STAMFORD, CONN. — CBRE has arranged the sale of Newfield Green, a shopping center located in Stamford. Urstadt Biddle Properties acquired the property from Hoffman Investment Partners for $45.3 million. The 71,588-square-foot grocery-anchored center is more than 60 percent occupied by Grade A Market and CVS/pharmacy. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the deal.
BOSTON — GLL Real Estate Partners has completed the disposition of a mixed-use building located at 70 Franklin St. in Boston. Deka acquired the 85,977-square-foot property for $42.1 million. At the time of sale, the building was 91 percent leased to eight tenants, including TIAA-CREF, Jos. A. Bank and Papyrus. Robert Griffin, Edward Maher and Matthew Pullen of Newmark Grubb Knight Frank represented the seller in the transaction.
HOUSTON — On behalf of Griffin Partners, JLL has secured the sale of Nassau Bay Town Square, a 100 percent occupied, 50,253-square-foot retail development in Houston. An undisclosed buyer purchased the Class A asset for an undisclosed price. JLL also secured $12.9 million in acquisition financing, with Wells Fargo providing the securitized loan. George Cushing and Wendy Vandeventer led the JLL team on the sale. Jimmy Board and Paul House led the firm’s financing efforts. Located directly across from NASA’s Johnson Space Center, Nassau Bay Town Square is part of a 660,000-square-foot mixed-use development that includes office, multifamily and hotel assets. Tenants of Nassau Bay Town Center include Jimmy Johns, Five Guys, Berkeley Eye Center and Texas Citizens Bank.
CROMWELL, CONN. — CW Landmark Group has brokered the sale of Cromwell Commons, a retail center located at 136 Berlin Road in Cromwell. The Nugent Organization and J&V Ventures acquired the 114,000-square-foot property from Cromwell Commons RSK and MBMB Cromwell for an undisclosed price. Price Rite anchors the shopping center. Ralph Lewis and Daniel Bernardini of CW Landmark Group represented the buyer and seller in the deal.
SAGINAW AND MUSKEGON, MICH. — CBL & Associates Properties Inc. has sold two shopping malls in Michigan for $66.5 million. The private buyer was undisclosed. The properties include the 901,181-square-foot Fashion Square Mall in Saginaw and the 645,677-square-foot The Lakes in Muskegon. The sale price included the assumption of a $38.2 million loan secured by the Fashion Square Mall. CBL & Associates is an owner and developer of malls and shopping centers throughout the United States.
BIRMINGHAM, ALA. — DRA Advisors LLC has sold The Colonnade, a 127,031-square-foot shopping center located at the intersection of Highway 280 and I-459 in Birmingham. The property is shadow-anchored by The Summit, Bayer Properties’ 981,714-square-foot regional mixed-use center. The Colonnade was 91 percent leased at the time of sale to tenants such as Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Co., Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. Richard Reid and Jim Hamilton of HFF’s Atlanta office represented DRA Advisors in the sale of the property to Colonnade Retail Partners LLC, a group led by Shannon Waltchack, a Birmingham-based commercial real estate management firm. Terms of the sale were not disclosed.
FRISCO, TEXAS — Seattle-based Nordstrom Inc. plans to open a Nordstrom Rack at The Centre at Preston Ridge in Frisco. The 33,000-square-foot store is scheduled to open in fall 2017. Brixmor Property Group owns the retail center. Nordstrom Rack will join Saks Off 5th, T.J. Maxx, Target, DSW, Ross Dress for Less, Ulta Beauty, Old Navy and Best Buy. The Centre at Preston Ridge is located at the corner of Gaylord Parkway and Preston Road, just northwest of the Dallas North Tollway and Sam Rayburn Tollway intersection. This will be the sixth Nordstrom Rack in the Dallas area. The company also operates four Nordstrom stores: Stonebriar Centre, NorthPark Center, Galleria Dallas and North East Mall. Nordstrom Rack is the off-price retail division of Nordstrom, offering apparel, accessories and shoes at a savings of 30 to 70 percent compared with regular prices.
ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all in various stages of construction. The retail and office components of Avalon are fully leased, while the apartments are 98 percent leased. PGIM Real Estate plans to also purchase a second phase of the development, which will include about 90,000 square feet of retail and 276 luxury apartment units. The second phase is under construction with a planned completion date of mid-2017. “Avalon is one of the premier mixed-use development projects in the United States,” says Kevin Smith, head of Americas at PGIM. “The acquisition provides our investors …
ANTIOCH, CALIF. — SRS Real Estate Partners has brokered the sale of The Crossings, a retail center located at the corner of Hillcrest Avenue and Deer Valley Road in Antioch, for an undisclosed price. A limited partnership managed by Beverly Hills-based CNA Enterprises sold the property to a partnership controlled by Campbell-based JK Properties. Safeway and Rite Aid anchor the 125,000-square-foot property. Michael Federle of SRS represented the seller, while Mark Thomas, also of SRS, represented the buyer in the deal.
SUMMERVILLE, S.C. — GBT Realty Corp. has recently purchased a 10.5-acre site in Summerville for South Carolina’s first BJ’s Wholesale Club, a membership warehouse retailer that will also include a BJ’s Gas Station. The Brentwood, Tenn.-based developer purchased the site for nearly $1.9 million. The project will span 87,800 square feet and will be situated at the southeastern quadrant of I-26 and North Main Street (U.S. 17). GBT expects to deliver the Summerville BJ’s Wholesale Club in 2017. BJ’s operates more than 200 locations in 15 states.
