Retail

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

California Retail Western

Retail Portion of San Diego Condo Project Sells for $4.5M

by Nellie Day July 7, 2015

SAN DIEGO – The 10,981-square-foot retail portion of a condominium complex at 101 Market Street in San Diego has sold to PREF ATRIA LLC for $4.5 million. The three-unit space is on the ground floor of Atria, a 149-unit residential condo complex that was built in 2002. The commercial space is fully leased to Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the buyer and the seller, 101 Market Partners LLC, in this transaction.

July 7, 2015

Retail Texas

Valvoline Franchisee Buys Foreclosed Property in Metro Dallas

by Haisten Willis July 7, 2015

SAGINAW, TEXAS — Frost Bank has sold a foreclosed retail property in Saginaw to TL2 Industries LLC, a franchisee of five Valvoline Instant Oil Change locations in the Metroplex. The property, located at 701 N. Saginaw Blvd., was formerly Zippy Lube. The 4,150-square-foot structure features a 1,600-square-foot basement oil changing pit, state inspection space and in-bay carwash. Built in 2004, the commercial building occupies about half of the one-acre tract, allowing room for expansion or ground-up development. The property is located two miles north of Loop 820 and fronts U.S. 287, a commercial corridor traveled by an estimated 31,000 vehicles per day. The land behind the property is built out with multifamily and single-family communities. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW was the deal’s sole broker.

July 7, 2015

Northeast Pennsylvania Retail

PREIT Sells 50 Percent Interest in Springfield Park in Pennsylvania for $20.2M

by Amy Works July 7, 2015

SPRINGFIELD, PA. — PREIT has sold its 50 percent interest in Springfield Park, an open-air center located in Springfield, for $20.2 million. The 287,000-square-foot retail center is anchored by Target and Bed, Bath & Beyond. The name of the buyer was not disclosed. The sale represents the company’s continued effort to recycle its capital toward creating a portfolio comprised of high-quality enclosed malls.

July 7, 2015

California Massachusetts Michigan Northeast Retail

Phillips Edison Grocery Center REIT II Buys Three Grocery-Anchored Retail Centers

by Amy Works July 7, 2015

EASTON, MASS., ANN ARBOR, MICH., AND MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has acquired three grocery-anchored shopping centers in Massachusetts, Michigan and California. The REIT acquired Highlands Plaza, a 112,869-square-foot Hannaford-anchored shopping center in Easton. Additional tenants include TJ Maxx, Liberty Mutual and Supercuts. The company also acquired Crossroads Towne Center, a 102,275-square-foot Kroger-anchored center in Ann Arbor, and Central Valley Marketplace, an 81,897-square-foot PAQ Food 4 Less-anchored center in Modesto. The acquisition price and name of the seller were not released.

July 7, 2015

Connecticut Northeast Restaurant Retail

R. Calabrese Agency Brokers 3,000 SF Restaurant Lease in Connecticut

by Amy Works July 7, 2015

SOUTHINGTON, CONN. — R. Calabrese Agency has brokered the lease of 3,000 square feet of retail space to Noodles & Company. Located at 832 Queen St. in Southington, the restaurant is the company’s third location in Connecticut. Tony Valenti and Ralph Calabrese of R. Calabrese Agency represented the landlord, West Queen Developers LLC, while Brian Zelman of Zelman Real Estate Brokerage LLC represented the tenant, Hartford Noodles LLC, the Noodles & Company franchisee, in the transaction.

July 7, 2015

Alabama Retail Southeast

Merchants Retail Partners Acquires Shopping Center in Auburn

by John Nelson July 7, 2015

AUBURN, ALA. — Merchants Retail Partners (MRP) has purchased Flint’s Crossing, a 100,000-square-foot shopping center located at 1550 Opelika Road in Auburn. Anchor tenants of the shopping center include Earth Fare and Panera Bread. The retail property is the cornerstone of the Opelika and University roads intersection, the busiest intersection in Auburn. MRP is planning a comprehensive redevelopment of the center that includes exterior renovations, fascia and signage upgrades and hardscape improvements. The acquisition and center improvements coincide with the intersection improvements that are part of the City of Auburn-Opelika Road Improvement District. The new improvements include new bike paths, pedestrian sidewalks, enhanced lighting and curated landscaping.

July 7, 2015

Maryland Retail Southeast

St. John Properties Begins Construction on Retail Space at Office Park in Baltimore County

by John Nelson July 7, 2015

MILFORD MILL, MD. — St. John Properties Inc. has started construction on 9,500 square feet of additional retail space within Windsor Office Park in Milford Mill, a city in Baltimore County. The speculative inline space is located at 2835 N. Rolling Road, adjacent to an existing Wawa gas station. The retail space will address the need for restaurants and shopping that can be accessed during lunch hours by the existing business community in the area. St. John Properties expects to have the space available for occupancy in late 2015.

July 7, 2015

Indiana Midwest Retail

Veritas Realty Brokers Two Leases for Fresh Thyme Farmers Market in Indiana

by Amy Works July 7, 2015

MISHAWAKA AND TERRE HAUTE, IND. — Veritas Realty has brokered two leases, totaling 58,977 square feet, for Fresh Thyme Farmers Market in Indiana. In the first transaction, Fresh Thyme Farmers Market leased 30,268 square feet at 5514 Grape Road in Mishawaka near South Bend. Tim Mehall of Newmark Grubb Cressy & Everett represented the landlord in the transaction. In the second deal, Fresh Thyme Farmers Market leased 28,709 square feet of retail space at Honey Creek Marketplace in Terre Haute, approximately 85 miles southwest of Indianapolis. Larry Davis of Sitehawk Retail represented the landlord in the transaction. Jamison Downs and Kyle Hughes of Veritas Realty represented the tenant in both transactions.

July 7, 2015

Retail Texas

NAI Wheeler, NAI Partners Arrange Sale of 12 Acres in Beaumont

by Haisten Willis July 6, 2015

BEAUMONT, TEXAS — NAI Wheeler, in conjunction with NAI Partners, represented Mustang Cat in the purchase of 12 acres located in Beaumont. Mustang Cat, an authorized Caterpillar dealer in Southeast Texas, is experienced in heavy construction machinery, compact construction equipment, power systems, on-highway trucks and equipment rental and support services in the industrial equipment industry. Lee Wheeler and Erica Goss of NAI Wheeler, along with Dan Boyles of NAI Partners, represented Mustang Cat during negotiations.

July 6, 2015

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