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AcquisitionsFloridaGeorgiaRetailSoutheast

Sembler, Forge Acquire Two Publix-Anchored Shopping Centers in Florida, Georgia

by John Nelson

NAPLES, FLA. AND KENNESAW, GA. — The Sembler Co. and Forge Capital Partners have purchased a pair of Publix-anchored shopping centers in Naples, Fla., and Kennesaw, Ga. The companies purchased the centers for an undisclosed price via their Forge Real Estate Partners IV (FREP) investment fund. The properties include the 59,893-square-foot Naples Lake Village Center and the 68,744-square-foot Kennesaw Walk. Sembler will serve as the property manager and leasing agent for both properties. Including these properties, Sembler and Forge have acquired 14 shopping centers in the Southeast and Texas using their FREP investment vehicles.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $6.3M Sale of Shopping Center in Metro Orlando

by John Nelson

LONGWOOD, FLA. — SRS Real Estate Partners has arranged the $6.3 million sale of Shoppes at Village Square, a 61,200-square-foot shopping center located at 851 E. State Road 434 in Longwood, about 14 miles north of downtown Orlando. The center was 88 percent leased at the time of sale to tenants such as O’Reilly Auto Parts, Sherwin-Williams and CrossFit Evolution. Kevin Yaryan of SRS’ Investment Properties Group in Orlando represented the seller, Harvest Holdings LLC, in the transaction. Trey Gravenstein of First Capital Property Group represented the buyer, Shoppes at Village Square LLC.

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AlabamaLeasing ActivityRetailSoutheast

GBT Realty Signs HomeGoods, Shoe Station at Tuscaloosa Shopping Center

by John Nelson

TUSCALOOSA, ALA. — GBT Realty has signed HomeGoods and Shoe Station to lease space at McFarland Plaza, a 234,000-square-foot retail power center located at 2600 McFarland Blvd. in Tuscaloosa, about one mile south of the University of Alabama. HomeGoods will backfill a former Toys ‘R’ Us store spanning 23,000 square feet, and Shoe Station will lease 11,900 square feet. The center was 97 percent leased at the time of sale to tenants such as Ross Dress for Less, T.J. Maxx, Stein Mart, Cato Fashions, Michaels and Pet Supplies Plus. GBT Realty’s leasing team is currently seeking quick-service restaurants, financial services, medical/dental chains and other service providers to fill McFarland Plaza’s remaining small shop space.

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AcquisitionsRetailTexas

Cushman & Wakefield Closes Sale of 12,768 SF Strip Retail Center in Houston

by Taylor Williams

HOUSTON — Cushman & Wakefield has closed the sale of Bissonnet Corner, a 12,768-square-foot strip retail center in the Bellaire neighborhood of Houston. The property, which was built in 2008, includes a mix of local retailers, including Saltillo Mexican Kitchen and Bissonnet Dental. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield represented the private seller in the transaction. The buyer was an undisclosed private investor.

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Aldi-King-of-Prussia
Leasing ActivityNortheastPennsylvaniaRetail

Aldi to Open 19,230 SF Grocery Store in King of Prussia Center in Pennsylvania

by Taylor Williams

KING OF PRUSSIA, PA. — German discount grocer Aldi will open a 19,230-square-foot store at 197 E. Dekalb Pike in Montgomery County, Pa., this spring. The retail property will be situated at the 119,000-square-foot King of Prussia Center, about 20 miles northwest of Philadelphia. Jeffrey Cohen and Nelson Wax of CBRE represented the landlord, D&P Associates, in the lease negotiations. The family-owned business developed the mall beginning in the 1980s.

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1419-W-Olive-Ave-Porterville-CA
AcquisitionsCaliforniaRetailWestern

CBRE Brokers Sales of Two Smart & Final Grocery Stores in Central California Totaling $14.8M

by Amy Works

FRESNO AND PORTERVILLE, CALIF. — CBRE has negotiated the sales of two Smart & Final grocery stores in Central California. A private investor acquired the properties as corporate leasebacks for a combined total of $14.8 million. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, a Los Angeles-based grocery chain with more than 300 locations in the western United States. Jerry Suyderhoud of Newmark Knight Frank represented the buyer in the deal. The properties are a 33,150-square-foot Smart & Final, located at 2425 Blackstone Ave. in Fresno, and a newly built, 31,341-square-foot property at 1419 W. Olive Ave. in Porterville. The Fresno asset was built in 1991 and renovated in 2018.

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Harbor-Freight-Tools-Burbank-CA
AcquisitionsCaliforniaRetailWestern

SBH Real Estate Sells 14,000 SF Retail Asset in Southern California for $7.8M

by Amy Works

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has completed the disposition of a retail property in Burbank. A private investor acquired the asset for $7.8 million. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and new HVAC system. Harbor Freight Tools occupies the 14,000-square-foot property. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.

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360-W-16th-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $2.6M Sale of Two-Tenant Retail Property in Merced

by Amy Works

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.

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DevelopmentIllinoisMidwestRetail

Englewood Construction to Build Two Chicago-Area Projects

by Kristin Harlow

CHICAGO — Englewood Construction has been named general contractor for two Chicago-area projects. The first is the conversion of a former meatpacking building in Chicago’s Fulton Market neighborhood for commercial use. Construction on the 19,000-square-foot, four-story building will begin this summer. Entrepreneur Aiman Humadieh is the developer.  The second project is the construction of a new 6,000-square-foot retail building on the border of Chicago’s Uptown and Buena Park neighborhoods. The project, which is part of the development plans for the neighboring Eight Eleven Uptown residential tower, is a joint venture between Harlem Irving Co. and JDL Development. OKW Architects Inc. is the architect. Completion is slated for late this summer.

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