FORT WORTH, TEXAS — Gaines Real Estate Co. has brokered the sale of Western Hills Plaza Shopping Center, an 82,000-square-foot retail asset in Fort Worth. American Freight anchors the property, which also houses tenants such as Sonic, Taco Casa, Jackson Hewitt Tax Service and Ultimate Physique. Andrew Gaines and Hank Gaines of Gaines Real Estate represented the seller, a Dallas-based partnership, and procured the buyer, a California-based investor. Both parties requested anonymity.
ST. JOHNS, FLA. — The Ferber Co. will develop Durbin Creek Crossing, a 70-acre shopping center in the south Jacksonville suburb of St. Johns. Ferber is scheduled to break ground this summer and expects to deliver the asset by fall 2021. The property will offer 250,000 square feet of retail space across 10 outparcels sized between 0.8 and 2.6 acres. Ferber has signed Aldi to a 19,000-square-foot lease. Other tenants coming to Durbin Creek Crossing include ABC Fine Wine & Spirits, First Florida Credit Union and Tire Kingdom. Nancy Sumner and Katy Figg of Colliers International are handling the leasing efforts on behalf of Ferber. The site is located at the corner of St. Johns Parkway and Racetrack Road, 21 miles south of downtown Jacksonville. The remaining 22 acres of wetlands at the southern portion of the site will serve as an environmental buffer protected by a conservation land use designation for the single-family communities south of the site.
LOS ANGELES — In today’s retail environment, adding local food and beverage concepts, entertainment venues and landscaped parks seems like a surefire way to revitalize a dated shopping center. A trickier task is determining how exactly these nontraditional concepts boost the bottom line. A panel of retail owners and service providers weighed in on this topic at France Media’s sixth annual Entertainment Experience Evolution conference at the JW Marriott L.A. Live in Los Angeles last week. “This panel started because I’m a bit of a skeptic as it relates to entertainment concepts,” says moderator Joyce Storm, president of Storm Advisors. “Investors don’t like when you discuss entertainment experiences; developers and owners have trouble making sense of where they should put their dollars and cents, time, energy and resources. It’s important to understand what to expect in terms of results from entertainment concepts and placemaking in order to determine the money that should be funneled into them.” For Steven Levin, founder and CEO of Centennial Real Estate, the challenge and opportunity in reimagining dated, traditional malls to fit the needs of today’s shopper is in the underwriting. “Transforming a traditional mall into a mixed-use destination provides an opportunity and a challenge …
JERSEY CITY, N.J. — NAI James Hanson has brokered the sale of a 3,401-square-foot retail building in Jersey City. The two-story property is located at 356 Central Ave. in the Central Avenue neighborhood. Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction. The buyer and sales price were undisclosed.
LAWRENCEVILLE, GA. — SRS Investment Properties Group has arranged the sale of a 5,452-square-foot outparcel at Village Shoppes at Creekside in Lawrenceville. Lamar Cos. sold the asset to Forten LLC for $2.6 million. The three-tenant strip center was built in 2006 and is leased to Chipotle Mexican Grill, Tropical Smoothie Café and AccuQuest Hearing Centers. The property is situated at 860 Duluth Highway, 30 miles northeast of downtown Atlanta in Gwinnett County. Pierce Mayson and Boris Shilkrot of SRS represented the seller in the transaction. Juanita Leibu of Keller Williams Real Estate represented the buyer in the transaction.
YAKIMA, WASH. — The Kase Group has arranged the sale of a single-tenant property located at 5702 Summitview Ave. in Yakima. A California-based investor acquired the property for $8.4 million. Safeway occupies the 45,584-square-foot building, which is situated along Interstate 82. The Safeway lease is guaranteed by Albertsons Co. Robert Walker of The Kase Group represented the buyer and undisclosed seller in the deal.
PLYMOUTH, MASS. — Newmark Knight Frank (NKF) has brokered the sale of two retail spaces totaling 418,970-square-feet within the Colony Place mixed-use development in Plymouth, located approximately 40 miles southeast of Boston. Texas-based investor The Rainier Cos. acquired the assets which include two spaces within the 1 million-square-foot Colony Place development: The Plaza, which comprises 230,497 square feet; and The Village, which comprises 188,473 square feet. The seller, Saxon Partners, will continue its role of master developer of Colony Place and will move forward with additions including a 320-unit apartment complex and a hotel. Robert Griffin, Geoffrey Millerd, Justin Smith and Paul Penman of NKF represented Saxon Partners in the transaction. The team also procured The Rainier Cos. as the buyer.
MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.
DOTHAN, ALA. — JLL has arranged a $14.6 million refinancing loan for Shops on the Circle, a 182,547-square-foot retail property in Dothan. The property was 96 percent leased to tenants including T.J. Maxx, PetSmart, Big Lots, Old Navy, OfficeMax, Five Below and Shoe Carnival. Shops on the Circle is situated on 17 acres at 3500 Ross Clark Circle, about 20 miles from both the Georgia and Florida borders. Synovus Bank provided the non-recourse loan, which features a 35-month term, floating interest rate and two one-year extension options. The borrowers, RCG Ventures LLC and DRA Advisors LLC, will use the proceeds to refinance an existing loan taken out to improve the property, which the companies bought jointly in 2014.
NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.