PORTLAND, MAINE — Cardente Real Estate has negotiated the sale of Brighton Avenue Plaza, a 24,150-square-foot retail center located at 1041 Brighton Ave. in Portland, for approximately $3 million. Greg Perry of Cardente represented the buyer, All-American Family LLC, in the transaction. Charles Day of Porta & Co. represented the seller, 1041 Brighton Ave. LLC. The property was built in 1988.
PARSIPPANY, N.J., AND SAN FRANCISCO — One of the recently fallen retail giants is poised to make a return less than two years after its demise. Tru Kids Brands, the Parsippany-based parent company of Toys ‘R’ Us, and b8ta, a San Francisco-based experiential retail firm, have announced plans to bring back Toys ‘R’ Us stores to the United States. The retailer announced in March 2018 that it was declaring bankruptcy and would start an “orderly wind down” and close its 735 remaining stores. Now, 16 months later, the Tru Kids-b8ta joint venture is hoping to bring the 71-year-old brand back with more small-format, experience-based retail spaces. Plans call for the first two stores — located in The Galleria in Houston and Westfield Garden State Plaza in Paramus, New Jersey — to open before the holiday season. “With a 70-year heritage, the Toys ‘R’ Us brand is beloved by kids and families around the world, and continues to play a leading role in the hearts and minds of today’s consumers,” says Richard Barry, CEO of Tru Kids Brands and interim co-CEO of the new Toys ‘R’ Us joint venture. “We have an incredible opportunity to entirely reimagine the Toys ‘R’ Us …
ATLANTA — Jamestown has acquired The Shops Buckhead Atlanta, a 355,646-square-foot retail and office property in Atlanta’s Buckhead district. Situated along Peachtree Road and bounded by Pharr Road and Buckhead Avenue, The Shops Buckhead Atlanta is home to international retail brands such as Hermès and Tom Ford, as well as restaurants, entertainment and fitness tenants. The office space is fully leased to two tenants, Spanx’s global headquarters and No18, the first U.S. coworking location. Additionally, the property includes two prime development sites totaling 2.7 acres. OliverMcMillan developed the upscale, six-block property in 2014. In 2018, Brookfield Residential purchased OliverMcMillan and certain assets in its portfolio, which did not include Shops Buckhead Atlanta. Richard Reid, Trey Morsbach, Barry Brown, Jim Hamilton and Mike Allison of JLL represented the seller, an institutional joint venture, in the transaction. Atlanta-based Jamestown, which developed Ponce City Market and Manhattan’s Chelsea Market, will host a series of town hall meetings in the coming weeks that will be open to the community.
FORT MYERS, FLA. — Cushman & Wakefield has arranged the $49 million sale of Daniels Marketplace, a 106,739-square-foot shopping center in Fort Myers. The site, situated at 6891 Daniels Parkway, was fully leased at the time of the sale to tenants including Whole Foods Market, a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. There are also future development opportunities at the property. Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. The Cushman & Wakefield team of Mike Ryan, Brian Linnihan and Richard Henry arranged acquisition financing on behalf of the buyer, AEW Capital Management.
ATTLEBORO, MASS. — A joint venture between Unison Realty Partners and Argosy Real Estate Partners has acquired Bristol Place, a 421,680-square-foot shopping center in Attleboro. Anchored by Market Basket, Bristol Place is situated at the interchange of I-95 and Route 1A, eight miles north of downtown Providence. Built in 1993 and renovated in 2013, Bristol Place is home to a number of other tenants, including Home Depot, Party City, Bob’s Discount Furniture, Hobby Lobby and TJ Maxx. The joint venture tapped The Wilder Cos. as the property manager and leasing agent for the center. This assignment marks the seventh retail property in the Northeast that Wilder manages on behalf of Unison. The seller and sales price were not disclosed.
LOS ANGELES — Beverly Hills, Calif.-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of Matthews Real Estate Investment Services represented Bolour in the lease transaction.
MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.
DALLAS — Four Rivers Capital has begun construction of Weir’s Plaza, a 12-story office and retail building in the Knox-Henderson neighborhood of Dallas. The project will consist of 250,000 square feet of office space and 40,000 square feet of retail space, about 70 percent of which will be occupied by Weir’s Furniture. International law firm Kirkland & Ellis has signed a 65,986-square-foot office lease to occupy the buildings’ top three floors, and WeWork has signed a 71,598-square-foot lease for coworking space. Tommy Nelson and Dennis Barnes of CBRE represented Four Rivers Capital in the lease negotiations. Kevin Kushner, Phil Puckett, Harlan Davis and Neal Puckett of CBRE, along with Brooke Armstrong of JLL, represented Kirkland & Ellis. Completion of the project is slated for 2021. CBRE represented the landlord in the office lease negotiations. Tim Jordan and Clint Coe of JLL arranged construction financing for the project through PCCP LLC.
ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not disclosed.
RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.