FONTANA, CALIF. — The Shops at Sierra Lakes, a 21,615-square-foot retail center in Fontana, has sold to Farsai Fontana LLC for $7.8 million. The center is located at 16943 & 16975 Sierra Lakes Parkway. It was built in 2009 and 2012. The Shops at Sierra Lakes is also part of Sierra Lakes Marketplace, which contains more than 880,000 square feet of retail properties, including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot and LA Fitness. Farsai Fontana was represented by Scott Hook of Coldwell Banker Commercial. The seller, PRP Investors-Fontana LLC, was represented by Jeff Conover of Faris Lee Investments.
Retail
BARSTOW, CALIF. — Barstow Plaza, a 68,362-square-foot shopping center, has sold to a group of Los Angeles-area private investors for $3.6 million. The center is located at 1303-1311 E. Main Street near Interstate 15. It is 56 percent occupied. Notable tenants include Family Dollar, Aaron’s, Wienerschnitzel and Fast Auto Loans. The buyers were represented by Victor Gausepohl III of Collier’s International. The seller, The Steele and Shelger Family Trusts, was represented by Brad Umansky, Kenia Drugan and Greg Bedell of Progressive Real Estate Partners.
FLOWER MOUND AND MANSFIELD, TEXAS — Disney Investment Group (DIG) has brokered the sale of two Dallas/Fort Worth Metroplex shopping centers for approximately $35 million. The properties include Cross Timbers Village, located in Flower Mound at the intersection of FM 1171 and Brutan Orand Blvd.; and Mansfield Pointe, located in Mansfield on the corner of Highway 287 and Debbie Lane. The 19,333-square-foot Cross Timbers Village is shadow-anchored by a Tom Thumb grocery store and is in proximity to the Wellington Estates community. The 148,529-square-foot Mansfield Pointe was 97 percent occupied by tenants including Sports Authority, Bed Bath & Beyond, PetSmart and Party City. In the sale of Cross Timbers Village, David Disney and Adam Crockett of DIG represented the seller, an entity controlled by Direct Development and Thackeray Partners, and also procured the buyer, a private buyer. In the sale of Mansfield Pointe, David Disney brokered the deal between the seller, The Retail Connection, and the buyer, Inland Real Estate Acquisitions.
UNION CITY, GA. — King Industrial Realty/CORFAC International has brokered the sale of Shannon Mall, a vacant 90-acre shopping mall in Union City. The buyer, Atlanta-based Rooker, plans to demolish the mall and build up to 1.2 million square feet of warehouse, distribution and logistics facilities that will target e-commerce occupiers. Rooker purchased the property, which features 10 acres of outparcels, from Lee Group USA, MB-REO Retail, MB-REO Land and Sears, Roebuck & Co. Inc. Sim Doughtie of King Industrial Realty/CORFAC worked with Union City Mayor Vince Williams to rezone the retail site to industrial.
FORT MYERS, FLA. — The Ferber Co. has developed Chipotle Mexican Grill and a drive-thru Starbucks Coffee in the Shops at University, located at 10010 University Plaza Drive in Fort Myers. The new property spans 4,327 square feet and is the first Chipotle Mexican Grill in the Fort Myers area.
ATLANTA — OliverMcMillan has confirmed the names of 28 tenants that will join Buckhead Atlanta, the new 1.5 million-square-foot mixed-use development under construction in Atlanta’s Buckhead district. The first retailers and restaurants will open their doors in September, and the remaining tenants will open through the holiday season and early 2015. The tenants include: Akris (2,164 square feet) Bella Bag (1,178 square feet) Brunello Cucinelli (2,491 square feet) Canali (2,111 square feet) Christian Louboutin (1,787 square feet) diptyque (496 square feet) Etro (2,214 square feet) Helmut Lang (2,116 square feet) Hermès (4,100 square feet) Jimmy Choo (2,162 square feet) L’Occitane (2,784 square feet) Moncler (1,899 square feet) Scoop NYC (2,461 square feet) Spanx (2,999 square feet) Theory (2,580 square feet) Tod’s (2,101 square feet) American Cut (10,000 square feet) American F+B (6,370 square feet) Corso Coffee (1,596 square feet) Doraku Sushi (2,725 square feet) Georgetown Cupcake (2,700 square feet) Gypsy Kitchen (3,750 square feet) Le Bilboquet (3,686 square feet) Lugo Caffé (6,050 square feet) Shake Shack (2,500 square feet) The Southern Gentleman (3,750 square feet) Thirteen Pies (4,300 square feet) Qing Mu (2,725 square feet)
FARIBAULT, MINN. — Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.
NOVI, MICH. — Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a city approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has purchased four grocery-anchored shopping centers in Illinois, Tennessee and Virginia for approximately $73 million. The properties include the Jewel-Osco-anchored Burbank Plaza in Burbank, Ill.; the Walmart Supercenter-anchored Hamilton Village in Chattanooga, Tenn., which is the REIT’s first property in Tennessee; the Kroger-anchored Statler Square in Staunton, Va.; and the Martin’s-anchored Waynesboro Plaza in Waynesboro, Va. The shopping centers total approximately 736,000 square feet. The REIT’s portfolio now includes 102 properties in 24 states.
GOLDSBORO, N.C. — Charlotte-based Faison Enterprises Inc. plans to develop Berkeley Corner, a 57,000-square-foot shopping center anchored by a 45,000-square-foot Dick’s Sporting Goods store. The property will be located in Goldsboro adjacent to Berkely Mall. Capitol Funds Inc. owns both Berkeley Corner and Berkeley Mall. Justin Schad of Faison & Associates LLC coordinated the development of the shopping center with the city of Goldsboro.