LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.
SAN FRANCISCO — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand. Since joining Gap Inc. in 1991, Owen has held a variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores. San Francisco-based Gap Inc. oversees the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Gap Inc. has approximately 3,300 company-operated stores, 450 franchise stores and e-commerce sites.
SAN FRANCISCO — The Gymboree Corporation’s current CEO, Mark Breitbard, will assume the role of chairman of the board of directors, effective Feb. 1, 2017, and will step down as chief executive officer once a successor has been appointed. The board of directors will initiate a search to identify a CEO to lead the San Francisco-based company. As of Oct. 29, 2016, The Gymboree Corporation operated a total of 1,300 children’s apparel stores: 591 Gymboree stores (541 in the United States, 49 in Canada and one in Puerto Rico); 174 Gymboree Outlet stores (173 in the United States and one in Puerto Rico); 150 Janie and Jack shops (149 in the United States and one in Puerto Rico); and 385 Crazy 8 stores in the United States.
DALLAS — Hanley Investment Group has brokered the sale of a retail property located at 6530 N. Central Expressway in Dallas. An Austin-based private investor acquired the 3,377-square-foot store from a Chicago-based development firm for an undisclosed price. Just Brakes occupies the building, which was built in 1964 and renovated in 2014. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the buyer and seller in the deal.
SEGUIN, TEXAS — Marcus & Millichap has arranged the sale of a restaurant property located at 498 N. Highway 123 Bypass in Seguin. Wendy’s net leases the 2,864-square-foot property, which was built in 2003. Geoff Ficke and Collin Kraft of Marcus & Millichap represented the undisclosed seller. The name of the buyer and acquisition price were not released.
COLLINSVILLE, ILL. — Integra Real Estate Capital has negotiated a $3.2 million non-recourse loan for the acquisition of Orchards Shopping Center in Collinsville, 15 miles east of St. Louis. Dollar General, Asia Gardens and HSHS Medical Group anchor the 65,143-square-foot center. Meyer Perlman of Integra secured the 10-year, fixed-rate loan through a CMBS lender on behalf of the borrower, a New York-based investment group.
EAST HAVEN, CONN. — O,R&L Commercial has arranged a long-term lease for 26,460 square feet of retail space at Foxhaven Plaza, located on Foxon Road in East Haven. Flippin Out, dba Rockin’ Jump Trampoline Park, will open a location at the shopping center in early February. Rich Guralnick of O,R&L Commercial represented the landlord, Foxhaven Plaza LLC, while David Gorback of Colonial Properties represented the tenant in the deal.
SAN RAFAEL, CALIF., AND BURLINGTON, WASH. — Macerich has completed the disposition of two retail centers in California and Washington. Merlone Geier Partners acquired the properties — Northgate Mall in San Rafael and Cascade Mall in Burlington — for $170 million. The transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate Mall.
WEST HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sale of a mixed-use development site located at 431 N. La Cienega Blvd. in West Hollywood. A group of local and national developers acquired the 32,574-square-foot site for $21.2 million. At the time of sale, the property was occupied by Royal Car Wash and other local retailers. The property also features multifamily units. Brandon Michaels and Lonnie McDermott of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.