GAITHERSBURG AND GERMANTOWN, MD. — H&R Retail, the largest retail-only brokerage firm in the Washington, D.C./Baltimore metropolitan area, has completed three retail leases. LA Fitness leased 39,192 square feet at Crown Farm, Sam Eig Highway and Fields Road in Gaithersburg from JBG Associates. H&R Retail’s Marc Katz, David Ward and Geoffrey Mackler represented LA Fitness. Buffalo Wings and Beer leased 4,418 square feet at Kingsview Shopping Center on Leaman Farm Road in Germantown from Giant of Maryland. H&R Retail’s Jim Crilley represented the landlord in the transaction. Finally, Education Outlet leased 2,040 square feet at Diamond Square Shopping Center on Bureau Drive in Gaithersburg from Giant of Maryland. Crilley represented Education Outlet.
Retail
SPRING LAKE, MICH. — Three Strands Properties has acquired a 29,671-square-foot retail building in Spring Lake for $360,000. The property is located at 18000 Cove Ave. Bryan Bench of Signature Associates represented the seller, Coastal Real Estate Holdings, in the transaction.
PHILADELPHIA AND HANOVER, PA. — JC Penney has opened two new stores at retail centers owned by Pennsylvania Real Estate Investment Trust in Pennsylvania. The company opened a 125,000-square-foot store at Will Grove Park in suburban Philadelphia and an 83,000-square-foot store at North Hanover Mall in Hanover. Both locations will feature a 1,700-square-foot “Sephora inside JC Penney,” which will offer cosmetic brands.
DALLAS — Satterfield & Pontikes Construction has broken ground on a 185,000-square-foot Walmart Supercenter, located at Ledbetter Drive and R.L. Thornton Freeway in south Dallas. The $15.5 million project is slated for a summer 2013 completion. Dallas-based Raymond Harris & Associates is providing architectural services, Ellison Gage & Associates is providing structural engineering services, Henderson Engineers is providing MEP engineering services and Kimley-Horn and Associates is providing civil engineering services.
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.