MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.
HIALEAH GARDENS, FLA. – Walmart has opened a new 41,000-square-foot Walmart Neighborhood Market at 11800 Hialeah Gardens Blvd. in Hialeah Gardens. Walmart’s first Neighborhood Market opened in 1998 and there are approximately 200 stores nationwide today. The location in Hialeah Gardens is open 24 hours, 7 days a week. The store also offers Site-to-Store, a free service that allows customers to ship online orders free to any Walmart store for pickup.
SIOUX CITY, IOWA — 4th Street Centre LLC has acquired the 10-story Terra Centre in downtown Sioux City. Arlene Curry and Ellen Kaplan of NAI LeGrand & Co. represented the seller, CF Industries, in the transaction. CF Industries is an international fertilizer producer, which had purchased the property as part of its multi-million dollar acquisition of Terra Industries.
KENT, OHIO — Two new tenants will join The Cascades of Brimfield in Kent this January. Petco has signed a lease for 12,500 square feet of space and Hibbett Sporting Goods will occupy 5,000 square feet of space. The retailers will join tenants such as Kohl's, Lowe's, Marshalls and Dollar Tree. Carla Massara of Kowit & Passov Real Estate Group represented the landlord in both transactions.
MESA, ARIZ. — Village Square at Dana Park, a 310,979-square-foot community center in Mesa, has sold to Whitestone REIT for $50.5 million. This represents a 45 percent discount to estimated replacement cost. The center contains 292,714 square feet of open-air retail space, as well as 18,265 square feet of office space. It is currently 71 percent leased. Notable retail tenants include AJ’s Fine Foods, Barnes & Noble, Z Gallerie, Anthropologie, Coldwater Creek, Jared Galleria of Jewelers, Chico’s, California Pizza Kitchen, White House Black Market, Bath & Body Works, Talbots, Ann Taylor Loft, Five Guys Burgers and Fries, RA Sushi, Sauce and Pei Wei.
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 Development 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.
MCLEAN, VA. — Dulles Landing Shopping Center, located at Route 50 and Loudon County Parkway in McLean, is officially under construction and is expected to open to the public in fall 2013. The Beatty Companies of McLean are developing the retail property and Perkowitz & Ruth is designing it. Walmart will anchor the center. Other tenants will include PetSmart, Famous Footwear, Five Below, Hour Eyes and Sleepy’s. When completed, Dulles Landing will encompass 600,000 square feet.
ROSWELL, GA. — The 81,159-square-foot, Publix-anchored Village Walk, located at 270 Rucker Rd. in Roswell, has sold for $20.4 million. The retail center was built in 2005 and redeveloped 3 years ago. It was 95.3 percent occupied at the time of the sale. Tenants of Village Walk include Chase Bank, Shane’s Rib Shack, Anytime Fitness, Dentistry for Children and Chin Chin Chinese restaurant. The Knoll-Hillis team at Newmark Grubb Knight Frank Capital Group in Atlanta represented the seller, while the Prudential Variable Contract Real Property Partnership purchased the shopping center.
AKRON, OHIO — A FirstMerit Bank branch in Akron has sold for $940,000, which represents an 8 percent cap rate. FirstMerit has approximately nine years remaining on its existing 10-year lease. Mark Luttner of Luttner Real Estate Investment Services represented the seller, a private ownership group, in the transaction. The buyer was a private investor in California.
MENTOR AND AKRON, OHIO — Aaron's Inc. is adding two new locations to Northeast Ohio later this year. A 6,5000-square-foot store will open on Mentor Avenue in Mentor and a 7,600-square-foot store will open in Harvest Plaza in Akron. Aaron's Inc. offers furniture, electronics, home appliances and accessories for sale or lease. Greg Guyuron of Kowit & Passov Real Estate Group represented Aaron's in both lease transactions.