CORDELE, GA. — Cassidy Turley has arranged the $4.4 million sale of the 120,868-square-foot Cordele Corners, a shopping center located near Interstate 75 in Cordele. Tractor Supply, Bealls and Dollar Tree anchor the center, which is 70 percent leased. Mark Joines and Drew Fleming of Cassidy Turley represented RCG Ventures, the seller, in the transaction. The buyer was a Florida-based private equity group.
Retail
MIDDLEBURG HEIGHTS, OHIO — The Soutland South Shopping Center at 13367 Smith Road in Middleburg Heights has sold for $770,000. Anchor tenants at the 56,170-square-foot retail center include Giant Eagle Grocery, Burlington Coat Factory and Petco. The property is situated approximately 16 miles southwest of downtown Cleveland. Bob Havasi of Cooper Commercial Group represented the seller, an institutional entity from New York. He also secured the buyer, a private investor from Cleveland.
NEW YORK CITY — Express Inc. has signed a 15-year lease to establish a flagship store in Times Square. The national apparel retailer will occupy 30,000 square feet at 1552-1560 Broadway. The store will feature three levels and 9,000 square feet of LED signage. It is expected to open in the fall of 2013. SL Green and its joint venture partner, Jeff Sutton, acquired the property last year.
LOS ANGELES – A 4,672-square-foot Chase Bank property in the Los Angeles submarket of Eagle Rock has been redeveloped and subsequently sold to May Lilly LLC for $4.14 million. It is located at 2175 Colorado Ave. The property, which was acquired by Heslin Holdings in 2007, was formerly a Blockbuster Video. Heslin secured a 15-year, triple-net lease with Chase in 2011 before renovating the space to meet the bank’s needs.May Lilly was represented by Steven Schechter of Marcus & Millichap. The seller, Colorado Avenue Land Partners LLC, was represented by Dennis Vaccaro and Nicholas Coo of Faris Lee Investments.
SAN JOSE, CALIF. — A new Walmart Neighborhood Market will soon reside at Evergreen Village Square in San Jose. Walmart will occupy a 40,950-square-foot retail site that has been vacant since 2007. The company has signed a 10-year lease at the center. The landlord, Shapell Properties, was represented by Mike Messinger and Josh Gispan of Meacham/Oppenheimer CORFAC International.
FREMONT, CALIF. – A 2,386-square-foot property that is triple-net leased to Jack in the Box through 2032 has sold to an individual/personal trust for $2,135,000. The Class A building is located at 34701 Ardenwood Blvd. It was originally built in 1992 and renovated in 2010. The buyer was represented by David Ching of Marcus & Millichap’s Oakland office.
CINCINNATI — Phillips Edison Strategic Investment Fund II has agreed to buy Kenwood Towne Place, an enclosed mall in Cincinnati, from a bank lending group led by Bank of America. The project consists of 300,000 square feet of retail and 200,000 square feet of office space. The development of Kenwood Towne Place has been on hold since 2008 due to financial trouble. Phillips Edison reportedly plans to spend about $100 million in completing the project. Current tenants at the mall include Crate & Barrel, The Container Store and LA Fitness.
ARLINGTON HEIGHTS, ILL. — A shopping center at 115 Rand Rd. in Arlington Heights has sold to an institutional buyer from New York for $2.2 million. Tenants at the center include Caribou Coffee, Smashburger and Jersey Mike's Subs. Chad Firsel of Quantum Real Estate Advisors represented the seller, a private individual based in Oak Brook, Ill., in the transaction. He also represented the buyer.
KINGSTON, N.Y. — Unison Realty Partners has acquired King's Mall, a 185,233-square-foot shopping center in Kingston, for $11.1 million from the Leinbach Co. This was an off-market transaction, sourced directly by Unison. Tenants at King's Mall include Marshalls, which occupies 38,500 square feet, and a 29,000-square-foot Home Goods. The sale marks Unison's first shopping center purchase in New York and the company's sixth shopping center in the Northeast.
NEW YORK CITY — Smash Ash Music Stores will relocate and consolidate its Manhattan flagship store at 333 West 34th St. The family-owned music retailer has signed a 15-year lease to occupy 26,688 square feet in the 10-story building, located between Eighth and Ninth avenues. Jeffrey Roseman and Gregg Gropper of Newmark Knight Frank Retail represented the building owner, SL Green, in the transaction. Smash Ash plans to move into the new space in the first quarter of 2013.