PHILADELPHIA — Isen Trust has purchased a 70,000-square-foot facility, located at 200-206, 208, 210 and 212 N. 21st St. in Philadelphia, that once housed the three-building Please Touch Museum. Isen plans to use the property as an art gallery and art store. The property features an open floor plan with exposed wood floors, columns and ceilings. Joe Muldoon and Chris Lange of Binswanger's Philadelphia office represented the seller.
NEWPORT NEWS, VA. — Calkain Cos. has negotiated the $3.3 million sale of a 16,510-square-foot showroom, located at 11967 Jefferson Ave. in Newport News. The property is currently leased to La-Z-Boy Furniture Galleries. Bob Browning of Calkain's Wilmington, Del., office, along with Andrew Fallon of the Restin, Va., office represented the seller. The buyer was a local investment group.
TITUSVILLE, FLA. — SIKON Construction has completed a $3 million, 45,600-square-foot Publix at St. John's Plaza, located at 3275 Garden St. in Titusville. The new store will replace the previous location at 3265 Garden St. PMAT Real Estate Investments developed the store and Cuhaci & Peterson was the architect.
HOUSTON — O'Connor Capital Partners and Wafra Investment Advisory Group have developed a fund to acquire the 278,209-square-foot Baybrook Village, an open-air center in Houston. The development is anchored by Sports Authority, Ross Dress for Less and Toys R' Us. Other tenants include PetSmart, ULTA, Jos. A. Bank and JoAnn Fabric & Crafts. Blue Gate Partners represented the seller, a family advised by New York City-based Conventry Real Estate Advisors.
LANDOVER HILLS, MD. — Bethesda, Md.-based Broad Street Realty has acquired the 68,000-square-foot Crestview Square Shopping Center, located at 6747 Annapolis Rd. in Landover Hills, from AG-FCP Cherry Hill for $10.7 million. Value Village anchors the center, which is fully leased. Andy Stape and Matt Adler of KLNB Retail's Washington, D.C., office represented the seller in the transaction. The buyer was self-represented by Tim McCann.
STRASBURG, VA. — Calkain Cos. has brokered the $2.85 million sale of the 15,547-square-foot Cedar Creek Station, located south of the intersection of Interstates 81 and 66 in Strasburg. Betty Friant of Calkain Cos.' Reston, Va., office represented the seller, Scott Rosenfield of La Rose Development. Trow Littleton of Armfield Miller & Ripley represented the buyer, a local investment group.
PONTE VEDRA BEACH, FLA. — Grandbridge Real Estate Capital's Jacksonville, Fla., office has arranged a $4.15 million first mortgage loan for the 28,081-square-foot Azalea Plaza, a shopping center located at 2 Fairfield Blvd. in Ponte Vedra Beach. The CMBS loan has a 10-year term with a 30-year amortization schedule.
AUSTIN — Regency Centers has purchased the 187,529-square-foot Tech Ridge Center, located at the intersection of Interstate 35 and Parmer Lane in Austin. Tech Ridge is anchored by an 84,352-square-foot H-E-B and is 93 percent occupied by tenants including Office Depot, PETCO, Subway and Massage Envy. The property also includes a pad site that can accommodate 30,000 square feet of retail space. George Cushing of Jones Lang LaSalle's Houston office represented the seller in the transaction.
WINDCREST — Mattress FIRM has executed a lease for a pad site within the approximately 200,000-square-foot Windsor Park Centre, located at the intersection of Interstate 35 and Walzem Road in Windcrest. Mattress FIRM plans to develop a 4,000-square-foot store on the parcel. Whitestone REIT, the landlord, was self-represented by Dan Nixon and Richard Vaughan, and Brian Lent of Highline Real Estate Group's Dallas office represented the tenant. Mattress FIRM is expecting to open for business in the summer of 2012.
MIAMI — Equity One has entered into an agreement to sell 36 shopping centers, comprising 3.9 million square feet, for $473.1 million to Blackstone Real Estate Partners VII. These assets were encumbered by mortgage loans having an aggregate principal balance of approximately $177.4 million as of June 30, 2011. The shopping centers are located predominately in Atlanta, Tampa and Orlando, Florida, with additional properties located in North Carolina, South Carolina, Alabama, Tennessee and Maryland. Equity One intends to use the proceeds from the sale to retire debt, fund its redevelopment pipeline, for future acquisitions and other corporate purposes. Closing of the transaction is expected to occur in the 4th quarter. Lazard Freres & Co. is acting as the seller's financial advisor in the transaction and Eastdil Secured is acting as the buyer's financial advisor.
