BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.
CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has inked leases with three new tenants at Plymouth Meeting Mall in Philadelphia. Burlington, Dick’s Sporting Goods and Edge Fitness will open locations at the mall in spring 2019, backfilling the space formerly occupied by Macy’s. PREIT is also negotiating leases with an arts and crafts purveyor and a craft brewery. Current tenants at Plymouth Meeting Mall include LEGOLAND Discovery Center, Dave & Buster’s, Bath & Body Works, CycleBar, H&M, Whole Foods Market and AMC Theatre.
NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed.
SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.
CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.
PLANO, TEXAS — Plano-based JC Penney will introduce expanded baby shops in 500 of its stores. Beginning Aug. 30, in-store shoppers will have access to a larger selection of cribs, high chairs, strollers and other childcare items, some of which were previously only available online. Most of the 500 stores in question are located near former Babies ‘R’ Us stores, which closed as part of the Toys ‘R’ Us bankruptcy liquidation that was filed earlier this year.
NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has orchestrated the sale of a 5,742-square-foot retail property in North Haven. Kitchen Advantage LLC acquired the vacant property for an undisclosed price and will relocate its kitchen design showroom to the location. Stephen Press of SIOR represented the seller, 278 State Street LLC, in the transaction. The property sits on a 0.6-acre corner lot at 276-278 State St.
MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.
INVERNESS, FLA. — Time Equities Inc. (TEI) has acquired Citrus Center, a 142,196-square-foot shopping center in Inverness, for $15.5 million. Casey Rosen and Dennis Carson of CBRE arranged the transaction on behalf of the seller, an affiliate of McKinley Cos. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company internally. T.J. Maxx anchors Citrus Center, which was 98 percent leased at the time of sale. Additional tenants include Regal Cinemas and Office Max. Bealls Outlet shadow-anchors the center.
