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AcquisitionsNew JerseyNortheastRetail

CBRE Negotiates $53M Sale of Grocery-Anchored Shopping Center in New Jersey

by David Cohen

EDISON, N.J. — CBRE has negotiated the $53 million sale of Festival Plaza, a 151,763-square-foot, grocery-anchored shopping center in Edison. Asian grocer H Mart anchors the center, which is located at 1711-1783 Lincoln Highway. Other tenants include C2 Tutoring, China Trust Bank and Sunbright Hair Salon. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Edison I LLC, in the transaction. The buyer was a local private investor. The population within three miles of the center is 131,555, according to CBRE.

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Uptown-Park-Houston
DevelopmentRetailTexas

EDENS to Redevelop 154,000 SF Shopping Center in Houston

by Taylor Williams

HOUSTON — EDENS, a retail developer with six offices across the country, will redevelop Uptown Park, a shopping center totaling roughly 154,000 square feet in Houston. The redevelopment project will add shaded walkways that connect the buildings and enhance the property’s common areas. All retailers will remain open during the project. In addition, Flower Child, an Arizona-based healthy food concept, will open a restaurant at Uptown Park this summer as part of the redevelopment.  

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AcquisitionsRetailSoutheastTennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

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AcquisitionsArizonaRetailWestern

LevRose Commercial Negotiates $7.2M Acquisition of Shopping Center in Phoenix

by Amy Works

PHOENIX — LevRose Commercial Real Estate/TCN Worldwide has arranged the acquisition of Bell Park Plaza, a shopping center located at the northeast corner of 43rd Avenue and Bell Road in Phoenix. Canada-based Triumph Real Estate Investment Fund from Hanley V Properties purchased the retail property for $7.2 million. At the time of closing, the 33,480-square-foot property was 93 percent occupied. Tenants include Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Jon Rosenberg and Keri Davies of LevRose represented the buyer, while Greg Abbot of CBRE represented the undisclosed seller in the deal.

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AcquisitionsMidwestNet LeaseOhioRetail

Marcus & Millichap Brokers $1.1M Sale of Property Net Leased to Advance Auto Parts in Ohio

by Kristin Harlow

LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.

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AcquisitionsColoradoRetailWestern

NKF Brokers $1.7M Acquisition of Retail Building in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Horizon Real Estate Development – Colorado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF represented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction.

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OReilly-Auto-Chandler-AZ
AcquisitionsArizonaRetailWestern

Silver Group Arranges Sale of Car Parts Shop in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — The Silver Group has brokered the sale of a single-tenant retail property located at 4314 E. Chandler Blvd. in Chandler. A local buyer acquired the property from a West Coast-based seller for an undisclosed price. The property consists of a freestanding, 6,500-square-foot building, which O’Reilly Auto Parts occupies. CSK Auto developed and occupied the property, which the undisclosed seller acquired in 2000. O’Reilly Auto later acquired CSK, forming the nation’s third largest auto parts retailer operating 5,000 locations in 47 states. The Silver Group represented the buyer and seller in the deal.

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AcquisitionsRetailSoutheastTennessee

Cooper Commercial Arranges $3.8M Sale of Retail Center in Memphis

by Camren Skelton

MEMPHIS, TENN. — Cooper Commercial Investment Group has arranged the $3.8 million sale of The Shops at Cordova Station, an 18,950-square-foot retail center in Memphis. Bob Havasi and Dan Cooper of Cooper Commercial arranged the transaction on behalf of the seller, a private investment group. A New Hampshire-based investor acquired the asset. The Shops at Cordova Station was fully leased at the time of sale to tenants such as Iberia Bank, 3 Guys Pizza Pies, Avis Car Rental, Jenny’s Nails and Game X-Change.

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AcquisitionsProperty TypeRetailTop Stories

H&R REIT to Sell 63-Property Retail Portfolio for $633M

by John Nelson

TORONTO — H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for US$633 million. The sale includes 63 assets and is expected to close in June. The Toronto-based REIT’s portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl’s, Rite Aid, Sam’s Club, Lowe’s Home Improvement and The Home Depot. H&R REIT (TSX: HR.UN) still owns 16 gas and convenience stores in the United States. The buyer was not disclosed. The company plans to use a large portion of the sale proceeds to grow Lantower Residential, the REIT’s multifamily investment arm that comprises nearly 15 percent of the company’s real estate portfolio. The REIT will also use the proceeds to repay US$205.9 million of mortgage debt on the portfolio and buy back stock. “This transaction follows through on our strategy of narrowing and streamlining our focus, while enhancing the quality and growth profile of our portfolio,” says Thomas Hofstedter, president and CEO of H&R REIT. Following the sale, H&R REIT expects for office investments and developments to make up approximately 47 percent of its real estate portfolio, with the company’s Primaris retail division making up more than 20 percent. H&R REIT …

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FeaturesRetail

Architecture Aids in Retail Branding

by Katie Sloan

As brick-and-mortar retail centers evolve to compete with online retailers, architects are helping developers and tenants with the evolutionary process. Shopping Center Business, sister publication to REBusinessOnline, asked four architects for their insights about how developers and retailers are grappling with the questions of branding. Sharing their thoughts are Sean Selby, principal with Boston-based Arrowstreet; Simon Perkowitz, principal with Irvine, California-based KTGY Architecture + Planning; Jim Baeck, principal with Baltimore-based Design 3 International (D3i); and Frankie Campione, principal and creative director of New York City-based CREATE Architecture Planning & Design. REBO: Specific to architecture, how is retail branding evolving? Selby: The days of retailers being all things to all customers are over. Retailers are discovering that if they focus on their core mission and what they do better than everyone else, they’re more successful. For example, L.L. Bean is regarded as the greatest outdoor outfitter in the world, supplying their customers with all the gear needed to hike, paddle, and play outside. Arrowstreet has helped L.L. Bean roll out a number of stores across the country in a variety of locations and settings. Walking through their stores is like walking through one of their catalogs. Barnboard walls, fish tanks stocked with brook …

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