Retail

Cushman & Wakefield Brokers $12.9M Sale of Craig Promenade Shopping Center in North Las Vegas

by Amy Works January 3, 2019

NORTH LAS VEGAS, NEV — Cushman & Wakefield has directed the sale of Craig Promenade, a neighborhood shopping center located at 655-755 W. Craig Road in North Las Vegas. Tulsa, Okla.-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity, purchased the asset from RREF-II KI Promenade, an entity formed by Rialto Capital Advisors. The acquisition price was $12.6 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the company’s Las Vegas office, represented the seller in the deal. Big Lots anchors the 81,057-square-foot retail center, which sits on 7.6 acres. At the time of acquisition, the property was 84.8 percent occupied.

January 3, 2019

Acquisitions California Retail Western

Sunflower Metro Buys Sunflower Plaza in Santa Ana for $9.5M

by Amy Works January 3, 2019

SANTA ANA, CALIF. — Sunflower Plaza Co. has completed the sale of Sunflower Plaza, a shopping center located at 3929-3941 S. Bristol St. in Santa Ana. Sunflower Metro LLC, a company owned by former NBA player Josh Childress, acquired the asset for $9.5 million. Built in 1979 and renovated in 2014, the 27,000-square-foot property is subject to a 30-year ground lease. Situated on 2.66 acres, the two-building property is anchored by Bank of the West, The Vitamin Shoppe, Panera Bread, Jersey Mike’s Subs and zpizza. Fouy Ly of Kidder Mathews represented the seller in the deal. Sunflower Plaza Co. is the original developer and this is first time the asset has sold in the last 40 years. Eyzenberg & Co., as financial advisor to Childress Ventures, secured a $7.4 million CMBS loan with a 20-year amortization through Morgan Stanley to fund the acquisition. Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the financing.

January 3, 2019

Acquisitions Nevada Retail Western

Colliers Arranges $2.4M Sale of 12,159 SF Retail Property in Las Vegas

by Amy Works January 3, 2019

LAS VEGAS — Colliers International has brokered the sale of a retail property, located at 2885 E. Charleston Blvd. in Las Vegas. E-Z Living LLC acquired the asset from El Mercado LLC for $2.4 million. The property features 12,159 square feet of retail space. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

January 3, 2019

Acquisitions Retail Texas

Centurion American Acquires Collin Creek Mall in Plano, Plans $1B Facelift

by Taylor Williams January 3, 2019

PLANO, TEXAS — Metro Dallas-based development firm Centurion America has acquired the majority of the Collin Creek Mall in Plano, with plans to spend $1 billion to convert the 1.1 million-square-foot shopping destination into a mixed-use development. According to Community Impact Newspaper, the company acquired the anchor buildings formerly occupied by Macy’s, Dillard’s and Sears, as well as the interior structure of the mall. John Schupp, Mike Kennedy and Darrell Betts of Avison Young brokered the sale of the mall and the adjacent property formerly occupied by Sears. Once rezoning is approved, construction is slated to begin in summer 2019. The project is expected to be completed in multiple phases with a final completion date tentatively set for 2021. The future of the mall, which has faced declining occupancy in recent years, has been uncertain since Dallas developer Sam Ware’s bid to acquire the property fell through in 2018.

January 3, 2019

The-Shops-at-Chisholm-Trail-Ranch-Fort-Worth

Development Retail Texas

2GR Equity to Develop 215,000 SF Retail Power Center in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Grapevine, Texas-based 2GR Equity, in a joint venture with Paravest Capital and StreetLevel Investments, will develop a 215,000-square-foot retail power center at the corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The center, which will be branded The Shops at Chisholm Trail Ranch, will be situated on 35 acres within the Chisholm Trail Ranch master-planned development. The property is 70 percent preleased to tenants such as Marshalls, Old Navy, Ulta Beauty, Five Below and Sprint. The project is scheduled for completion during the first half of 2020.

January 3, 2019

Acquisitions Michigan Midwest Retail

Cooper Group Brokers $14.7M Sale of Shopping Center in Chesterfield, Michigan

by Kristin Harlow January 3, 2019

CHESTERFIELD, MICH. — The Cooper Commercial Investment Group has brokered the $14.7 million sale of Chesterfield Village, a 155,958-square-foot shopping center in Chesterfield, about 35 miles north of Detroit. Notable tenants include Applebee’s, Panera Bread, Buffalo Wild Wings, Harbor Freight Tools, Famous Footwear, Dunham’s, Sally Beauty Supply, Staples and Anytime Fitness. Dan Cooper of Cooper Group represented the seller, a private investment group. The buyer was not disclosed. The sales price represents a cap rate of 8.77 percent.

January 3, 2019

Acquisitions Midwest Retail Wisconsin

Gorjian Acquisitions Purchases Two Retail Properties in Milwaukee

by Kristin Harlow January 3, 2019

MILWAUKEE — Gorjian Acquisitions has purchased two retail properties in Milwaukee for an undisclosed price. A private seller sold both properties as a portfolio. Bradley Square, located on North 76th Street, spans 19,545 square feet. The building is 86 percent occupied by tenants that include a State Farm insurance office, podiatry office, mortgage office and a senior day care. The other property, Teutonia Square, is fully occupied and spans 8,303 square feet.

January 3, 2019

Acquisitions Indiana Midwest Retail

ACH Purchases 77,871 SF Shopping Center in Muncie, Indiana

by Kristin Harlow January 2, 2019

MUNCIE, IND. — Albanese Cormier Holdings (ACH) has purchased Muncie Marketplace for an undisclosed price. Built in 2014, the 77,871-square-foot shopping center is located at 600 E. McGalliard Road in Muncie. Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Men’s Wearhouse, Kay Jewelers and GameStop fully occupy the property. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.

January 2, 2019

Acquisitions Midwest Missouri Retail

Hanley Investment Group Brokers $8.2M Sale of Retail Property in Suburban St. Louis

by Kristin Harlow January 2, 2019

KIRKWOOD, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of Kirkwood Square near St. Louis for $8.2 million. Built in 2017, the 15,944-square-foot retail center is situated on 1.3 acres on Manchester Road in Kirkwood. Mercyhealth Family Medicine, Mercy-GoHealth Urgent Care, AT&T, Treats Unleashed and Sport Clips fully occupy the property. Jeff Lefko and Bill Asher of Hanley, along with Kevin Shapiro of L3 Corp., represented the seller, Kirkwood Square LLC. Steve Maynard of Maynard Group represented the buyer, a Los Angeles-based private investor.

January 2, 2019

Acquisitions New York Northeast Retail

Compass Commercial Arranges Sale of 8,400 SF Retail Center in Greenwich Village

by David Cohen January 2, 2019

NEW YORK CITY — Compass Commercial has arranged the sale of an 8,400-square-foot retail center in the Greenwich Village neighborhood of Manhattan. The sales price was not disclosed. Located at 44-58 E. 8th St., the property is comprised of seven retail units. The tenant roster includes Dunkin’ Donuts, Verizon, uBreakiFix and a Chinese restaurant. Also included in the sale is an underground parking garage with 40 spaces. Adelaide Polsinelli and Mitchell Goldstick of Compass represented both the seller, Three Street Realty Co., and the buyer, a local investor, in the transaction.

January 2, 2019

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