SAN ANTONIO — Sterling Organization, a private equity real estate investment firm headquartered in Palm Beach, Fla., has acquired Park North, a 635,382-square-foot retail power center in San Antonio. The asset was purchased on behalf of the firm’s institutional value-add fund Sterling Value Add Partners II LP for $81 million. Chris Cozby and Chris Gerard of the CBRE National Retail Investments Group’s Dallas office brokered the transaction. Park North consists of 17 retail buildings on 45.8 acres. The property is located along San Antonio’s Interstate Loop 410 between Blanco Road and San Pedro Avenue. Park North is 73 percent occupied and is anchored by Target, Alamo Drafthouse Cinema and Cost Plus World Market.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of two shopping centers located in San Antonio. Both properties are located in the northwest submarket near Loop 410. The first property, located at 5440 Evers Road, is a 4,200-square-foot retail center on 0.3 acres occupied by CD Exchange/DVD Exchange. The second property, located at 6402 Callaghan Road, is a 5,463-square-foot retail center on 0.5 acres with four tenants. SACA’s Brent Smith and Bradley Suttle represented the San Antonio-based seller and procured the buyer as well.
KEENE, TEXAS — Construction has begun on the redevelopment of Keene Plaza, a retail development in the city of Keene. Samantha Gillin of Gillin Realty LLC secured the sale of the property and will be working with new owner, James Wright, on the remodeling and leasing of the property, which is located at the corner of Highway 67 and College Street. Wright, a broker with RE/Max in Cleburne, is the developer and owner of Keene Plaza. Upon completion of the redevelopment, Keene Plaza will consist of retail, office and hospitality space ranging from 1,250 square feet to 5,000 square feet.
WEST BLOOMFIELD, HOLLAND AND TROY, MICH. — Mid-America Real Estate – Michigan Inc. has secured three new retail leases in Michigan. The leases include: T-Mobile signed a lease for 2,774 square feet at Westgate Shopping Center located at the northwest corner of Orchard Lake Road and Northwestern Highway in West Bloomfield. Mid-America’s Adam Goodman represented the tenant. Potbelly Sandwich Shop signed a lease for 2,656 square feet at The Shops at Westshore located at 12359 James St. in Holland. The tenant will join JCPenney, Younkers and Dunham Sports. Mid-America’s Brad Rosenberg and Adam Goodman represented the tenant. J-Bees signed a lease for 2,400 square feet at Oakland Mall in Troy. The retailer will join Macy’s, JCPenney and Sears at the 499,212-square-foot mall located at 412 W. Fourteen Mile Road. Mid-America’s Brad Rosenberg and Aleyciuss Al-Ali represented the tenant in the transaction.
LAFAYETTE, IND. — The Boulder Group has brokered the sale of a single-tenant Jiffy Lube property located at 3115 South St. in Lafayette for $910,000. The property is located at the southwest corner of South Street and South Earl Avenue near Purdue University. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. A Midwestern private partnership was the seller, while a private REIT was the buyer. The corporately guaranteed Jiffy Lube lease expires Oct. 31, 2022. The lease features 3 percent rental escalations in each of three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co.
FLORIDA, N.Y. — Big V Capital LLC, the investment management affiliate of New York-based Big V Properties, has closed on the purchase of three shopping centers in the Southeast for a combined $24 million. The properties include the 74,370-square-foot Village at Myrtle Grove in Wilmington, N.C.; the 180,194-square-foot Lancer Center in Lancaster, S.C.; and the 203,876-square-foot Lanier Plaza Shopping Center in Brunswick, Ga. Village at Myrtle Grove was 87 percent leased at the time of sale to tenants such as Staples; Lancer Center was 89 percent leased to Big Lots, Citi Trends, Pet Sense and Bi-Lo; and Lanier Plaza was 81 percent leased to Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity. With the purchase of these three assets, Big V Properties owns and/or operates 31 Class A and B shopping centers totaling roughly 3 million square feet.
DACULA AND CUMMING, GA. — The Shopping Center Group has brokered the sale of two family lifestyle and sports-centric retail centers located in north metro Atlanta. The transactions include the $5.9 million sale of the 107,000-square-foot Dacula Family Festival in Dacula and the $3.5 million sale of the 62,410-square-foot Midway Family Festival in Cumming. Vishal Dacula LLC purchased both assets. Neal Pringle and the late Mark Cooley of The Shopping Center Group represented the seller, Watkins Real Estate Group, in both transactions. Constructed in 2008, Dacula Family Festival’s tenant roster includes TEBO Dentistry for Kids, Belle Nails, Taekwondo, Green Tea Restaurant and Little Caesars in two buildings. Kids Up Indoor Playground + Party Center, Swim Atlanta and Jack City Sports occupy three additional buildings. Dacula Family Festival also features a 200-foot baseball field, indoor pitching mounds and batting cages, a full-size basketball court and an indoor flag football arena operated by Jack’s City Sports Center. Two new tenants, Mathnasium and Fit Body Boot Camp, are slated to open in late 2016. Built in 2009, Midway Family Festival was fully leased at the time of sale to tenants such as Pepperoni’s Pizza, Vickery Animal Hospital, 7 Tequilas Mexican Restaurant, Johns Creek …
Woonsocket, R.I. — KeyPoint Partners has negotiated a lease with Aerosports Trampoline Parks for nearly 35,000 square feet of space at Walnut Hill Plaza in Woonsocket. Don Mace of KeyPoint negotiated the transaction on behalf of the landlord. Walnut Hill Plaza is a 298,600-square-foot shopping center on Diamond Hill Road (Route 114) in Woonsocket. Tenants at the center include Sears, Ocean State Job Lot, Savers, Olympia Sports, Payless, and the Walnut Hill Bowl.
LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the $19.8 million sale of Livonia Plaza, a 137,391-square-foot shopping center located in the Detroit suburb of Livonia. Kroger anchors the center, which is also home to TJ Maxx, Red Wing Shoes, Sally Beauty Supply and Subway. Ben Wineman and Daniel Stern of Mid-America represented the seller, Ramco-Gershenson Properties Trust, in the sale of the property to Phillips Edison Grocery Center REIT II.
NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.