FAIRVIEW, TEXAS — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired Shoppes at Fairview, a 67,500-square-foot retail center in metro Dallas, for $36 million. Anchored by Whole Foods Market, the property also houses tenants such as Capital One and Jos. A Bank. The center was acquired in conjunction with a 346,200-square-foot, Costco-anchored center in South Florida, a property that fetched a sales price of $97 million. Chris Gerard, Barry Brown and Ryan Shore of JLL represented the seller, Lincoln Property Co., in the transaction.
PLANO, TEXAS — Marcus & Millichap has brokered the sale of Independence Park, a 31,950-square-foot retail property located at 3020 Legacy Drive in the northern Dallas suburb of Plano. The property was built in 1994. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration with Trammell Crow Co., completing construction in 2012. At the time of sale, the property was 54 percent leased to a variety of tenants, including New Heights Church, Advance Auto Parts, Newark Corp. and Children’s Cancer Network. Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt of CBRE represented the seller in the deal.
With higher costs of land and construction, increased demand for walkable environments and more acceptance of structured parking, mixed-use is finally becoming the norm rather than the exception as the backdrop for new retail development in metro Houston. Developers of all types recognize that quality retail enhances the value of all surrounding real estate. Apartment and office developers are utilizing retail areas as additional amenities to differentiate themselves from their competition. Selecting the appropriate retailers for highly visible spaces in these developments is extremely important, as those users become strongly representative of the overall project. Project Examples Regent Square, a 24-acre development from GID, spans four blocks, with Allen Parkway, West Dallas and Dunlavy defining the perimeter of the project. GID is currently building apartments on one of these blocks to include 50,000 square feet of retail on the first floor and three large freestanding restaurant pads. JLL has been hired to handle leasing of the project. MetroNational has gained control of the 200,000-square-foot former Sears building at Memorial City Mall and 13,620-square-foot adjoining garage. Trademark has been hired to assist in the redevelopment of the property. Zadok Jewelers announced a new mixed-use development on 1.6 acres at 1801 Post …
HINESVILLE, GA. — Cohen Financial, a division of SunTrust Bank, has arranged a $17.1 million acquisition loan for Oglethorpe Square in Hinesville. Goldman Sachs provided the 10-year loan to an undisclosed borrower. Hutton sold the property for $24 million. Situated about 40 miles southwest of downtown Savannah, the 159,329-square-foot Oglethorpe Square, which Hutton completed in March 2017, is a fully leased retail center with tenants including Dick’s Sporting Goods, Hobby Lobby, T.J. Maxx and Ulta Beauty. Drew Fleming, Mark Joines and Henry Kushner of Newmark Knight Frank represented the seller in the transaction.
ALLENTOWN, PA. — City Center Investment Corp. plans to open Downtown Allentown Market, a $4 million project in Allentown. The 12,000-square-foot retail space will be located within the City Center Allentown mixed-use development. The market will feature nine food and drink merchants, indoor and outdoor seating and flexible space for programming and pop-up shops. Brick-and-mortar tenants include sushi/poke concept Shinsen; Mediterranean restaurant Zahra; ice creamery Batch Microcreamery; Little Miss Korea; Doughnut Love, Licensed to Grill @ The Market; and Tavola pizzeria. The food hall will also house a distillery. City Center Investment Corp. partnered with Groundswell Design Group and mixed-use urban developer Cana Development on the project.
SHORT HILLS, N.J. — Cushman & Wakefield has negotiated two retail leases totaling 4,800 square feet in The Plaza at Short Hills in New Jersey. Atlanta-based boutique fitness concept Blast will open a 2,800-square-foot gym at the center for its first New Jersey location, and tutoring agency C2 Education will open a 2,000-square-foot store. David Townes and Alana Friedman of Cushman & Wakefield represented the landlord in the C2 Education deal, and Gary Krauss of Pierson Commercial Real Estate represented the tenant. Townes also represented Blast Fitness in the lease negotiations.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Pantego Auto Center, a 36,910-square-foot retail center in Arlington. The center was fully leased at the time of sale to a mix of tenants that serve the automobile industry. Bill Jordan and Steven McClendon of Marcus & Millichap represented the seller, a private investor, in the transaction. Dimitri Jordan, Justin Miller and Davis Hansen, also with Marcus & Millichap, secured the buyer, a 1031 exchange investor.
LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.
COTTAGE GROVE, ORE. — Hone Investments has completed the disposition of a retail asset located at 1074 E. Main St. in Cottage Grove in Central Oregon. West Plaza LLC bought the property for $5.7 million. Walgreens occupies the 14,820-square-foot retail property with 15 years remaining on its existing long-term lease. Jon Busse and David Kotansky of Colliers International San Diego Region represented the seller, while Jeff Miller of First Commercial Real Estate Services represented the buyer in the deal.