parking space and visibility from highly trafficked roadways. The center is home to 15 tenants including Hallmark, Rent-A-Center, GNC, Papa John's and Citi Financial. This acquisition marks TEI’s first shopping center in Ohio. Since January, TEI has acquired three retail shopping centers across the country, adding roughly 500,000 square feet to the firm’s national retail portfolio. To date, TEI’s portfolio is comprised of more than 3 million square feet of retail space. Al Taf of Marcus & Millichap facilitated the transaction for both parties. Colliers International will manage the property.