CORAL SPRINGS, FLA. — Inland Real Estate Income Trust Inc. has purchased the North Hills Square Shopping Center, a 63,829-square-foot property located in Coral Springs, about 15 miles southwest of Boca Raton, Fla. Inland purchased the asset for approximately $11.1 million. Walmart Neighborhood Market anchors the center, which was 98 percent leased at the time of the sale to tenants such as Wendy’s and Manhattan Bagel. Matthew Tice of Inland Real Estate Acquisitions Inc. and Lou Quilici of IREIT Business Manager & Advisor Inc. facilitated the purchase of the property.
Retail
HOUSTON — Marcus & Millichap has brokered the sale of South Wayside Village, a 29,364-square-foot shopping center in Houston. Tenants of the property include T-Mobile, PLS Check Cashers, Shipley Do-Nuts and South Texas Dental. Developed in 2006, the center is located at 5819 Gulf Freeway and is shadow-anchored by a Walmart Supercenter. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the asset on behalf of the seller, a locally based developer, and also secured the buyer, an all-cash local private partnership.
EL PASO, TEXAS — Centergy Retail has leased 22,000 square feet of retail space in El Paso to home furnishings store West Elm. The retailer will occupy a two-story facility within the lifestyle area, known as The Promenade, at Centergy’s open-air The Fountains at Farah development. West Elm, a Williams-Sonoma brand, will join other stores in The Promenade, such as Charlotte Russe and LOFT, when it opens in the fall. Located on the northeast corner of Hawkins Boulevard and I-10, The Fountains at Farah will include more than 600,000 square feet of retail, restaurant and entertainment space when fully developed.
FULLERTON, CALIF. — Crossroads Shopping Center, a 220,000-square-foot, grocery-anchored retail center in Fullerton, has received a $26-million loan. The center is located at 3200-3362 East Yorba Linda Blvd. It is anchored by Ralph’s and Kohl’s. Other notable tenants include Starbucks and Union Bank. The 10-year mortgage features a fixed rate of 4.73 percent and interest-only payments for the full term. It was arranged by Seth K. Grossman and Sarah Kuebler of Meridian Capital Group’s Carlsbad office. Financing was provided by a CMBS lender.
ATLANTA — Following the renovations of Lenox Square, Simon Property Group Inc. will implement a facelift of Phipps Plaza, an upscale mall in Atlanta’s Buckhead district. Phase I will include an extensive interior makeover, featuring upgraded LED lighting, new paint scheme, new wood accents, an updated railing system, luxury lounging areas with Wi-Fi connectivity and chargers, upgraded restrooms and a new concierge service center. Additionally, Simon will make major improvements to the parking decks and entrances. Construction is slated to begin this summer and wrap up before the holiday shopping season. Future renovations will include improvements to the mall’s Peachtree Road entrance, a new streetscape with storefronts and landscape improvements. New additions to the mall include 320 luxury residential units and a 164-room hotel with upscale dining.
SANDY SPRINGS, GA. — Franklin Street Real Estate Services has arranged the $10.9 million sale of Powers Ferry Shopping Center in Sandy Springs, a northern suburb of Atlanta. The two-story shopping center is anchored by CVS/pharmacy and includes a Subway and Bruegger’s Bagels. The asset was 85 percent leased at the time of the sale. Mac McCall and John Tennant of Franklin Street represented the seller, a local partnership that originally developed the property. The buyer was a 1031 exchange investor based in New York.
BUCKS COUNTY, PA. — CBRE has arranged the sale of the 189,489-square-foot Fairless Hills Shopping Center located at 500 Lincoln Highway in Fairless Hills, Pa., which is located in Bucks County. The property, which was constructed in 1971, is anchored by Pathmark Super Center and Big Lots. It was 100 percent leased at the time of sale. Other tenants include Retro Fitness, Tuesday Morning and Family Dollar. CBRE represented the seller, Earle W. Kazis Associates, a real estate holding company based in New York City. The transaction was led by Brad Nathanson of CBRE. The Klein Group of Florham Park, New Jersey, acquired the property for $9.5million or $50.13 per square foot.
MANSFIELD, TEXAS — Inland Real Estate Income Trust Inc. has acquired Mansfield Pointe, a 148,529-square-foot shopping center in the Dallas/Fort Worth suburb of Mansfield, for $28.4 million. Developed in 2008 by Connected Development Services, the property was 97 percent occupied at the time of the sale to tenants including Sports Authority, Bed Bath & Beyond, PetSmart, Party City, Half Price Books, Sleep Experts, Verizon and Massage Envy. An entity controlled by Dallas-based firm The Retail Connection and Plano-based Granite Properties sold the asset. David Disney of Disney Investment Group represented Inland in the transaction. Alan Shor and Chad Bradshaw of The Retail Connection and Paul Bennett of Granite Properties represented the seller.
HOUSTON — Marcus & Millichap has brokered the sale of a 2,000-square-foot net-leased retail property in Houston currently occupied by Smoothie King. The store is located at 913 Westheimer Road, in proximity to I-45 and the Southwest Freeway. Derek Hargrove of Marcus & Millichap represented the unnamed seller in the transaction.
NEWARK, CALIF. – A 10,971-square-foot retail center in Newark has sold to an unnamed buyer for $5.8 million. The center is located on the corner of Newark Boulevard and Jarvis Avenue. It is occupied by AutoZone, T-Mobile and a drive-thru Starbucks. It was formerly occupied by a Cattlemens restaurant. The seller, Imwalle Newark LLC, was represented by Bob Quigley of SRS Real Estate Partners.