FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.
MICHIGAN CITY, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Lake Park Plaza in the northwest Indiana town of Michigan City. The sales price was undisclosed, but the listing price was $6.3 million. Anchored by Hobby Lobby, the 114,867-square-foot shopping center is also home to Joann, Citi Trends and a variety of other tenants. Built in 1992, Lake Park Plaza was 91 percent occupied at the time of sale. Eric Wohl and CJ Kiehler of Hanley, in association with Scott Reid & ParaSell Inc., represented the seller, Atlanta-based RCG Ventures. A private investment company located near Miami was the buyer.
TULSA, OKLA. — Stan Johnson Co., a Tulsa-based brokerage firm focused on net-leased assets, has negotiated the $13.7 million sale of a portfolio of 10 restaurant properties totaling 25,643 square feet that are leased to Taco Bueno. The properties are located in various cities in Texas and Oklahoma. Josh Pardue of Stan Johnson Co. represented the seller, New York-based private equity firm U.S. Realty Advisors LLC, in the transaction. The buyer was Dallas-based Centric Capital Partners. The deal traded at a cap rate of 7.22 percent.
LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.
WASHINGTON, D.C. — The National Retail Federation (NRF) reports retail sales rose 0.8 percent in June over the prior month on a seasonally adjusted basis — not including automobile dealers, gas stations and restaurants — and were up 12.1 percent unadjusted year-over-year. The NRF’s June report confirms the organization’s revised predictions made at the beginning of July. NRF revised its retail sales forecast for 2021 retail sales to increase between 10.5 and 13.5 percent over 2020 to a range of $4.44 trillion and $4.56 trillion. The U.S. Census Bureau reports that retail sales have increased year-over-year every month since June 2020, including May, which had a decline of 1.7 percent month-over-month and a growth of 27.6 percent year-over-year. The Washington, D.C.-based trade association also reports that there was a big increase in sales during the yearly Amazon Prime Day promotion on June 21 and 22, but that hot temperatures and tropical storms like Hurricane Elsa may have negatively impacted retail sales. The NRF expects an increase in back to school shopping as children head back to school, some for the first time since before the pandemic. Clothing and accessory stores increased 2.6 percent month-over-month and increased 49.4 percent year-over-year. Also, …
HOUSTON — Locally based developer Levcor will redevelop Post Oak Plaza, an 503,000-square-foot shopping and dining destination in Houston’s Uptown neighborhood. Architecture firm BRR is leading the design of the project, which will be carried out in phases throughout 2022. The development team will upgrade storefronts to allow more natural light, introduce communal outdoor gathering spaces, widen pathways that connect buildings and install new landscaping features. Businesses will remain open throughout the redevelopment project. Current tenants at Post Oak Plaza include Bill Walker Clothier, Eye Elegance, FedEx, Home Source, Madison Lily, Pinto Ranch, Post Oak Nail Lounge, Sensia, Toys to Love and UPS. SHOP Cos. has been tapped to lease the property following completion of the project.
INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.
HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.
INDIANAPOLIS AND CHICAGO — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five of shopping center REITs in terms of total enterprise valuation, according to company officials. Specifically, each share of RPAI common stock will be converted to 0.623 shares of KRG common stock. This rate represents a premium of 13 percent over RPAI’s closing share price of $20.83 per share on July 16, 2021. The new company will trade under the KRG ticker symbol and remain headquartered in Indianapolis. In terms of leadership, KRG’s board will be expanded to 13 trustees via the addition of four new members from the existing RPAI Board. Following the closing of the deal, KRG shareholders are expected to own approximately 40 percent of the combined company’s …
JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California
PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.