SWEETWATER, FLA. — IKEA will open a new 416,000-square-foot store on Wednesday, Aug. 27 in Sweetwater, approximately 14 miles west of Miami. The store, dubbed IKEA Miami, will be the Swedish company’s second store in South Florida, fourth in the state and 39th in the United States. According to Selwyn Crittendon, IKEA Miami’s store manager, the new store will employ roughly 350 individuals. The property will feature 1,500 parking spaces and South Florida’s largest rooftop solar array. The store will offer 10,000 designed items, 44 room settings, three model home interiors, a children’s play area, 600-seat restaurant and baby care rooms.
Retail
LAKEWOOD, N.J. — An affiliate of Lakewood-based Paramount Realty Services has received $23.8 million in acquisition financing for a seven-property retail portfolio totaling 99,675 square feet in Maryland, New Jersey and Pennsylvania. HFF arranged the seven-year, fixed-rate loan through Investors Bank. The portfolio includes Bricktown Center in Bricktown, N.J.; Brookhaven Plaza in Brookhaven, Pa.; Howell Plaza in Howell, N.J.; Sea Grit Plaza in Wall, N.J.; Philadelphia Plaza in Philadelphia; Exton Plaza in Exton, Pa.; and Owings Mills Plaza in Owings Mills, Md. At closing, the portfolio was 100 percent occupied by a variety of tenants, including Best Buy, Staples, WaWa, Jos. A. Bank, CVS/pharmacy and Santander Bank. Jon Mikula and Jim Cadranell of HFF represented the buyer in the transaction.
SOUTH PORTLAND, ME. — Marcus & Millichap has brokered the sale of a newly constructed retail property in South Portland. Situated on a 9,395-square-foot parcel along Maine Mall Road, the 6,800-square-foot freestanding building sold for $4.8 million. The property is occupied by a 1,800-square-foot Starbucks Coffee, which has a 10-year triple-net lease, and a 5,000-square-foot Mattress Firm under a 11-year triple-net lease with three five-year options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, UG-Meridian South Portland LLC, and the buyer, Cimco Realty LLC, in the transaction.
PEORIA, ARIZ. – Sprouts has announced it will open a new 30,117-square-foot location at Lake Pleasant Towne Center in Peoria. The new outpost will debut next spring. Lake Pleasant Towne Center is located at the northwest corner of Happy Valley Road and Lake Pleasant Parkway. It is owned by Vestar.
DENVER — Bank of America has leased 7,869 square feet of space at Fillmore Place in Denver. Colorado’s first-ever Bank of America retail branch is located at 100 Fillmore Street. It will function as a flagship location. Lululemon, Sur la Table and Jonathan Adler are other notable tenants at Fillmore Place. The bank was represented by CBRE’s Jon Weisiger. The landlord, Realty Management Group, was represented by Stuart Zall of the Zall Company.
PLANO, TEXAS — The Woodmont Co. has completed the sale of a newly constructed 14,500-square-foot retail property occupied by Walgreens in Plano, a suburb of Dallas. Brad Cruickshank and Randy Bell of The Woodmont Co. represented the seller, Plano Spring Creek Partners, in the transaction. The buyer, a California-based private investor, was represented by Patrick McCaughey and Ted Gallagher of Cassidy Turley/Terranomics. The property traded at a 5.3 percent cap rate. It is situated on 1.4 acres of land at 6324 Custer Road. and is an outparcel to the Custer Creek Shopping Center.
MANOR, TEXAS — Hunington Properties Inc. has arranged he sale of the Shops at Shadow Glen, a 15,438-square-foot shopping center in Manor. The project sits on 2.5 acres at the northwest corner of the intersection of Shadow Glen Boulevard and Highway 290. Edward A. Benton and Hunington Properties sold the property on behalf of a Houston developer. The buyer was a local investor from Austin. Hunington Properties will continue to manage and lease the property.
MIAMI — A joint venture between Duncan Hillsley Capital and Pebb Capital has partnered with Canyon Capital Realty Advisors to acquire the retail component of Downtown Dadeland, a 127,000-square-foot retail and dining destination in Miami across Kendall Drive from Dadeland Mall. The investors purchased the asset for $38.9 million. The new ownership has selected Continental Real Estate Cos. to lease and manage the property. Completed in 2009, Downtown Dadeland is 71 percent leased to tenants such as West Elm, Chil’s Bar & Grill, Men’s Wearhouse and Panera Bread.
LAKE ORION, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 2,200-square-foot retail space at 16 W. Flint St. in Lake Orion, approximately 40 miles north of Detroit. The landlord, Luc Enterprises LLC, leased the space to Shadrach, Meshach & ABeanToGo Inc. The tenant is expanding from its first coffee shop in Goodrich and opening another store at this location. Larry Schultz of Friedman represented the landlord in this transaction.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a 9,062-square-foot retail property in Garland. Terms of the sale were not released. Blake Burnett with Marcus & Millichap marketed the property on behalf of the seller, LNR Texas Partners LLC. The listing was sold in conjunction with Auction.com to the highest bidder, an out-of-state investment group. The property is located at 3315 N. George Bush Highway and sits on 2.4 acres. It is an outparcel to Kohl’s and Home Depot in north Garland.