HOUSTON — EDGE Realty Capital Markets has brokered the sale of Citywest Retail Center, an 11,911-square-foot shopping center located at 2550 Citywest Blvd. and 10550 Westheimer Road in Houston. The property houses several national and regional tenants, including FedEx, MOD Pizza, Panera Bread and Tropical Smoothie Café. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
DENTON AND ADDISON, TEXAS — Venture Commercial has executed two restaurant leases totaling 11,225 square feet in North Texas. The Lion & Crown, an English-style pub, will occupy 9,700 square feet at 101 W. Hickory St. in Denton, and 3 Natives Juice Bar has signed a 1,525-square-foot lease at 5100 Belt Line Road in Addison. In the first transaction, Greg Blandford of Venture Commercial represented the tenant, and Alex Payne of Axis Realty Group of Denton Inc. represented the landlord. In the second deal, Tim Henson of Venture Commercial represented the tenant and Amanda Throckmorton and Easley Waggoner, also with Venture Commercial, represented the landlord.
VISTA, CALIF. — Ohio-based SITE Centers (formerly DDR) has completed the disposition of Vista Village, an entertainment-focused neighborhood shopping center in Vista. Las Vegas-based CFT Vista acquired the property for an undisclosed price. Built in 2003, the 195,009-square-foot property is occupied by Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus and Crunch Fitness, among others. Jimmy Slusher, Eric Shain, Philip Voorhees and Reg Kobzi of CBRE represented the seller and buyer in the transaction.
DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.
CHICAGO — Meijer continues to roll out its “shop & scan” mobile shopping checkout program, announcing 23 stores in Chicago and northwest Indiana following success in Michigan test markets. The technology is available through the Meijer mobile app. Users can scan bar codes on items as they shop. A running total of items is calculated and shoppers can scan their phones at a self-checkout lane to pay. The Meijer mobile app has been downloaded more than 1.1 million times since the pilot launch at 54 Michigan stores last year, according to Gerald Melville, regional vice president. More than 80 percent of Meijer customers have repeatedly used the app. Grand Rapids, Mich.-based Meijer will continue to roll out the program at stores throughout 2019. The grocer operates more than 240 stores throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin.
2018 was a year of redevelopment, adjustment and correction for the Fort Worth retail market. Some real estate professionals believe this activity was the result of the collective, pent-up demand among quality retailers for a store presence in Fort Worth. Some believed they that could duplicate the atmosphere created by The Domain, a 1.2 million-square-foot mixed-use destination in Austin that has achieved tremendous success. The previous three years saw more than 2.5 million square feet of new retail space delivered in Fort Worth, a figure that exceeds the combined total for the previous 10 years. For example, in September 2017 Simon Property Group, in partnership with Cassco Development Co., opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury shopping, dining, entertainment and mixed-use destination situated in the heart of Fort Worth. The Shops at Clearfork also includes office space. Other retail projects that contributed to new supply included WestBend, Waterside, Left Bank and Presidio. This new development caused a spike in vacancy to 8.7 percent by the end of the year as landlords were all looking to stabilize their assets from the same tenant pool. At the same time, retailers, restaurants, service firms and experiential companies were cautious and calculated …
CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage Finance.
BOSTON — CBRE has arranged the $26.2 million sale of the building that houses The Skating Club of Boston. Located at 1240 Soldiers Field Road in Boston’s Brighton neighborhood, the figure skating club, which was founded in 1912, is the third oldest in the United States. Mark Reardon and Matt Furey of CBRE represented the seller, The Skating Club of Boston, in the transaction. The buyer was the Davis Cos.
WOODBRIDGE, N.J. — HFF has secured a $25.5 million acquisition loan for Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge. Located at 451-479 Green St., the property was built in 2001 and renovated in 2018. The center is approximately 80 percent leased to a tenant roster that includes Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office. Michael Klein and Rob Hinckley of HFF secured the financing on behalf of the borrower, PAG Investments. Citizens Bank provided the five-year, fixed-rate loan.
HUMBLE, TEXAS — Marcus & Millichap has brokered the sale of a 10,714-square-foot retail property that is net-leased to Mattress One in Humble, a northern suburb of Houston. Nate Newman of Marcus & Millichap represented the seller, a Florida-based family trust, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity.