NEW YORK CITY — Manhattan-based commercial real estate owner Hidrock Realty has acquired 512 Broome St., a single occupancy retail building, for $2.8 million as part of a 1031 tax deferred exchange. The property, which is located off of West Broadway in New York City’s SoHo neighborhood, includes 1,100 square feet of ground-floor space and 1,000 square feet of basement space. Michael Rothstein and Eleas Mathios of Marcus & Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.
LOUISVILLE, KY. — Granite City Food & Brewery Ltd. plans to open a new location in Louisville. The company signed an agreement to buy 2.5 acres along South Hurstbourne Parkway in the Vinings development. The new Granite City Food & Brewery will be the chain's 31st restaurant and will feature a contemporary, upscale design. The site is located one-half mile from the University of Louisville's ShelbyHurst Campus and is east of two regional malls — Mall St. Matthew's and Oxmoor Mall. The restaurant is slated to open in spring 2014 and will include a wrap-around bar, exposed kitchen and central wood-fired pizza oven. The company also entered a sale-leaseback agreement to sell the restaurant building and land to Store Capital upon completion of the building.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.
BELLEVUE, WASH. — Northwest developer Kemper Development Co. announced Monday plans for a $1.2 billion mixed-use expansion to its shopping and dining complex, The Bellevue Collection, in downtown Bellevue. Plans for the project include 2 million square feet of additional retail, office, hotel and residential space covering more than a block of prime real estate at Northeast Fourth Street and Bellevue Way Northeast. Construction is expected to begin in early 2014 and wrap up by fall 2016. Kemper Freeman, chairman and CEO of Kemper Development Co. is pitching the project in Las Vegas at a gathering of the International Council of Shopping Centers and says he is talking with lenders and expects to secure financing soon, according to the Seattle Times. Freeman also says he believes he can pre-lease much of the space during the next few months and has no plans to build on speculation. Located 10 miles east from downtown Seattle, the regional shopping destination draws more than 22 million shoppers annually from a six-state region and Canada. The Bellevue area is home to corporations such as Microsoft, Expedia and T-Moblie and boasts an average household income of $120,000. Noting the area’s growing concentration of affluent shoppers, Kemper …
CHARLOTTE, N.C. — Belgate Shopping Center, a new 900,000-square-foot power center, has opened in Charlotte. The property is anchored by IKEA and Walmart and additional stores include Marshalls, ULTA Beauty, Old Navy, Petco and Cost Plus World Market. Belgate is located along I-85, the primary thoroughfare connecting Washington, D.C., and Atlanta. The center is DDR Corp.'s first ground-up domestic development in more than four years.
ALPHARETTA, GA. — The first-ever Bocado Burger Bar, a spinoff of the Atlanta restaurant Bocado, has signed a lease to open at Avalon, a $600 million mixed-use project in Alpharetta. Vertical construction will begin on Avalon this September and 60 percent of the retail space has now been leased, with 20 percent in negotiations. According to North American Properties, the project developer, discussions are ongoing with retail tenants such as Antico Pizza Napoletana, Bantam & Biddy, Free People and Janie & Jack. Other retail tenants on the project will include Banana Republic, Whole Foods, C. Wonder and Regal Cinemas, which will open the first all-premium seating theater in the U.S. Avalon will open in October 2014.
EVENDALE, OHIO — Marcus & Millichap has arranged the sale of Village Crossings, an 89,008-square-foot retail property in Evendale for $6.2 million. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus, Ohio, office marketed the property on behalf of the seller, a local development company, and represented the buyer, a private fund, in the transaction. Village Crossings is located at 10400 Reading Road, about 14 miles north of Cincinnati. Aldi, JoAnn Fabric and Cincinnati Asian Market anchor the shopping center.