DALLAS — Indianapolis-based Simon Property Group has assumed leasing and management duties for Galleria Dallas, a 1.3 million-square-foot mall located at the interchange of Interstate 635 and the Dallas North Tollway in Dallas. The four-story shopping center contains over 200 stores. It is anchored by Saks Fifth avenue, Nordstrom and Macy’s; additional tenants include Luis Vuitton, Gucci, Baccarat and Tiffany & Co. The property also includes an office tower, a hotel and an ice skating rink — all of which were not included in the transaction. Simon will take control of the property August 1. Galleria Dallas. The mall was previously managed by General Growth Properties, which filed for bankruptcy earlier this year.
Retail
SUGAR LAND, TEXAS — CB Richard Ellis (CBRE) has brokered the sale of a 3,500-square-foot retail bank building, located at 11770 University Blvd. in Sugar Land. Nizari Progressive Federal Union acquired the property. The financial institution currently has locations in Texas, California and Illinois. CBRE’s Mark Raines, Matt Keener and Russell Janicek represented the buyer. The undisclosed seller was represented by Simmi Jaggi and Elizabeth Clampitt, also of CBRE. The purchase price was not released.
PHILADELPHIA — The New Jersey office of Holliday Fenoglio Fowler (HFF) has arranged a $17 million loan for Columbus Crossing, a 142,166-square-foot, grocery-anchored shopping center located in Philadelphia. The shopping center is situated on 11.33 acres at 1851 S. Christopher Columbus Blvd. It is currently 97 percent leased by a tenant roster that includes SuperFresh, Old Navy, A.C. Moore, Famous Footwear, Bath & Body Works and Lane Bryant. The center is shadow anchored by The Home Depot and Walmart. The loan carries a 5-year term with a 6.75 percent interest rate and was provided by Susquehanna Bank. The borrower is Cedar Shopping Centers. The transaction was arranged by Jim Cadranell and John Taylor, both of HFF.
HOUSTON — Grubb & Ellis has brokered the sale of a 4,000-square-foot bank building, located on a 29,906-square-foot site at 1350 W. 43rd St. in Houston. The building is occupied by Wachovia under a 20-year, triple-net ground lease. The building was constructed in 2008. George Cushing and Wendy Vandeventer, both of Grubb & Ellis, represented the seller, Eastbourne Oak Forest LP. Mark Sondock of NewQuest Properties represented the buyer, Patterson Ranch Inc. The acquisition price was not released.
SEAL BEACH, CALIF. — CB Richard Ellis has brokered the $45.3 million sale of Old Ranch Towne Center, a retail center located at 12300-12490 Seal Beach Blvd. Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham of CBRE’s Phoenix office represented the seller, a southwestern U.S.-based partnership. Sam Alison and Dan Riley of CBRE’s Los Angeles office represented the buyer, Westlake, Calif.-based DSB Properties.
ST. CLOUD, FLA. — Palo Alto, Calif.-based Sovereign Investment Co. has sold a 10,723-square-foot restaurant to Sooner Investment of Melbourne, Fla., for $1 million. The property, located at 4551 13th St. in St. Cloud, is a former Whistle Junction location. Paul Partyka of NAI Realvest represented the seller.
NEW YORK CITY — GreenbergFarrow has delivered a 1,600-square-foot boutique store for Comptoir des Cotonniers. The facility is located at 155 Spring St. between West Broadway and Wooster Street in SoHo in Manhattan, New York City. The store is the first American venue for the international mother-daughter casual clothing retailer.
ARLINGTON, TEXAS — Henry S. Miller Brokerage (HSMB) has completed the leasing of a 9,720-square-foot retail building, located at 2301 Superior Dr. in Arlington. The building will be occupied by XL Auto Parts, a local auto parts dealer that is planning to open multiple locations in the D/FW Metroplex. Jim Hazard of HSMB’s Arlington office represented the landlord, CRAJ LTD. The tenant was represented by Craig Jones and Michael Newsome of NAI Robert Lynn. Terms of the lease were not disclosed.
MINNEAPOLIS — NorthMarq has completed a retail sale and industrial lease in the Twin Cities. Ronn Thomas and Jen Help of NorthMarq represented The Avalon Group in the sale of a 34,000-square-foot retail outlot at the TimberCrest shopping center in Lakeville. The land parcel was acquired by Lakeville Orthodontic Associates, which was represented by Brandon Megal of CB Richard Ellis The NorthMarq industrial leasing team of Dan Lofgren and Chris Garcia has represented CarTika Medical in leasing 26,073 square feet of industrial space within Wedgewood Commerce Center II in Maple Grove. The building owner, Wedgewood PT Associates, was represented by Barry Birnberg of Grubb & Ellis/Northco Real Estate Services.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Grand Lakes, a 34,552-square-foot shopping center located in Katy. The center is situated on 3.2 acres at 5544 S. Peek Rd.; it was construction in 2005. James Bell of Marcus & Millichap’s Houston office represented the seller, a Texas-based partnership. The buyer was a Florida-based developer. The acquisition price was not released but the property listed for $5.75 million.