PIGEON FORGE, TENN. — Colliers International has arranged the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge. A private investor based in Tennessee purchased the property for approximately $5.2 million, or $13 per square foot. The shopping center, located at 2655 Teaster Lane, includes tenants such as Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Atlanta office, along with Tony Vaughn in the firm’s Nashville office, represented the seller, a subsidiary of Horsham, Pa.-based Capmark Financial Group, in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer.
JACKSONVILLE, FLA. — Franklin Street Real Estate Services has arranged the $1.1 million sale of Lem Turner Shopping Center, a Walmart- and The Home Depot-anchored shopping center located at 3200 Armsdale Road in northwest Jacksonville. Jonathan Graber, Rafeal Wright and Nicolas Prevolos of Franklin Real Estate Services represented the seller, a national investment firm based in the Midwest, in the transaction. The buyer, also a national investment firm based in the Midwest, plans to make capital improvements to the property, which is currently 50 percent leased.
SAUK RAPIDS, MINN. — The Mansour Group has arranged the $10.9 million sale of a Walgreens property in Sauk Rapids, a small city in central Minnesota. Alvin Mansour of The Mansour Group marketed the property on behalf of the seller, a Houston-based developer. A 1031 tax-deferred exchange investor based in California purchased the property. The property is located near a new four-lane bridge that connects the downtown area of Sauk Rapids to St. Cloud.
HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
PEMBROKE PINES, FLA. — Marcus & Millichap has arranged the sale of Pembroke Corners, a 30,007-square-foot shopping center located at 17201 Pines Blvd. in Pembroke Pines, a western suburb of Fort Lauderdale. The retail center is fully leased to CVS/pharmacy, Tire Kingdom and Goodyear. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, a developer based in Tampa, in the transaction. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office secured and represented the buyer.
BROOK PARK, OHIO — Marcus & Millichap has arranged the $6.2 million sale of Brookgate Shopping Center, a 207,623-square-foot retail property in Brook Park, a southwest suburb of Cleveland. Craig Fuller, Scott Wiles and Erin Patton, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, marketed the property on behalf of the seller, a limited liability company. Fuller, Wiles and Pattan also represented the buyer, an out-of-state private investor. Brookgate Shopping Center is located at 5725 Smith Road and is anchored by Marc’s, Advance Auto Parts and Planet Fitness.
NEWARK, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development. Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. Itis a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi.The seller, Deka Immobilien, was represented by Savills.