LOS ANGELES — Lion Real Estate Group (LREG) has completed the sale of 3317 Exposition Place, a retail property in Los Angeles, to Luzzatto Co. for $22.5 million. Situated in Los Angeles’ West Adams District, the asset is a two-story, dual-building site comprising 29,759 square feet of retail space. TheRealReal, an online luxury retailer, currently occupies the property. Newmark served as financial advisor to LREG in the sale to Luzzatto Co. LREG first acquired the property in a $7.3 million co-investment deal alongside The Borman Group in December 2017. Since that acquisition, the companies have invested in renovations to the convert the former industrial space into a modern creative office location, increasing its value and curb appeal. Renovations included upgraded mechanical systems; refurbished bathrooms, kitchens and conference rooms; new seismic and green building standards in line with city codes; and the reactivation of rooftop parking.
CHANDLER, ARIZ. — Arizona-based Grossman/Robson Associates, a 40-year partnership between Grossman Company Properties and East State Street LP, has completed the disposition of The Park at Chandler, a grocery-anchored shopping center in Chandler. An undisclosed buyer acquired the asset for $12.4 million. Located at the southwest corner of Alma School Road and Chandler Boulevard, The Park at Chandler features 111,532 square feet of retail space. At the time of sale, the property was fully occupied. The asset encompasses 20.9 acres. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
BOSTON — Newmark has brokered the $11.9 million sale of a 27,930-square-foot retail and medical office building located at 226 Harvard Ave. in the Allston neighborhood of Boston. The property was 94 percent leased at the time of sale to Urban Outfitters, Steward Medical Group and Unleashed by Petco. Robert Griffin, Geoffrey Millerd, Frank Nelson, Michael Greeley, Jonathan Martin, Paul Penman, Mathew Adler, Christopher Huesgen and Coley Cannon of Newmark represented the seller, National Development, in the transaction. The team also procured the buyer, Charlotte-based investment firm Asana Partners.
LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.
AUSTIN, TEXAS — Furniture and appliance retailer Conn’s HomePlus has signed a 40,000-square-foot retail lease at Capital Plaza, a shopping center located at the junction of IH-35 and Cameron Road in Austin. Matt Epple and Britt Morrison of Weitzman represented the undisclosed landlord in the lease negotiations. Sean Murphy of CLD Realty represented Conn’s HomePlus. Other tenants at the center include Target, Ross Dress for Less, Boot Barn, Foot Locker and Walgreens.
CHICAGO — Skender has completed construction of a 45,000-square-foot office and retail building for furniture company Herman Miller in Chicago’s Fulton Market neighborhood. Located at 1100 W. Fulton St., the build-to-suit project preserved the existing building’s historical masonry while incorporating a new concrete structure to support the 100-year-old exterior. The first floor includes a Herman Miller retail showroom, café and coffee bar. Skender collaborated with architect Hartshorne Plunkard Architecture, owner’s representative CBRE, developer Fulton St. Cos. and project manager ConopCo Project Management.
BOSTON — SVN | Parsons Commercial Group has brokered the $7 million sale of a portfolio of four retail buildings totaling 15,181 square feet in Massachusetts. Rockland Trust occupies each of the buildings, which are located at 40 Austin St. in Newton, 1290 Main St. in Waltham, 4 N. Main St. in Bellingham and 231 E. Central St. in Franklin. The buyer and seller were not disclosed. Marilyn Santiago of SVN | Parsons Commercial Group brokered the deal.
LAS VEGAS — Dapper Cos. has purchased the historic Huntridge Theater in Las Vegas for $4 million. The company plans to renovate the theater, which is on the National Register of Historic Places. The theater originally opened in 1944 and shuttered after nearly 60 years of operation on July 31, 2004. The theater was originally operated by the Commonwealth Theater Company of Las Vegas and in 1951, was taken over by the Huntridge Theater Company of Las Vegas, partially owned by actresses Loretta Young and Irene Dunne. J Dapper, head of Dapper Cos., has also invested in the redevelopment of five other commercial proeprties in downtown Las Vegas, including Huntridge Shopping Center, 630 S. 11th Street, The Herbert at 801 S. Main St., 608 S. Maryland Parkway and 201 S. Las Vegas Boulevard.
ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park. At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers. The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …
KATY, TEXAS — Academy Sports + Outdoors Inc. (NASDAQ: ASO) reported a record $1.6 billion in net sales for its fiscal fourth quarter that ended on Jan. 31, 2021, a figure that represents a 16.6 percent year-over-year increase. E-commerce contributed significantly to this growth, rising 60.7 percent year-over-year as customers increasingly shopped online and either picked up their goods in stores or had them delivered. For the fiscal year 2020, the metro Houston-based retailer reported total revenue of approximately $5.7 billion, an increase of 17.8 percent from fiscal 2019. The company’s stock price opened at $25.78 per share on Wednesday, March 31, up from the closing price $12.99 per share on Oct. 2, 2020, shortly after the company went public. Academy Sports + Outdoors operates more than 250 stores across 16 states.