LOS ANGELES — Lev Restaurant Group has purchased four Southern California Jamba Juice stores from the Jamba Juice Company. The purchase price was not disclosed. The outlets are located in Sherman Oaks, Studio City and Encino. The company plans to invest additional capital into the stores, as well as introduce Jamba’s whole food blending and juicing menu. Lev Restaurant Group is the management company of FC Juice Partners LLC. It is the exclusive developer of Jamba Juice throughout the Las Vegas Valley. Juice Partners currently owns and operates 14 Jamba Juice locations, with additional locations under development. The transaction also requires Lev to develop a minimum of 10 additional Jamba Juice stores in adjacent Southern California territories. These include Altadena, Flintridge/La Canada, Van Nuys and North Hollywood. The sale is part of a re-franchising initiative as Jamba Juice moves toward a more franchise-operated business model.
Retail
OWOSSO, MICH. — Block & Co. has arranged the $3.3 million sale of a 62,379-square-foot retail center in Owosso, approximately 25 miles west of Flint, to an undisclosed buyer. The Walmart shadow-anchored center is located at 1561-1695 E. Main St. David Block and Max DiCarlo of Block & Co. represented the seller, a partnership between Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. Block & Co. recently sold two other retail centers located in Huntington, Ind., and Jacksonville, Ill., on behalf of the partnership. The real estate firm is currently listing 10 other Walmart shadow-anchored centers for sale in six states throughout the Midwest for the partnership.
OAK RIDGE NORTH, TEXAS — The city of Oak Ridge North and the Oak Ridge North Economic Development Corp. have entered into an agreement to bring an iFLY Indoor Skydiving facility to The Shoppes at Oak Ridge North. The new $3.5 million, 5,600-square-foot facility will open in January 2015 at the shopping center, located at the intersection of I-45 North and Robinson Road in Oak Ridge North. UCR Realty represented the owner, Houston-based Grocers Supply Co., in the lease transaction.
GERMANTOWN, TENN. — Trademark Property Co. has begun the overhaul and expansion of Saddle Creek, its lifestyle center located in the affluent Memphis suburb of Germantown. General contractor Linkous has begun the demolition of 20,000 square feet of space on the southwest side of Poplar Avenue and West Street. Construction will begin soon on 40,000 square feet of new retail space. The expansion, expected to deliver in spring 2015, will bring Saddle Creek to a total of 168,000 square feet. Trademark will also upgrade Saddle Creek’s lighting, signage, plazas and landscaping. Saddle Creek’s tenant roster includes Anthropologie, Apple, Banana Republic, Brooks Brothers, Chico’s, Coach, Free People, J. Crew, kate spade new york and Madewell. Trademark has managed and leased the property since 2011.
HERNDON, VA. — Rappaport has closed on a $65 million first mortgage loan to refinance Worldgate Centre, its 230,000-square-foot retail center located at the intersection of Dulles Toll Road and Elden Street in Herndon. Rappaport purchased the asset in 2000. Worldgate Sport & Health anchors the property, and other tenants include a nine-screen AMC Theatre, Starbucks Coffee, TGI Friday’s, Subway, Qdoba Mexican Grill, Cold Stone Creamery and FedEx Kinko’s. The Ackman-Ziff Real Estate Group arranged the 10-year non-recourse loan through a CMBS lender on behalf of Rappaport.
ROMULUS, MICH. — New England Development will develop a 325,000-square-foot outlet center in Romulus, approximately 25 miles southwest of Detroit. Outlets of Michigan will be located near I-94 and the Detroit Metro Airport. The new open-air outlet center, which is scheduled to open in 2016, will feature 75 retailers. New England Development’s portfolio of retail projects now includes a mix of outlet centers in markets nationally. New outlet centers include the recently opened Palm Beach Outlets in West Palm Beach, Fla.; Asheville Outlets in Asheville, N.C.; Outlets at Little Rock in Little Rock, Ark., opening in 2015; and Des Moines Outlets in Altoona, Iowa, opening in 2016.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.
COLLEYVILLE, TEXAS — Whole Foods Market will open a new 40,000-square-foot store at the Colleyville Downs Center in Colleyville on Tuesday, July 8. The property is located at 4801 Colleyville Blvd. at the southeast quadrant of Glade Road and Highway 26. “We are so proud to open a store in Colleyville,” says Dennis Berryman, team leader of the new Whole Foods store. “We love being able to partner with neighbors who share our passion for good food and strong community.”
SALT LAKE CITY — Gold’s Gym Express and ULTA Beauty and Cosmetics have signed on as tenants at Brickyard Plaza in Salt Lake City. Brickyard Plaza is a 306,000-square-foot community shopping center at the corner of 1300 East and 3300 South. Gold’s Gym Express will occupy a 23,000-square-foot space that will open this September. ULTA will absorb a 10,000-square-foot space that was formerly occupied by Shoe Carnival. They will join other notable tenants at Brickyard Plaza, including TJ Maxx, Home Goods, Kohl’s, Ross, Office Max, Dress Barn, Rue 21, Sally Beauty and Tuesday Morning. The landlord, Yacoel Properties LLC, was represented by Chris Hatch and Joe Mills of Mountain West Retail-Investment and Newmark Grubb ACRES.
SANFORD, FLA. — CBRE has arranged the sale of Boulevard Plaza, a 107,117-square-foot shopping center located at 300 W. Lake Mary Blvd. in Sanford. Branch Properties purchased the asset from The Sandefur Cos. for $12.2 million. The property is leased to CVS/pharmacy, Burger King, Papa John’s, Qdoba, H&R Block and Trustco Bank. Albertson’s, Boulevard Plaza’s anchor tenant that ceased operations in 2010, continues to pay its rent obligations. Cliff Taylor and Daniel Baker of CBRE represented The Sandefur Cos. in the transaction.