POWAY, CALIF. — On behalf of the landlord, Cushman & Wakefield has facilitated L.A. Fitness International LLC’s 15-year, approximately $11.47 million lease renewal for 40,567 square feet of retail space at 12648 Poway Rd. in Poway. Doing business as LA Fitness, the tenant plans to renovate the space, which is situated within the recently renovated Poway Crossings, an 114,811-square-foot retail center that includes a Rite Aid location. Cushman & Wakefield’s John Jennings and Kam Walton represented the lessor, Poway Crossings Investors LLC, in the deal; the lessee represented itself.
DULUTH, GA. — Crown Realty Advisors has negotiated the sale of The Boulevard at Breckenridge in Duluth. A local investor acquired the bank-owned retail center for $1.6 million. The 23,330-square-foot property offers ground-floor retail space and retail/office space on the second floor. The property, which was part of an Ameris bank portfolio, is part of a FDIC bank portfolio under a loss share agreement. Crown Realty Advisors, who manages the Ameris bank portfolio, financed the transaction.
AVON, OHIO — The Luttner Retail Group has completed the sale of a 20-year lease with KinderCare in Avon. A Pennsylvania-based investor acquired the property for $2.33 million, representing an 8.65 percent cap rate, to complete a 1031 exchange. Mark Luttner of The Luttner Retail Group represented the seller, a private developer, in the transaction.
SAN FRANCISCO — Grubb & Ellis has presided over the sale of a five-story, 23,000-square-foot retail building located at 459 Geary St. between the Clift Hotel and Curran Theatre in San Francisco’s Union Square. The sale price was not disclosed. Grubb & Ellis’ Daniel Cressman and Michael Taquino represented both the private-investor buyer and the seller, Walter Fong, who had operated Courtoué, a high-end men’s clothing store, at the property for more than 30 years.
HOUSTON — Eight Houston area Target stores are being remodeled by Deerfield Beach, Fla.-based SIKON Construction to include Target's P-Fresh concept, which offers many of the grocery products available in Super Target stores. Designed by Minneapolis-based RSP Architects, the construction is slated to begin in December. SIKON has been involved in 20 Target store projects including both new stores and renovations.
FLORENCE, KY. — Neyer Properties has acquired Houston Lakes Retail Center in Florence for $3.25 million. Located at 77-87 Spiral Dr., the 73,145-square-foot property is partially occupied by Havertys, with approximately 50,000 square feet of vacant space. Robert Taylor and Rebecca Wells of Cassidy Turley represented the undisclosed seller in the transaction.
SOUTHFIELD, TROY, DETROIT AND FARMINGTON HILLS, MICH. — Tjader Gerdom of Wixom, Mich.-based Gerdom Realty & Investment has secured locations for four new Advance Auto Parts retail stores in metro Detroit. The lease transactions include a freestanding, 6,200-square-foot build-to-suit at Eight Mile Road and Evergreen Avenue in Southfield; a 6,600-square-foot lease of a former Hollywood Video at 16th Mile and Dequindre roads in Troy; a 6,200-square-foot location, developed by A.F. Jonna, at Eight Mile Road and Schaefer Highway in Detroit; and a 7,600-square-foot location, which was redeveloped by Ari-E Enterprises, on Orchard Lane Road in Farmington Hills. In the Southfield transaction, B. Richardson of Armada Real Estate represented the landlord, and in the Troy transaction, A. Arcori and V. Gjonaj of Signature Associates represented the landlord.
WEBSTER — A 45,000-square-foot Ashley Furniture store has opened at Baybrook Gateway, located at the southeast corner of Interstate 45 and West Bay Area Boulevard in Webster. Clint Schroff of Austin-based Retail Endeavors Group represented Ashley Furniture, while Stephen Swope of Centro Properties Group represented Centro, owner of Baybrook Gateway, in the transaction.
FRANKFORT, KY. — Louisville, Ky.-based RJ Thieneman Realty Group, in partnership with Seay Properties, has acquired Franklin Square, a shopping center located in Frankfort. Situated in the city's retail corridor along Highway 127 near Interstate 64, the 203,000-square-foot center is occupied by Kroger, JCPenney, Office Depot, Pier 1 Imports, Hibbett Sports, Rite Aid, Starbucks, Radio Shack, Kay Jewelers and Chakeres Cinemas. Charter Hall Group, an Australian REIT, sold the property for $16.5 million. Rich Frolik and Christian Williams of CB Richard Ellis represented the seller. Wells Fargo provided acquisition financing.
LAKE CHARLES, LA. — A Phoenix-based limited liability company has acquired a retail center, located at 545 W. Prien Lake Road in Lake Charles. The 17,678-square-foot center sold for $3.9 million or $221 per square foot. The property is occupied by Petco and Portrait Innovations. Barry Wolfe of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.