HEMPFIELD TOWNSHIP, PA. — CBL Properties, in partnership with Stadium Casino LLC, has unveiled plans to develop a 100,000-square-foot casino and entertainment complex at CBL’s Westmoreland Mall in Hempfield Township. Stadium Casino LLC is a joint venture between The Cordish Cos. and Greenwood Gaming & Entertainment. The new casino will backfill space currently occupied by Bon-Ton, which will close in early August. The project, which is expected to create 600 jobs, is subject to the review and approval of the Pennsylvania Gaming Control Board. A construction timeline will be released upon approval.
AURORA, COLO. — HFF has arranged $118.5 million in financing for The Forum Fitzsimons, a mixed-use residential and retail property located in Aurora, a suburb of Denver. The borrower is a joint venture between Catalina Development Co., The Pollin Group and Sightway Capital. Chris McColpin and Josh Simon of HFF arranged the five-year, floating-rate loan through a specialty finance company. Loan proceeds were used to replace the existing construction financing, which HFF arranged on behalf of the development team in 2015. Located at 13650 E. Colfax Ave., the four-story property features 397 apartments and 28,640 square feet of ground-floor retail space. Additionally, the property offers more than 15,000 square feet of amenities, including two resort-style pools and spas with outdoor fireplaces and grills; clubrooms with a theater and game room; a fitness facility with specialized yoga and cycling rooms; an internet café and business center; a dog washing facility and two bark parks; a bike shop; storage facilities; and a six-story gated parking structure.
COLUMBIA, S.C. — Colliers International has brokered the $16.3 million sale of Village at Town Center I, a 288,000-square-foot, open-air shopping center in Columbia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, a CMBS special servicer. Sandhill Center LLC, a South Florida-based private ownership group, acquired the asset. JC Penney and Books-A-Million anchor Village at Town Center, which was 84 percent leased at the time of sale. Additional tenants include Victoria’s Secret, Ann Taylor, Loft, Jos. A Bank, Panera Bread, Blaze Pizza, Moe’s Southwest Grill and Wild Wing Café. The property is the primary component of Village at Sandhill, a 300-acre mixed-use project located at the intersection of Clemson and Two Notch roads.
TALLAHASSEE, FLA. —CREC has acquired Killearn Shopping Center in Tallahassee for $15.9 million. The 95,229-square-foot retail center is home to tenants such as Hobby Lobby, CVS/pharmacy, Bonefish Grill, Five Guys, Moe’s Southwest Grill, Hungry Howie’s and Firehouse Subs. The center was fully leased at the time of sale. Warren Weiser, Alan Esquenazi and Andrew Remick represented CREC internally in the transaction. Carson Good and Tarik Bateh of JLL represented the seller, a joint venture between DDR Corp. and Madison International Realty.
GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Ct, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.
NEWARK, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a parking facility in downtown Newark. Located at 1160 Raymond Boulevard, the four-story garage can accommodate 357 vehicles. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, and Ryan Larkin of Cushman & Wakefield represented the sellers, Lincoln Equities Group and Welcome Parking. Edison Properties purchased the property.
HAVERTOWN, PA. — Marcus & Millichap has brokered the sale of a 2,735-square foot, retail property located at 800 N. Eagle Road in Havertown. The net-leased property, which was renovated in 2017, sold for $2.4 million or approximately $877 per square foot. Mark Taylor, Shannon Bona and Derrick Dougherty of Marcus & Millichap represented the seller, a partnership, in the transaction. The undisclosed buyer acquired the property as part of a 1031 exchange. The current tenants at the property are convenience store Swiss Farms and Tony Roni’s, a pizzeria.
SILVER SPRING, MD. — GBT Realty Corp., in partnership with Equity Resource Investments and Avante Financial Group, has acquired Ellsworth Place, a five-story retail and entertainment center in Silver Spring, for $92 million. Newmark Knight Frank arranged the transaction on behalf of the seller, a joint venture between Rockwood Capital and Petrie Richardson Ventures. Rialto provided acquisition financing. The 350,000-square-foot property spans a city block and is bordered by Fenton Street, Ellsworth Drive and Colesville Road, roughly six miles north of Washington, D.C. Ellsworth Place was 93 percent leased at the time of sale to tenants such as Marshalls, T.J. Maxx, Ross Dress for Less, Burlington, Five Below, Forever 21 Red, Foot Locker, Chipotle Mexican Grill, MOD Pizza and Ben & Jerry’s. Dave & Buster’s tops the building. The acquisition also includes air rights approved for up to 250,000 square feet of office space. Ellsworth Place features direct access to public parking via a pedestrian bridge and is located three blocks from the Silver Spring Metro station.
SAN JOSE, CALIF. — Equus Capital Partners Ltd. has sold Cityview Plaza, a nine-building, 579,541-square-foot office and retail complex in downtown San Jose. Jay Paul Co., a privately held real estate development firm based in San Francisco, acquired the asset. The 11-acre property sold for $284 million, according to local media reports. Spanning an entire city block, Cityview Plaza is situated across from the Adobe Worldwide Headquarters, and near the planned 8 million-square-foot Google Village. The complex includes 534,036 square feet of office space and 45,505 square feet of retail. In addition, the property includes more than 1,000 parking stalls situated within both a subterranean and structured parking garage. Equus’ equity fund, BPG Investment Partnership VIII & VIIIA, originally acquired Cityview Plaza in 2007 and invested $10 million in capital improvements. The renovation included new entrance points to the complex, landscaping, renovated lobby entries and common area improvements. Equus added on-site amenities including a fitness center, conference center, new restaurants and seating/meeting areas within the property’s central plaza. “We acquired the 67 percent leased Cityview Plaza in 2007 with a particular focus on the rare opportunity to secure a large, well-located mixed-use property in the rapidly evolving downtown San Jose …
MIAMI — Stambul, a Miami-based full-service construction and development firm, has acquired the Historic Walgreens Building in downtown Miami for $19.8 million. Located at 200 E. Flagler St., the building most recently housed La Epoca, a department store that closed in 2016. Habitat Development Corp., an entity owned by the Alonso family, sold the asset. Mika Mattingly and Gerard Yetming of Colliers International arranged the transaction on behalf of both parties. Stambul, which also restored the nearby Langford Hotel, plans to redevelop the building with high-end retail, dining and entertainment options. A construction timeline for the project was not disclosed. Built in 1936, the Art Deco-style building was the first Walgreens in Florida and the pharmacy chain’s third location outside of Chicago. The building is listed on the National Register of Historic Places and has also earned a historical designation from the City of Miami. Daniel Peña, a principal of Stambul, is also leading the restoration of the Old United States Post Office and Courthouse in downtown Miami. The redeveloped building will house Biscayne Brewing Co.