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RetailTexasUncategorized

Oldham Goodwin Brokers Sale of 170,000 SF Retail Power Center in College Station

by Taylor Williams

COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC, a brokerage and development firm based in Central Texas, has brokered the sale of University Shopping Center, a 170,000-square-foot retail power center in College Station. Located at 1901 S. Texas Ave. approximately half a mile from Texas A&M University, the center is anchored by tenants such as Ross Dress for Less, Big Lots and Hobby Lobby. Clint Oldham of Oldham Goodwin represented the seller, Allegiancy, a Virginia-based asset management firm, and procured the undisclosed buyer.

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RetailTexas

Prestige to Break Ground on 171,027 SF Shopping Center in Abilene

by Taylor Williams

ABILENE, TEXAS — New Mexico-based Prestige Development Group will break ground this month on The Shops at Abilene Village, a 171,027-square-foot shopping center that will be located at 3550 S. Clack St. in Abilene. Approximately 85 percent of the space is preleased to tenants such as Academy Sports + Outdoors, Burlington and Petco. Delivery of the center is scheduled for 2018.

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RetailTexas

Edifis Group Sells 8,500 SF Retail Center in Katy

by Taylor Williams

KATY, TEXAS — Edifis Group, a Texas-based investment firm, has sold Grand Crossing II, an 8,500-square-foot retail strip center located at the intersection of Interstate 10 and Grand Parkway in Katy. At the time of sale, the property, which is shadow-anchored by Costco, was 100 percent leased to Sleep Number, GrandLux Nail Lounge and American Dental Partners. Ryan West of HFF represented the seller in the transaction.

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New YorkNortheastRestaurantRetail

New Restaurants Announced at Hudson Yards in NYC

by Haisten Willis

NEW YORK CITY — Several new restaurants have been announced at Hudson Yards on the west side of Manhattan. Opening in late 2018, restaurants at the site will include Chef Thomas Keller’s American restaurant, a new concept from David Chang’s Momofuku, Chef Costas Spiliadis’ Greek seafood restaurant Estiatorio Milos, a brasserie concept from D&D London and an American Grill concept from Chef Michael Lomonaco. In partnership with Related Cos. and Oxford Properties Group, José Andrés’ ThinkFoodGroup will also debut a new Spanish concept.

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New YorkNortheastRetailTop Stories

Coach Looks to Become Multi-Brand Operation with $2.4B Acquisition of Kate Spade

by Kristin Harlow

NEW YORK CITY — Coach Inc. (NYSE: COH) has agreed to acquire Kate Spade & Co. (NYSE: KATE) for $18.50 per share in cash for a total transaction value of $2.4 billion. The acquisition is an important step in Coach’s evolution, according to Victor Luis, CEO of Coach. “Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials,” says Luis. “Through this acquisition, we will create the first New York-based house of modern luxury lifestyle brands, defined by authentic, distinctive products and fashion innovation.” Coach expects the combined company to realize $50 million in savings through improved efficiencies, scale, inventory management and supply chain optimization, according to Kevin Wills, CFO of Coach. So far, the deal looks promising for Coach as shares of its stock closed at $45.20 per share on Tuesday, May 9, the highest mark since 2014. Shares of Kate Spade stock also jumped post-announcement, closing at $18.40 on Tuesday, up from $16.97 on Friday, May 5. Yesterday, Goldman Sachs raised Coach’s rating to buy from neutral. BofA Merrill Lynch is providing bridge financing to Coach for the acquisition. Coach plans to pay the $2.4 billion …

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GeorgiaRetailSoutheast

Branch Properties Acquires 230,000 SF Retail Center in Gainesville, Georgia

by John Nelson

GAINESVILLE, GA. — Atlanta-based Branch Properties has acquired Village Shoppes at Gainesville, a 230,000-square-foot retail center located at 879 Dawsonville Highway in Gainesville. Branch purchased the Publix-anchored asset from Retail Properties of America for an undisclosed price. Other tenants include Old Navy, Ross Dress for Less, Party City, Marshalls, Shoe Carnival, Starbucks Coffee, Wingstop, The UPS Store, Great Clips and AT&T.

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RetailTexas

STRIVE Brokers Sale of 27,946 SF Retail Center in Port Arthur

by Taylor Williams

PORT ARTHUR, TEXAS — STRIVE, a Dallas-based investment sales firm, has brokered the sale of Port Arthur Corners Shopping Center, a 27,946-square-foot retail center in Port Arthur, a suburb of Beaumont. Shadow-anchored by WalMart, the center was 81 percent occupied at the time of sale. Bryce Gissler of STRIVE represented the seller, a Texas-based real estate firm, in the transaction. Other terms of sale were not disclosed.

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IllinoisMidwestRetail

Baum Arranges $4.5M Sale of Chase Bank Ground Lease in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.

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MidwestOhioRetail

Cooper Group Brokers $1.4M Sale of Property Net Leased to AutoZone in Chesterland, Ohio

by Kristin Harlow

CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.

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New JerseyNortheastRetail

Azarian Group Purchases Livingston Town Center in New Jersey for $21.3M

by Haisten Willis

LIVINGSTON, N.J. — The Azarian Group has acquired Livingston Town Center in Livingston from an affiliate of Onyx Equities for $21.3 million. Livingston Town Center is located at the intersection of East Mount Pleasant Avenue and North Livingston Avenue and includes 65,000 square feet of retail space. Tenants include Destination Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others.  Amenities include fountain and sitting areas, a parking garage and 114 attached townhomes. Livingston Town Center is 94 percent occupied.

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