LANSING, MICH. — Kohan Retail Investment Group has acquired Lansing Mall in Michigan for an undisclosed price. The 706,925-square-foot regional mall is located at 5330 W. Saginaw Highway in Lansing. Tenants include JC Penney, Regal Cinemas, Best Buy, Barnes & Noble, TJ Maxx and Shoe Carnival. CBRE’s National Retail Partners Midwest team represented the seller, Brookfield Properties Group.
DENTON, TEXAS — Phillips Edison & Co., a Cincinnati-based retail owner and developer, has acquired Hickory Creek Plaza, a 28,134-square-foot shopping center in the North Texas city of Denton. Shadow-anchored by Kroger, the center is leased to tenants such as Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. The seller was not disclosed.
CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.
SEATTLE — A partnership between Hatteras Sky, Trent Development and Cresset Diversified Real Estate Capital has broken ground on Hilite, a mixed-use apartment community located at 622 Rainier Avenue in Seattle’s Judkins Park neighborhood. The project’s name is a nod to the West Coast Printing Building that previously operated on the same site as the new development. Slated to open in 2023, Hilite will feature 206 units above approximately 5,200 square feet of ground-floor retail space. The property will participate in Seattle’s Multifamily Tax Exemption program, which requires that 20 percent of the units be dedicated as affordable. WG Clark Construction is serving as general contractor and Studio 19 is serving as the architect. Blanton Turner will serve as the property management team.
CONYERS, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.7 million sale of Conyers Square, a 90,218-square-foot, Kroger-anchored shopping center in Conyers. Zach Taylor and Don McMinn of IPA’s Taylor McMinn Retail Group represented the seller, Sansome LLC, and procured the buyer, Forge Capital Partners. Kroger has 15 years of left on its lease term, and Taylor says that the previous owner did not have any COVID-19-related rent concessions with its tenants. “The Conyers Square disposition illustrated how strong and diverse the market is right now for successful, grocery-anchored centers,” says Taylor. “We received over one dozen offers from both private and institutional groups, with the private buyers beating the institutional pricing significantly. We received the most compelling financing quotes I have seen in over a decade and surpassed pricing expectations for our client.” Conyers Square was constructed on 11 acres in 1985. Additional tenants include Sunny’s Beauty Supply, Sapphire Nails, Lendmark Financial and H&R Block.
CINCINNATI — Marcus & Millichap has brokered the sale of Village Crossings Shopping Center in Cincinnati for $6.8 million, which exceeded 93 percent of the list price, according to the brokerage. The Aldi-anchored shopping center spans 89,008 square feet and is located at 10400 Reading Road. Other tenants include CAM International Market, JOANN Fabrics, H&R Block, Breakthrough Fitness, Mala Hot Pot and Firestone. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap’s Patton Wiles Fuller Group marketed the property on behalf of the seller, a private REIT. The team also secured the buyer, Maryland-based America’s Realty LLC, a privately held shopping center operator. America’s Realty received permanent financing at 70 percent loan-to-value from a credit union.
PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.
LOS ANGELES — American Eagle Outfitters Inc. (AEO), a Los Angeles-based clothing retailer, has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield shopping centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, N.J.; Westfield Montgomery in Bethesda, Md.; Westfield Old Orchard in Skokie, Ill.; Westfield Plaza Bonita in National City, Calif.; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, N.Y.; and Westfield Valley Fair in San Jose, Calif. The locations at Westfield Garden State Plaza and Westfield Montgomery will also feature adjacent OFFLINE by Aerie stores, a new brand by AEO offering a collection of activewear and accessories, which launched in July 2020.
ROUND ROCK, TEXAS — NAI Partners has negotiated a 12,946-square-foot retail lease at The Triangle Center, located at 2000 Mays St. N. in the northern Austin suburb of Round Rock. Joe DeCola of NAI Partners represented the undisclosed landlord in the lease negotiations. The tenant was Genuine Parts Co., a replacement automotive parts retailer headquartered in Atlanta.
TUNKHANNOCK, PA. — New York City-based Cleeman Realty Group has brokered the $4.7 million sale of Village Center, a 68,000-square-foot shopping center in Tunkhannock, located northwest of Scranton. Anchored by grocer Weis, the property sits on 6.9 acres and was 93 percent leased at the time of sale. Cleeman Realty Group represented the buyer and seller, both of which requested anonymity, in the off-market transaction.
