KATY — BANDIER Realty Partners' Foreclosure Asset Services Team (FAST) has arranged the sale of a foreclosed, 58,602-square-foot retail center, located at 455 Katy Fort Bend Road in Katy. The property is currently 7 percent leased. Jason Tangen and Rob Banzhaf of BANDIER Realty Partners represented the seller, Golden Bank, N.A., in the transaction. BANDIER has turned its efforts to leasing the center on behalf of the buyer, Astra Ventures.
BRENTWOOD, CALIF. — The Streets of Brentwood, a 305,428-square-foot lifestyle center in the West Los Angeles submarket of Brentwood, has sold to a partnership between DRA Advisors and RED Legacy for $72.1 million. It is located at 2565 Sand Creek Road. The acquisition also included a parcel of land approved for Phase II development and 110,000 square feet of additional retail space. Notable tenants at the center include REI, Banana Republic, DSW, Ulta Cosmetics, Ann Taylor and Jos. A. Bank. It is anchored by a 14-screen Rave Theater. Alfred Hackbarth of SRS Real Estate Partners represented both the buyer and the seller, Brentwood Specialty Center, LLC, in this transaction.
ANAHEIM, CALIF. — Arcturus Group, Avenue Capital and Elliott Management have purchased Anaheim GardenWalk, a 450,000-square-foot, open-air retail center, for an undisclosed sum. The center was built in 2008 and went through a foreclosure in 2010. It has achieved only a 50 percent occupancy rate over the past two years. Notable tenants include UltraLuxe Cinemas, The Cheesecake Factory, P.F. Chang's, California Pizza Kitchen, McCormick & Schmick's, Roy's Hawaiian Fusion and Bubba Gump Shrimp Co. The investor group plans to renovate the center and completely revamp its operations and marketing strategies.
CORAL SPRINGS, FLA. — The 26,184-square-foot Coral Springs Plaza, a shopping center at 7891 W. Sample Rd. in Coral Springs, has sold for $2.85 million. Barry Wolfe of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, a Pembroke Pines, Fla.-based personal trust. The retail property draws from a base of local tenants including LaSpada’s Original Hoagies.
DELRAY BEACH, FLA. — A 2,370-square-foot Taco Bell located at 240 Linton Blvd. in Delray Beach has sold for $2.5 million. Gabriel Britti of Marcus & Millichap’s Miami office represented the seller, a Hollywood, Fla.-based private investor, as well as the buyer, a Miami Beach, Fla.-based limited liability company. “There is a very strong demand for South Florida net leased assets, especially those with strong intrinsic value,” says Britti.
SHAKER HEIGHTS, OHIO — Salon Lofts will join Verizon, Dollar Tree and Advance Auto in the Shaker Town Center in Shaker Heights in the spring of 2013. The salon, which is based in Columbus, will occupy 5,040 square feet in a former Blockbuster space. Steve Passov and Tori Nook of Kowit & Passov Real Estate Group represented the landlord, Equity Investments, in the transaction.
NEW YORK CITY — NorthMarq Capital has arranged an $11.4 million loan for the acquisition of Orion, a 42,774-square-foot retail condominium in New York City. The condo is part of a newly constructed 58-story residential high-rise on West 42nd St., just west of Times Square. Icon Parking Garage, Well Green Market and Starbucks are the major tenants at the site. Gregory Nalbandian of NorthMarq negotiated the 5-year, interest-only financing through a regional bank. The borrower is a REIT.
NEW YORK CITY — Blink Fitness has signed an 18,119-square-foot lease at the Concourse Plaza, located just off the Grand Concourse in the Bronx. The 228,000-square-foot Concourse Plaza shopping center is currently undergoing a major renovation and redevelopment. The remodel includes upgrades to the center and the addition of new space for retail. Blink Fitness will be located on three levels at 820 Concourse Plaza. The owner, The Feil Organization, was self-represented by Randall Briskin in the transaction. Peter Levine of Charter Realty and Bill Miller of Blink Fitness represented the tenant.
ANAHEIM, CALIF. — Arcturus Group, Avenue Capital and Elliott Management have purchased Anaheim GardenWalk, a 450,000-square-foot, open-air retail center, for an undisclosed sum. The center was built in 2008 and went through a foreclosure in 2010. It has achieved only a 50 percent occupancy rate over the past two years. Notable tenants include UltraLuxe Cinemas, The Cheesecake Factory, P.F. Chang's, California Pizza Kitchen, McCormick & Schmick's, Roy's Hawaiian Fusion and Bubba Gump Shrimp Co. The investor group plans to renovate the center and completely revamp its operations and marketing strategies.
ARLINGTON — Digg's Taco Shop and Smiling Moose Deli have leased space at the College Park development on The University of Texas at Arlington's campus. The new eateries will be the second location for both restaurants in the Dallas/Fort Worth Metroplex. Other tenants at College Park include MAVS Sports Grill, Pho Xpress, Pie Five Pizza Co., GRIP Mediterranean Grill and Coolberry Frozen Yogurt. Digg's Taco Shop has leased 2,906 square feet and Smiling Moose Deli has leased 2,120 square feet. Frank Bullock and Jack Burgher of SRS Real Estate Partners represented the owner in both lease transactions. Cory McCord of Retail Plazas represented Digg's and Jennifer Frank of Princeton Partners represented Smiling Moose Deli.