Monday, November 25, 2024
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University-Hills-Denver-CO
AcquisitionsColoradoRetailWestern

KPR Centers Enters Denver Retail Market, Buys 210,000 SF University Hills Shopping Center

by Amy Works

DENVER — New York-based KPR Centers has acquired University Hills, a grocery-anchored retail center in Denver, for $56.5 million. The name of the seller was not released. Located at 2750 S. Colorado Blvd., the 210,000-square-foot University Hills was fully leased at the time of sale to tenants including King Soopers, Michaels, Marshalls, Office Depot, PetSmart, Five Below, Ulta Beauty and Starbucks Coffee. Tom Lagos of Institutional Property Advisors, a division of Marcus & Millichap, represented KPR in the off-market transaction. KPR Centers is now present in 18 states, with approximately 10 million square feet of owned and self-managed properties.

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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AcquisitionsRetailTexas

Westwood Financial Buys 69,037 SF Shopping Center in Northwest Austin

by Taylor Williams

AUSTIN, TEXAS — Los Angeles-based investment firm Westwood Financial has purchased Trails at 620, a 69,037-square-foot shopping center in northwest Austin. The center was roughly 77 percent leased at the time of sale to tenants such as AT&T, Freebirds World Burrito, Black Rock Coffee, Restore Hyper Wellness, Kale Me Crazy, Mattress Firm and European Wax Center. Shea Petrick, Chris Gerard, and John Indelli of JLL represented the seller, Partners Capital, in the transaction.

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AcquisitionsFloridaRetailSoutheast

IPA Brokers $31M Sale of Shopping Center in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $31 million sale of Village Square at Golf, a 135,133-square-foot shopping center located in Boynton Beach. KC Market anchors the property, which was built in 1983 and renovated in 2012. Other tenants at the center, which was 93 percent occupied at the time of sale, include Enterprise Rent-A-Car, Quest Diagnostics, The UPS Store, Boynton Quality Medical Center and Anthony’s Ladies’ Apparel. Kirk Olson and Drew Kristol of IPA represented the seller, a publicly traded REIT, in the transaction. The buyer was not disclosed.

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AcquisitionsFloridaRetailSoutheast

Plaza Advisors Arranges $12.6M Sale of Fowler Plaza South Shopping Center in Tampa

by John Nelson

TAMPA, FLA. — Plaza Advisors has arranged the $12.6 million sale of Fowler Plaza South, a 57,093-square-foot shopping center in Tampa. The property was 97 percent leased at the time of sale to tenants including Dollar General, Champs Sports, AT&T, Jimmy John’s, Foot Locker and Amscot. Fowler Plaza South is located less than a half-mile west of the University of South Florida and across the street from Rithm, the ongoing mixed-use redevelopment project of the former University Mall. Jim Michalak and Jeff Berkezchuk of Plaza Advisors represented the seller, SJS Realty Management, in the transaction. The buyer was not disclosed.

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AcquisitionsRetailSoutheastWest Virginia

Cooper Commercial Negotiates $2.7M Sale of Dollar Tree-Anchored Retail Center in Huntington, West Virginia

by John Nelson

HUNTINGTON, W.VA. — Cooper Commercial Investment Group has negotiated the $2.7 million sale of a shopping center in Huntington. Dollar Tree anchors the retail center, which is located six blocks from Marshall University and adjacent to St. Mary’s Medical Center hospital. Dan Cooper of Cooper Commercial’s Cleveland office represented the seller, a private investment firm based in the Midwest, in the transaction. The undisclosed, privately held buyer purchased the center at 93 percent of list price, according to Cooper Commercial.

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AcquisitionsIllinoisMidwestRetail

Nassimi Realty Purchases 100,000 SF Retail Center in Chicago’s South Loop for $9.2M

by Kristin Harlow

CHICAGO — Nassimi Realty, a New York-based real estate development company, has purchased Joffco Square, a 100,000-square-foot retail center in Chicago’s South Loop. The purchase price was $9.2 million. Located at 555 W. Roosevelt Road, Joffco Square is anchored by Best Buy and shadow anchored by Home Depot. The property features a two-story covered parking garage. The seller, Pine Tree, had purchased the asset for $27 million. Nassimi is working with national retailers to address vacancies at the center.

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Leasing ActivityMichiganMidwestRetail

Salvation Army Signs 13,065 SF Retail Lease in Washington Township, Michigan

by Kristin Harlow

WASHINGTON TOWNSHIP, MICH. — The Salvation Army has signed a 13,065-square-foot retail lease on Van Dyke Avenue in Washington Township, a northern suburb of Detroit. The charitable organization will take occupancy in June and is relocating from across the street. Gary Grochowski and Bryan Barnas of Colliers represented the undisclosed landlord, while John Lominack and Michael Bennett of Colliers represented the tenant. The Salvation Army operates nearly 8,000 locations across the U.S.

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Park-Pacific-Shopping-Center-Hermosa-Beach-CA
AcquisitionsCaliforniaRetailWestern

Chartwell Buys Trader Joe’s-Anchored Shopping Center in Hermosa Beach, California for $27.8M

by Amy Works

HERMOSA BEACH, CALIF. — Chartwell Real Estate Development has purchased Park Pacific Shopping Center, a grocery-anchored retail center in Hermosa Beach, from a private investor for $27.8 million. Located at 1100 Pacific Coast Highway, Park Pacific Shopping Center offers 49,911 square feet of retail space. Current tenants include Trader Joe’s, Starbucks Coffee, Five Below and Sally Beauty. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL handled the transaction.

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AcquisitionsFloridaGeorgiaRetailSoutheastVirginia

Sterling Organization Acquires Three-Property Shopping Center Portfolio for $180.5M

by John Nelson

WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.

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