COUNTRY CLUB HILLS, ILL. — Tucker Development has arranged three new leases for Country Club Plaza, a retail property in Country Club Hills, located about 29 miles south of Chicago. MetroPCS signed a five-year lease for approximately 1,100 square feet. Kenny’s Ribs and Chicken signed a 10-year lease for 2,800 square feet, and Cooking Canvas inked a four-year lease for approximately 1,000 square feet. Tucker Development was represented in-house by Andrew White in all three transactions. A Walmart Supercenter and an AMC Theater anchor the property. Other tenants include McDonald’s, Pizza Hut, Subway, GNC, Foot Locker and Payless Shoes.
LOS ANGELES — An undisclosed fund advised by CBRE Global Investors has acquired Gateway at Burbank, a 74,391-square-foot, two-building grocery anchored shopping center located along Interstate Five Golden State Freeway in Burbank. One building is a freestanding grocery store, and the other is a multi-tenant retail building anchored by a drugstore. The property is fully leased to seven tenants.
SAN DIEGO — CBRE has arranged the sale of Midway Village Shopping Center, a 29,718-square-foot retail center located at 3146 to 3194 Midway Drive in San Diego. Taco Bell and Wings N Things anchor the complex, with additional tenants including CharkBait Sportfishing, Fairouz Café & Gallery, Fast Signs and Kyoto Sushi. Reg Kobzi and Joel Wilson of CBRE represented the seller, Pacifica Woodside LP, and Kyle Clark of The Heritage Group represented the buyer, Sunset Waste Holdings LLC, in the transaction.
ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.
PORT CHESTER, N.Y. — New York Life Real Estate Investors originated a $120 million loan for Port Chester Shopping Center, a 507,000-square-foot center anchored by Whole Foods and Kohl’s. The property is located on Boston Post Road in Westchester County. The 15-year loan was made to a joint venture between Depa USA and AVR Realty.
FALLS & BRISTOL TOWNSHIP, PA. — Tightline Equities, a subsidiary of Larken Associates, and Red Starr Investments LLC have purchased the 290,678-square-foot grocery-anchored Fairless Hills Shopping Center from the Shooster family. Larken plans a multimillion renovation that will include roof replacements and repairs, HVAC replacements and repairs, restriping of parking lots, new landscaping and signage, as well as aesthetic renovations to the façade and store fronts and interior renovations to the second-floor office suites. An existing auto repair pad site will be demolished, making room for three potential outparcels. The property will also be rebranded as Fairless Hills Towne Center. A new long-term extension has been secured by anchor Giant Foods. CBRE/Fameco will be the exclusive brokers for the property.
DALLAS — Three retail real estate industry veterans have launched Trivanta, a real estate advisory firm specializing in the disposition of net-leased properties. Bob Moorhead, Joe Caputo and Mark Wheeler have joined forces as managing partners, with a collective 60 years of industry experience and sales transactions valued at over $2.4 billion. Trivanta, headquartered in Dallas, specializes in seller representation and works with build-to-suit developers, existing owners of net-leased properties and tenants that want to sell their real estate and lease it back on a long-term basis. Assignments range from marketing single assets to large portfolios nationwide. Moorhead and Caputo came together in 2011 at EXP Realty Advisors, where they built their team and marketing platform. In 2014, the pair closed more than 100 transactions. Prior to Trivanta, Wheeler founded Retail Resource Group, a full-service tenant outsource real estate solution.
KENNESAW, GA. — CBRE Capital Markets has secured $78 million in acquisition and construction financing for Kennesaw Marketplace, a 288,000-square-foot retail shopping center located in Kennesaw, a northern suburb of Atlanta. Located at the intersection of Barrett Parkway and Georgia Highway 41, Kennesaw Marketplace will bring Whole Foods, Academy Sports and a mix of national and local tenants to the area. Construction is expected to commence immediately and will be completed by the third quarter of 2016. Jeffrey Ackemann, Jonathan Rice and Robert LaChapelle of CBRE’s Atlanta office arranged the three-year, non-recourse loan through Heitman Real Estate on behalf of a joint venture between Fuqua Development and Batson-Cook Development.
WILLIAMSBURG, VA. — Federal Capital Partners (FCP) and joint venture partner Westmoreland Partners have sold Settlers Market, a 239,464-square-foot retail power center in Willamsburg, for $61.2 million. The property is located at the intersection of State Route 199 and Monticello Avenue. AEW Capital Management acquired the property on behalf of the AEW Core Property Trust, an open-end core real estate fund. Tenants of the 97 percent leased center include Trader Joe’s, Walmart Neighborhood Market, Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co. FCP and Westmoreland Partners originally purchased the asset in 2011 as a financially distressed property. The Shopping Center Group is the leasing agent and manager of Settlers Market. HFF represented AEW Capital Management in the acquisition.