BRIDGEPORT, CONN. — Angel Commercial has arranged the sale of a retail strip center located at 4086-4108 Main St. in Bridgeport. A private investor acquired the property from Applebaum Schneider for $1 million. Luigi’s Italian Pastries anchors the 6,380-square-foot property. Lester Fradkoff of Angel Commercial represented the seller and buyer in the deal.
JONESBORO, GA. — Big V Capital LLC has purchased Crossroads South, a 207,404-square-foot shopping center located at 7965 Tara Blvd. in Jonesboro, roughly 17 miles south of Atlanta. The center was 91 percent leased at the time of sale to tenants including Kroger, Badcock Furniture, Planet Fitness, Roses, Subway, UPS and H&R Block. Big V Properties, the property management affiliate of Big V Capital, will manage the retail center. The sales price and seller were not disclosed.
MARIETTA, GA. — Ziff Properties Inc. has acquired Burnt Hickory Village, a 56,640-square-foot retail center located in Marietta, roughly 20 miles north of Atlanta, for $8.7 million. Robby Pfeiffer of Marcus & Millichap facilitated the transaction. The seller was not disclosed. Chicken and the Egg, a farm-to-table restaurant, is housed in the center.
WESTLAND, MICH. — Cohn Commercial Properties Inc. has arranged the sale of a 30,000-square-foot shopping center in Westland, about 16 miles west of Detroit. The sales price was not disclosed. The property is located at 35700 W. Warren Road across from Westland Mall. Prime Healthcare Services-Garden City LLC purchased the property from MI Westland Retail Center LLC. Cohn Commercial brokered the transaction on behalf of both parties.
PEARLAND, TEXAS — A joint venture between Stream Realty Partners and Thackery Partners has sold The Center at Pearland Parkway I, a 167,704-square-foot retail power center located at the intersection of FM 518 and Pearland Parkway in the Houston metro of Pearland. Completed in 2014, the property was fully leased at the time of sale to tenants such as T.J. Maxx and Ross Dress for Less. Dunhill Partners Inc. purchased the asset for an undisclosed price.
NEW YORK CITY — Global fashion retailer Michael Kors has agreed to acquire Jimmy Choo, a London-based luxury footwear and accessories brand, for approximately $1.35 billion. Jimmy Choo PLC (LON: CHOO) has approximately 150 company-operated retail stores, 560 multi-brand locations and more than 60 franchise stores in locations worldwide. The company has a strong presence in the Americas, Europe, the Middle East, and Asia. With this acquisition, Michael Kors Holdings Limited (NYSE: KORS) hopes to grow Jimmy Choo sales to $1 billion; balance its portfolio with greater product diversification; enhance the company’s position in the men’s and women’s luxury footwear segment; and enhance exposure to global markets, with a particular focus on Asia. Michael Kors expects the transaction to close during fourth-quarter 2017. “Jimmy Choo [is] an iconic brand with a rich history as a leading global luxury house,” says John Idol, chairman and CEO of Michael Kors. “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.” Michael Kors has committed bridge financing from JPMorgan Chase Bank N.A. and Goldman Sachs Bank USA to satisfy fund requirements of the U.K. Takeover Code. The transaction is expected …
HENDERSON, NEV. — At Home Group Inc. has opened its first Nevada location in Henderson. The home décor superstore is the company’s westernmost location as it enters its 33rd state. Nevada’s first At Home is more than 140,000 square feet and offers over 50,000 home décor items from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal items, including more than 100 different Christmas tree varieties. The Henderson At Home is one of more than 25 new store openings this year for the home décor chain. The company is headquartered in Plano, Texas, and currently operates 136 stores in 33 states.
BAYONNE, N.J. — Marcus & Millichap has arranged the sale of a retail property located at 563-567 Broadway in Bayonne. A private investor sold the property for $1.1 million, or $192 per square foot. The building features 5,600 square feet of retail space. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
BELTON, MO. — Christie Development has broken ground on the $63 million second phase of construction for the Belton Gateway in Belton, about 20 miles south of Kansas City. The retail property consists of more than 182,000 square feet of developable space. Infrastructure, pad site preparation and road reconstruction are underway, with the first restaurant slated to open later this year and five new retailers set to open in early 2018. The future home of Kneaders Bakery & Cafe is under construction on the southeast corner of the 47-acre, $136 million mixed-use development. Ross Dress for Less, Marshalls, Party City, Petco and Five Below will also open at the property. Phase I construction included a 58,000-square-foot Academy Sports + Outdoors, a 55,000-square-foot Hobby Lobby and two multiple-tenant retail buildings that are home to Belton Family Dental Care, Fazoli’s and Cricket Wireless.
PLANO, TEXAS — EDGE Realty Capital Markets has brokered the sale of a 12,205-square-foot, two-tenant retail property located at the intersection of Dallas North Tollway and West Park Boulevard in Plano. The property is leased to Mattress Firm and Elite Care ER. Stroud Arthur of EDGE represented the seller, G Whis/Park Place LLC, in the transaction.
