HEMET, CALIF. — SRS Real Estate Partners has arranged the sale of Shops at KPC Towne Centre, located at 2375-2465 W. Florida Ave. in Hemet. A Southern California-based private family trust sold the asset to a Los Angeles-based private investor for $9.5 million. Situated on two acres, the three-building property features 20,167 square feet of retail space. At the time of sale, eight tenants fully occupied the retail center. Built in 1995 and renovated in 2004, Shops at KPC Towne Centre is an outparcel to KPC Towne Centre, which includes Sprouts Farmers Market, Burlington and Regal Cinemas. Matthew Mousavi, Patrick Luther and Max Sabino of SRS’ National Net Lease Group represented the seller, while Jason Paukovits of Dream Realty Asset Management represented the buyer in the transaction.
Retail
ST. CHARLES, MO. — St. Louis Funny Bone Comedy Club has opened a new location at the Streets of St. Charles, a 27-acre mixed-use development in suburban St. Louis. The family-owned comedy club has operated in St. Louis for more than 30 years. The club hosts talent from the St. Louis area as well as nationally touring comedians, and hosts a weekly open mic night on Tuesdays. Jerry Kubach is the club’s owner. Cullinan Properties Ltd., the owner of Streets of St. Charles, also unveiled new tenants at the property such as The Socialite and Hot Box Cookies.
AMES, IOWA — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Texas-based Embree Group.
ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …
Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington
by Amy Works
REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.
SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.
ARCADIA, CALIF. — A private investor from Taiwan has acquired a mixed-use residential and retail property, located at 57 Wheeler Ave. in Arcadia, from a local developer for $39.2 million. Joyce Goldstein and Eric Chen of CBRE represented the buyer and the seller in the deal. Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space, which Universal Bank and Tap Lounge occupy. Community amenities include elevators, an outdoor barbecue area and courtyard, ample guest parking, storage spaces and electric vehicle charging stations. Apartments offer double vanities, stainless steel appliances, hardwood flooring and in-unit washers/dryers.
MEDINA, OHIO — Nassimi Realty has acquired Medina Grande Shops in the Cleveland-area community of Medina for an undisclosed price. The 150,288-square-foot shopping center is located at 4895 Grande Blvd. Tenants at the property include Ashley HomeStore, PetSmart, Jo-Ann Stores, FedEx Kinko and Dental One. CBRE represented the undisclosed seller.
MIDDLETON, WIS. — Marcus & Millichap has arranged the $3.1 million sale of Cornerstone Mall in Middleton, a northwest suburb of Madison. The 18,733-square-foot retail property is located at 2831 Parmenter St. and is 92 percent leased to tenants such as Hurts Donut Co. and Jet’s Pizza. Austin Weisenbeck, Sean Sharko and Marc Sitzer of Marcus & Millichap represented the seller, a Madison-based limited liability company. The buyer was undisclosed.
RANCHO SANTA FE, CALIF. — Undisclosed local investors have purchased a commercial and retail building located in the village of Rancho Santa Fe in San Diego County. Francisco Family Partnership, which owned the property for 83 years, sold the freestanding asset for $5.6 million. The iconic property is located at 6015 Paseo Delicias. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield represented the seller in the deal.