OLYMPIA, WASH. — Starwood Capital Group has acquired a majority interest in seven regional malls, including three out West, for $1.6 billion. The acquisition includes Capital Mall in Olympia, Wash., Parkway Plaza in El Cajon, Calif., and Plaza West Covina in West Covina, Calif. The portfolio contained a total of 7.9 million square feet across four states. The malls have an average occupancy rate of 96 percent. The Westfield Group will maintain a 10 percent common equity interest in the properties. Starwood Retail Partners is the wholly owned, fully integrated operating platform that oversees Starwood Capital Group's retail investments.
PRESCOTT, ARIZ. — Prescott Gateway Mall, a 578,666-square-foot regional mall has sold to Tabani Group for an undisclosed sum. The mall is located at 3250 Gateway Blvd. in Prescott. It contains about 133,000 square feet of traditional, enclosed mall space and about 192,000 square feet of pad space. The unnamed seller was represented by CBRE’s Mindy Korth, Philip D. Voorhees, George Good and Patrick Connell.
PASCAGOULA, MISS. — Jones Lang LaSalle has brokered the sale of Shipyard Plaza, a 66,857-square-foot shopping center in Pascagoula. Big Lots anchors the center and Walmart Supercenter shadow anchors the property. Atlanta-based RCG Ventures purchased the shopping center from Equity One. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller in the transaction.
WEST DUNDEE, ILL. — Marcus & Millichap has arranged the $2.9 million sale of West Dundee Shops, an 8,544-square-foot retail property in West Dundee, located about 40 miles west of Chicago. Austin Weisenbeck, Adrian Mendoza and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, represented the seller, a limited liability company, and the buyer, a private investor. Located at 210 – 230 N. 8th St., the property is fully leased to three national tenants, including FedEx, Sprint and Jimmy John's. FedEx has occupied its space for 15 years, while Sprint and Jimmy John’s have occupied their spaces for 10 years.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of the South Pointe on High Retail Center & MarketPlace in Columbus. Dan Cooper, president and broker of Cooper Commercial, represented the owner, a national bank, while the buyer was a private investor from Oklahoma. The 91,522-square-foot center features a variety of tenants, including Chase Bank, Little Caesar’s Pizza, Saturday’s Hair Salon, the U.S. Armed Forces Career Center and Aaron’s Rents.
PRESCOTT, ARIZ. — Prescott Gateway Mall, a 578,666-square-foot regional mall has sold to Tabani Group for an undisclosed sum. The mall is located at 3250 Gateway Blvd. in Prescott. It contains about 133,000 square feet of traditional, enclosed mall space and about 192,000 square feet of pad space. The unnamed seller was represented by CBRE’s Mindy Korth, Philip D. Voorhees, George Good and Patrick Connell.
RALEIGH, N.C. — William Peace University, a private university in Raleigh, has purchased Seaboard Station, a 92,000-square-foot retail property in downtown Raleigh. The university bought the asset for approximately $20.8 million. Seaboard Station’s tenant roster includes 18 Seaboard, Galatea Boutique, J. Betski’s, Logan Trading Co., Marigold Parlour, 02 Fitness Club, Peace China, Phydeaux, Seaboard Ace Hardware, Seaboard Café, Seaboard Wine Warehouse, Studio 123 and Tyler’s Taproom. TradeMark Properties represented the school in the transaction.
TAMPA, FLA. — CBRE has arranged the sale of a Sweetbay Supermarket-anchored shopping center at 2525 N. Dale Mabry Highway in Tampa. Forge Real Estate Partners III LP, a private equity fund jointly managed by Forge Capital Partners and The Sembler Co., purchased the 56,097-square-foot asset for approximately $11.6 million. The shopping center is fully occupied to tenants including Sweetbay, Moe’s Southwest Grill, Scottrade, GameStop and Jimmy John’s. Casey Rosen and Dennis Carson of CBRE represented the seller, Optimus One LLC, in the transaction.
BOWIE, MD. — Phillips Edison-ARC Shopping Center REIT Inc. has purchased Collington Plaza, a 122,000-square-foot, grocery-anchored shopping center located in Bowie. Giant Foods anchors the shopping center, whose other tenants include Advance Auto Parts, NASA Federal Credit Union, America’s Best Eyewear, 7-Eleven, GNC, Hair Cuttery and Sally Beauty. Michael Gorsage of HR Retail brokered the sale between Phillips Edison-ARC and the seller, Next Collington Plaza LLC, an affiliate of Next Realty.
NORWOOD, MASS. — CMI Property Inc. has leased 79,000 square feet of space to three retail tenants at its newly acquired shopping plaza at 560-570 Boston Providence Highway in Norwood, a southwest suburb of Boston. Bellevue, Wash.-based thrift retailer Savers Inc. leased 43,000 square feet of space. Peter Considine of the Dartmouth Co. represented Savers in the transaction. William Zoppo of Elliot & Co. represented the landlord. Launch Trampoline Park, a recreation center where children and adults can jump on trampolines, leased 23,000 square feet of retail space. Elliot Ravech of Elliot & Co. represented CMI Property in the transaction. The park is scheduled to open later this month. Big Bob’s Flooring, a flooring outlet franchise, leased 13,000 square feet. Ravech represented the landlord in the transaction. The former Syms Plaza is now fully leased. The two retail buildings at the property span 80,208 square feet and are located on an 8.5-acre site.