ANN ARBOR, MICH. — Seva Restaurant has signed an eight-year lease for 5,500 square feet at Westgate Shopping Center in Ann Arbor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented the landlord, Westgate Shopping Center, and the tenant in the transaction. Seva Restaurant is a local vegetarian eatery currently based in downtown Ann Arbor.
NEW HAVEN AND EAST HAVEN, CONN. — Marcus & Millichap has arranged the sale of two net-leased buildings occupied by Kentucky Fried Chicken for a combined total of $1.1 million in New Haven and East Haven. The transaction includes a 2,841-square-foot property located at 451 Foxon Blvd. in New Haven; and a 2,314-square-foot property located at 650 Main St. in East Haven. Glen Kunofsky and Todd Pajonas of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office represented the buyer, also a private investor.
AUSTIN, TEXAS — CRAVE, which features eclectic American cuisine, is opening a new location in the 8,500-square-foot former Roy’s restaurant space at 340 E. Second St. in Austin’s Convention Center District. The space has been vacant for more than three years. Currin J. Van Eman, vice president, of NAI REOC Austin, and Jack Breard, president of UCR Urban, represented CRAVE in the transaction. Mike Joyce with the retail group Live Oak-Gottesman represented the landlord, Gottesman Co. The restaurant is slated to open in the first quarter of 2014.
REDONDO BEACH, CALIF. — Body Glove International has received a $3-million loan to renovate and convert its Redondo Beach Dive n’ Surf store into its new corporate headquarters. The company’s headquarters will occupy the second floor, while the renovated Dive n’ Surf store will remain on the ground floor. The space, which is located at 504 N. Broadway, will expand from 6,464 square feet to nearly 14,800 square feet. This expansion will allow Body Glove to consolidate its operations and recommit to the South Bay while it continues to grow its brand globally. As part of the renovations efforts, Body Glove will also make enhancements to the surrounding streets to improve accessibility and aesthetics. The project is scheduled for completion in August 2013, which will coincide with the company’s 60th anniversary. Founded in 1953 by twin brothers Bill and Bob Meistrell, Body Glove is one of the last original Southern California surf companies to remain under family ownership. Financing was arranged by Jeff Spinelli of Farmers & Merchants Bank.
OCALA, FLA. — A joint venture between Dallas-based companies MGHerring Group and Tricom Real Estate Group has acquired Market Street at Heath Brook in Ocala, Fla. The outdoor, regional shopping center contains 685,000 square feet and is anchored by Dillard’s and Dick’s Sporting Goods. Tricom will oversee the asset management and leasing, and MGHerring Group will oversee the property management and development. The acquisition was one of the first transactions by the new joint venture, which was formed to acquire value-added regional malls and lifestyle centers throughout the United States. MGHerring and Tricom also purchased a 1 million-square-foot shopping center in Taunton, Mass., concurrent with this deal.
TAUNTON, MASS. — Dallas-based MGHerring Group and Tricom Real Estate Group have acquired Silver City Galleria in Taunton, located about 30 miles south of Boston. Silver City Galleria is a 1 million-square-foot, two-level enclosed shopping center anchored by Macy’s, JC Penney, Best Buy, Sears and Dick’s Sporting Goods. In addition, the mall features numerous specialty stores including H&M, Forever 21, Aeropostale, American Eagle Outfitters, Bath & Body Works, Express, Gymboree, Hollister, The Children’s Place, Victoria’s Secret, Wet Seal and Zumiez. Tricom will oversee leasing at Silver City Galleria. The MGHerring Group will oversee the property management and redevelopment of the center.
FORT WORTH, TEXAS — Tandy Leather has opened a new 23,000-square-foot flagship retail store located along the I-20 Freeway in Fort Worth. The new store is the first stand alone retail property for Tandy. Bob Moore Construction acted as contractor, and Alliance Architects served as architect for the property. The retail facility features a fully glass front and tilt-up construction. This building will act as the prototype for future Tandy properties.
SOUTH HAVEN, MICH.— Devonshire REIT Inc. has acquired the 40,040-square-foot South Haven Shopping Center, located about 50 miles southwest of Grand Rapids. The purchase price was undisclosed. Dollar Tree and Dunham’s Sports co-anchor the shopping center, which is fully leased. FirstMerit Bank, a division of FirstMerit Corp., provided the financing. Chris Campbell, president and CEO of Devonshire, says the sale includes an 11 percent capitalization rate.
WEYMOUTH, MASS. — Whole Foods Market (NASDAQ: WFM) has opened a 40,000-square-foot grocery store at Pleasant Shops in Weymouth, a southern suburb of Boston. The new store, located at the intersection of Route 18 and Pleasant Valley Parkway, is the grocer’s 23rd location in Massachusetts. Pleasant Shops was acquired by a joint venture between Federal Realty Investment Trust and a client advised by Clarion Partners.
SPRING, TEXAS — The Rayford Ridge Retail Center, a 23,100-square-foot retail center in Spring, has sold. J. Beard Real Estate Co. LP represented the seller, an individual owner, in the transaction. Jim Bayne of Investar represented the buyer, a private partnership. The center is located at 440 Rayford Road and was fully occupied at the time of sale.