LAS VEGAS — Vestar has acquired Best in the West, a 465,000-square-foot shopping center in Las Vegas. The price was $87 million, according to The Las Vegas Review-Journal. Bryan Ley and Jules Sherwood of HFF arranged the transaction on behalf of the seller, Weingarten Realty Investors. At the time of sale, Best in the West was 94 percent leased to tenants such as Best Buy, T.J Maxx, Stein Mart, PetSmart, DSW, Bed Bath & Beyond, JoAnn Fabrics, Office Depot, Ulta Beauty, Old Navy and Marshalls.
SANTA CLARITA, CALIF. — Colliers International has facilitated the sale of a retail center located at 23300-23314 Valencia Blvd. in Santa Clarita. A private investor acquired the property, situated on 3.5 acres, from DP Santa Clarita LLC for $9.8 million. Built in 1973 and renovated in 2012, the 45,429-square-foot property is fully leased to 99 Cents Only and Harbor Freight Tools. David Maling and Chris Maling of Colliers represented the seller in the transaction.
LOS ANGELES — Charles Dunn Co. has arranged the sale of a retail and industrial building located at 437-441 S. Los Angeles St. in downtown Los Angeles. JVS Real Estate Investment purchased the property from 441 Los Angeles Street LLC for $3.7 million. The buyer plans to renovate the vacant, three-story, 15,538-square-foot building for its retail and wholesale business. Chris Runyen of Charles Dunn Co. represented the seller, while interPres Realty represented the buyer in the deal.
VAN NUYS, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 6650 Van Nuys Blvd. in Van Nuys. An individual/personal trust sold the property to a private investor for $1.4 million. The property features 6,253 square feet of retail space. Brandon Michaels and Justin Rappel of Marcus & Millichap represented both the seller and buyer in the deal.
LOS ANGELES — Kreation has signed a lease to open a organic pressed juice cafe at 11754-11756 San Vicente Blvd. in the Brentwood neighborhood of Los Angeles. The juicer leased a 2,273-square-foot space from GPI Cos. Currently, Kreation has 12 juiceries and three cafes. Hilton & Hyland represented the tenant, while Houman Mahboubi, Greg Briest and Devin Klein of JLL represented the landlord in the transaction.
MOUNT PLEASANT, IOWA — Colliers International has arranged the sale of a 4,159-square-foot building occupied by Hardee’s in Mount Pleasant for $1.8 million. The property is located at 905 E. Washington St., about 50 miles south of Iowa City. Jon Busse, Joe Crotty and Josh McFadyen of Colliers represented the buyer, Kuhn Family Trust. Justin Zahn of Commercial Investment Advisors represented the seller, 4 G Properties LLC. Westar Food, a Hardee’s franchise with 36 locations, leases the property.
HOUSTON — Austin-based entertainment concept Flix Brewhouse will open a 38,750-square-foot cinema and microbrewery within Hub at Harvest Green, a 300,000-square-foot dining and shopping destination under construction in Houston. The center, which Trammell Crow Co. is developing, will be located at the intersection of Grand Parkway and West Airport Boulevard. Flix Brewhouse is the first entertainment anchor signed at Hub at Harvest Green, which is slated to open in summer 2019.
PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.
PORT CHARLOTTE, FLA. — GBT Realty Corp. has unveiled the tenant lineup and renovation plans for Port Charlotte Marketplace, a shopping center redevelopment project in Port Charlotte, roughly 40 miles south of Sarasota. Located at Tamiami Trail/US Highway 41 and Cochran Boulevard, the nine-acre site formerly housed a vacant 108,500-square-foot Kmart. Brentwood, Tenn.-based GBT acquired the 75-year ground lease last fall. Redevelopment plans include a complete renovation of the former Kmart building with an updated façade, the addition of two small shop buildings and new signage, paving and landscape. Signed tenants include a 40,000-square-foot Burlington, a 20,000-square-foot HomeGoods and a 7,500 square foot national shoe store. The center is approximately 76 percent leased, with 15,000 square feet available. Tenants are expected to open at the development this fall. The second phase of the project will include an additional 62,000 square feet of retail and restaurant space on the parcel’s five acres.
BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation’s largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone pharmacies. The Rite Aid merger will allow Albertsons to go public. Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders can receive either one share of Albertsons common stock plus about $1.83 in cash, or 1.079 shares of Albertsons stock. Depending upon the results of cash elections, upon closing of the merger, shareholders of Rite Aid will own a 28 percent to 29.6 percent stake in the combined company, while current Albertsons shareholders will own a 70.4 percent to 72.0 percent stake in the combined company on a fully diluted basis. The combined company plans to seek expanded opportunities in Albertsons’ many brands, including O Organics and Lucerne, along with its manufacturing and …
