ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has arranged the sale of an office/retail property located at 200 Homer Ave. in Ashland. WD Homer LLC acquired the property from NEREEF Ashland LLC for $7.8 million. The buyer plans to upgrade the building to attract more businesses to Ashland. Victor Galvani of SVN|Parsons Commercial Group|Boston represented the seller and buyer in the transaction.
CEDAR PARK, TEXAS — Endeavor Real Estate Group has signed leases with more than 20 tenants for its retail project in Cedar Park called The Parke. The property will encompass over 370,000 square feet and include retailers 365 by Whole Foods, Nordstrom Rack, ULTA, DSW, Michael’s, Marshall’s, Dick’s Sporting Goods, Field & Stream, Petco and Tuesday Morning. In total, Endeavor has leased over 270,000 square feet of leases at the project, located on 42 acres off the southwest corner of Highway 183A and New Hope Road. Endeavor broke ground on The Parke in March. The Parke’s grand opening will occur in the second quarter of 2017. More than 129,575 residents live within a five-mile radius of the site.
BENBROOK, TEXAS — The Silver Group has arranged the sale of a single-tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in the southwest Fort Worth suburb of Benbrook. The property consists of the newly constructed, 3,000-square-foot restaurant on a 1.1-acre parcel. The tenant, Vasari LLC, operates several Dairy Queen locations. The property is situated between Panda Express and Jack in the Box and is one block from CVS/pharmacy, Walgreens, Walmart and McDonald’s. The triple net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust, which bought the property utilizing a tax-deferred exchange.
WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of a 1,935-square-foot, single-tenant Starbucks located in Wichita Falls. PRA represented the seller, Truity Capital LLC. An out-of-state buyer purchased the asset for an undisclosed price. Starbucks recently expanded its footprint by 40 percent and renewed its lease for 10 years. Starbucks has been at the location on the southeast corner of Kemp and Kell boulevards since 2003. The entire team at PRA in Dallas handled the sale.
NASHVILLE, TENN. — American Threads, Alton Lane and Barcelona Restaurant and Wine Bar have leased space at Edgehill Village, a 56,000-square-foot retail hub in Nashville. American Threads, a women’s fashion retailer, will lease 1,529 square feet; Alton Lane, a custom menswear shop, will lease 883 square feet; and Barcelona, a Spanish tapas restaurant and wine bar, will lease 5,887 square feet, becoming the largest retail tenant at the property. Edgehill Village comprises eight masonry buildings situated near Music Row at Edgehill Avenue and Villa Place. The property formerly housed Whiteway Cleaners in the 1920s. The national tenants will move into the historic mixed-use property by the end of the year. Existing tenants at Edgehill Village include retailers Warby Parker and J. Crew Mens Shop; restaurants Old Glory and Edgehill; and major entertainment companies such as Live Nation, AEG and AC Entertainment. Edgehill Village is owned by Edgehill Village Partners, an entity including real estate developers Rob Lowe, Elliott Kyle, McClain Towery of Towery Development and Jay Weaver of Atlanta-based Weaver Capital Partners.
ELIZABETH CITY, N.C. — IRC Retail Centers Inc. has purchased Tanglewood Pavilions, a newly built, 158,000-square-foot retail power center located in Elizabeth City. IRC Retail Centers and joint venture partner Thompson Thrift Development Inc. broke ground on the center in October 2014 and completed construction within a year. The asset was 92 percent leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less, T.J. Maxx and Dollar Tree. As part of the pre-negotiated joint venture agreement following Tanglewood Pavilions’ construction and stabilization, IRC Retail Partners acquired 100 percent ownership of the property from Thompson Thrift for an undisclosed price described as “a discount to fair market value” in IRC Retail Centers’ 2014 annual financial report. According to the report, the company provided 90 percent of the equity for the development, while Thompson Thrift provided the remaining 10 percent equity. Formerly known as Inland Real Estate Corp., IRC Retail Centers is owned by funds managed by DRA Advisors LLC.
CHICAGO — Banana Republic has signed a 6,078-square-foot lease to occupy a two-story retail building under construction in the Lincoln Park neighborhood of Chicago. Centrum Partners is the developer of the project, located at 2720 N. Clark St., which is slated for completion in October. The 22,000-square-foot building will replace The Edge Bar and Grill. Alt School has preleased 13,199 square feet of space and will occupy the entire second floor. Meredith Oliver and Brendan Reedy of Cushman & Wakefield represented Banana Republic in the lease transaction.
PEORIA, ILL. — Locally owned boutique Blue has preleased 1,600 square feet of retail space at Plaza at Grand Prairie. Cullinan Properties is developing the 7,200-square-foot shopping center that is located at the intersection of War Memorial Drive and American Prairie Road in Peoria. Blue, along with retailers Massage Envy and Great Clips, will open this summer. This location will be Blue’s second store. Plaza at Grand Prairie is part of Grand Prairie Developments, a 200-acre mixed-use project. Components of Grand Prairie Developments include Plaza at Grand Prairie, Shoppes at Grand Prairie, Plaza West, Prairie Place, Shoppes West, Apartments at Grand Prairie and a Carmike Cinemas. Plaza at Grand Prairie is co-anchored by Hy-Vee and Gordmans. Other tenants include Longhorn Steakhouse, Famous Dave’s BBQ, Steak ‘n Shake and Starbucks.
MONTEBELLO, CALIF. — Combined Properties has planned a $5.5 million renovation for Mart Montebello, a retail center at the intersection of Montebello and Beverly boulevards in Montebello. Originally built in 1957 and last renovated in 1991, the new project will remodel and modernize the facades and pad buildings with new parapets, features, fascia materials and repainted color schemes. Additionally, the renovation includes a new pad building, currently under construction, that is leased to Chipotle and The Habit Burger. The renovation is expected to begin during this quarter with completion by the end of the year. Upon completion, the center will be renamed Montebello Mix.
DAVIS, CALIF. — Browman Development has acquired a five-building retail portfolio across four blocks in downtown Davis. Brinley Downtown Properties sold the fully-leased portfolio for an undisclosed price. Located at 513, 603 and 718 Second St., 209 F St. and 207 E St., the 71,437-square-foot portfolio is occupied by a variety of retailers, including Armadillo Music, Fleet Feet Sports, The Army Corps of Engineers, The Avid Reader, Spa Central, E Street Salon, Balance Point Pilates Studio, The Wardrobe, The Root of Happiness Kava Bar, and Sweet and Shavery. Erik Neese, Ken Reiff and Shaun Morrow of Cushman & Wakefield represented the seller in the transaction.
