HUNTINGTON BEACH, CALIF. – A 4,800-square-foot building in Huntington Beach that is triple-net leased to Bank of the West has sold to a 1031 exchange buyer for $4.3 million. The building is located at 6881 Warner Ave. The seller, Big Four, LLC, was represented by Charles DeSantis and Kyle Gulock of Charles Dunn Company.
Retail
MANASSAS, VA. — Pyramid Management Group (PMG) has acquired an interest in the Manassas Mall in Manassas, Va. PMG will be taking over all leasing and management of the 935,000-square-foot regional shopping center. The closing, which took place on Feb. 28, is Pyramid's first foray into northern Virginia. Pyramid plans to restructure the mall with a balanced mix of fashion retail, dining and unique entertainment offerings. In addition, Pyramid will update the shopping center with a redesigned interior, new common area with soft seating and a modernized food court.??Pyramid, known for developing Destiny USA in Syracuse, N.Y., is the largest privately owned developer of shopping centers in the northeastern United States. Pyramid has focused on retail-based tourism and entertainment industry for more than 40 years. “We look forward to evolving the Manassas Mall into a shopping center the city of Manassas and its residents deserve,” says Stephen Congel, CEO of Pyramid Management Group.
WOODSTOCK, GA. — Colliers International has arranged the sale of Woodstock Crossing, a Kroger-anchored shopping center located at 12050 Highway 92 in Woodstock, a northern suburb of Atlanta. The asset sold for approximately $5.7 million. Woodstock Crossing Center LLC purchased the asset from Charter Hall, an Australian real estate investment trust. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Southeast shopping center investment sales group represented the seller in the transaction. This is the third grocery-anchored shopping center sale in metro Atlanta that Montgomery and D’Ambrosio has brokered on behalf of Charter Hall.
NASHVILLE, TENN. — H.G. Hill Realty Co. has secured a lease for Phase II of Hill Center Green Hills, H.G. Hill’s 220,000-square-foot, mixed-use lifestyle center in Nashville. The company signed the lease with Williams-Sonoma Inc. for its Pottery Barn brand to occupy a 12,684-square-foot store. Redevelopment at the site will begin in early 2015, and Pottery Barn is expected to begin its build-out in the fall of 2015. Bank of America will continue to occupy the site until its relocation to a property on Richard Jones Road.
WARREN, MICH. — A new 185,000-square-foot Walmart has opened at 29176 Van Dyke Ave. in Warren, a northern suburb of Detroit. Along with grocery and general merchandise needs, the store also offers a pharmacy with a drive-thru, a Vision Center and a Walmart Site-to-Store. The new supercenter created approximately 300 news jobs.
FRAMINGHAM, MASS. — Office-supply retailer Staples Inc. plans to close 225 North American stores by the end of 2015. The closures are part of a multi-year cost savings plan that is expected to generate annualized pre-tax cost savings of approximately $500 million by the end of 2015. In contrast to the company’s fourth-quarter performance as a whole, which saw a 10.6 percent year-over-year decline in sales, fourth-quarter business at Staples.com was up 10 percent from a year ago. Staples says it reduced its footprint last year by 1 million square feet through closing 40 stores.
BRANFORD, CONN. — Washington Trust’s commercial real estate group has provided $4.8 million in financing to Lakeview Center Associates LLC and Branford Equities LLC for the refinancing of Lakeview Center, a 69,955-square-foot shopping center in Branford. Sixteen tenants lease the four single-story buildings, located at 249-251 W. Main St. Edmond DeLaurentis Jr., a second-generation real estate developer and operator, operates Lakeview Center Associates LLC. He and other members — Herman Gans, Ram Gupta and Theodore Sannella — also own several other shopping centers located in Connecticut and Massachusetts.
BOCA RATON, FLA. — Meridian Capital Group LLC has arranged a $43.8 million mortgage for the refinancing of a 14-property portfolio of shopping centers in the Southeast and Indiana. Michael Brown and Zach Nimhauser of Meridian Capital Group’s Boca Raton office arranged the 10-year loan through a CMBS lender. The portfolio is composed of: · the 34,156-square-foot Green Acres in Havana, Fla. · the 170,745-square-foot Oak Station in Marianna, Fla. · the 123,778-square-foot Jackson Park in Seymour, Ind. · the 142,760-square-foot Village Center in Seymour, Ind. · the 131,553-square-foot River Creek located in Aurora, Ind. · the 35,179-square-foot Quitman Shopping Center in Quitman, Miss. · the 76,247-square-foot Flint River Plaza in Montezuma, Ga. · the 73,612-square-foot Jackson Square in Jackson, Ala. · the 68,451-square-foot Town & Country Center in Manchester, Ga. · the 37,350-square-foot Vancleave Center in Vancleave, Miss. · the 52,891-square-foot Village Square in Wiggins, Miss. · the 175,381-square-foot Prestonburg Village in Prestonburg, Ky. · the 160,713-square-foot Twin County Plaza in Galax, Va. · the 78,245-square-foot Country Roads in Plaza Hinton, W.Va.
IRVINE, CALIF. — Faris Lee Investments has brokered the $36 million sale of a four-property retail portfolio totaling 186,052 square feet. The four assets — three in Kentucky and one in Tennessee — are fully leased to LA Fitness. The properties include 3001 Blake James Drive in Lexington, Ky.; 1028 Wellington Way in Lexington, Ky.; 6013 Preston Highway in Louisville, Ky.; and 2401 Edge O Lake Drive in Antioch, Tenn. Richard Chichester, Matt Mousavi, Patrick Luther and Tom Chichester of Faris Lee Investments represented both the buyer, Arizona-based STORE Capital, and the seller, a Kentucky-based private entity, in the transaction.
CHICAGO — Summit Design + Build has broken ground WhirlyBall’s new 50,000-square-foot facility located on a 1.5 acre site at 1823 W. Webster in Chicago. The new entertainment venue is adding bowling and meeting/event space for 250-plus attendees. The two-story facility will feature three WhirlyBall courts, 12 bowling lanes, a multi-level laser-tag arena, five party rooms and 5,000 square feet of office space. The full venue will have the capability to host private and corporate functions for 700-plus guests and will offer a full-service kitchen and bar. WhirlyBall will relocate from its current location at 1880 W. Fullerton Ave., which will be razed to make room for the city’s planned reconfiguration of the intersection of Damen, Elston and Fullerton avenues.