LAS VEGAS – Sansone Companies/Boulevard Ventures, LLC, has purchased Boulevard Mall, a 1.2-million-square-foot super regional mall in Las Vegas, for a reported $54.5 million. The mall is located at 3528 S. Maryland Parkway. It is anchored by Macy’s, Sears and JP Penney. Boulevard Mall opened in 1968. It is the oldest mall in Las Vegas. Local developer Roland Sansone purchased the mall from Rouse Properties after lenders took over its ownership via a deed in lieu of foreclosure. The transaction was executed by CBRE.
SOUTHLAKE, TEXAS — Real estate firm The Woodmont Company, in partnership with an undisclosed publicly traded REIT, has started development of Park Village, a 190,000-square-foot retail center in Southlake, a suburb approximately 25 miles northeast of Fort Worth. The property, which offers spaces ranging from 800 to 12,000 square feet, is more than 50 percent pre-leased. Sporting goods store REI and a specialty grocer will anchor the center, which will be located at the southwest corner of Carroll Avenue and Southlake Boulevard. Stephen Coslik, Peter Jacobsen and Rick Machak of The Woodmont Company are overseeing development, and Herschman Architects designed the project. Completion is slated for the fall of 2014.
LAS VEGAS – Sansone Companies/Boulevard Ventures, LLC, has purchased Boulevard Mall, a 1.2-million-square-foot super regional mall in Las Vegas, for a reported $54.5 million. The mall is located at 3528 S. Maryland Parkway. It is anchored by Macy’s, Sears and JP Penney. Boulevard Mall opened in 1968. It is the oldest mall in Las Vegas. Local developer Roland Sansone purchased the mall from Rouse Properties after lenders took over its ownership via a deed in lieu of foreclosure. The transaction was executed by CBRE.
RAINBOW CITY, ALA. — Paradise Ventures, a developer based in Safety Harbor, Fla., plans to build a new Publix-anchored shopping center in Rainbow City, about 60 miles outside of Birmingham, Ala. The Shoppes at Rainbow Landing will be located at the intersection of Rainbow Drive and Alabama Highway 77. The shopping center will feature a 45,600-square-foot Publix and 20,000 square feet of retail space and two outparcels. Paradise Ventures plan to open the center in the fourth quarter of 2014. Andrew Loveman of Birmingham-based Southpace Properties Inc. is handling the property’s leasing responsibilities.
WESTON, FLA. — HFF has arranged the sale of Weston Shops, a 30,420-square-foot neighborhood center in Weston, located in Broward County. The property, located at 4473-4477 Weston Road, is fully leased to tenants including Walgreens and Mayors Jewelers. Danny Finkle, Luis Castillo and Coler Yoakam of HFF represented the seller, an affiliate of Spirit Realty Capital Inc., in the transaction. The buyer, Savitar Properties Inc., purchased the asset free and clear of existing debt.
MILLSBORO, DEL. — The KLNB retail investment sales group has brokered the $37 million sale of Peninsula Crossing, a 330,000-square-foot regional power center in Millsboro, a city in southeast Delaware. Cole Real Estate Investments purchased the shopping center, which is located on Route 113. Lowe’s Home Improvement, BJ’s Wholesale Club and PetSmart anchor the property. Andy Stape, Mat Adler, and Vito Lupo of the KLNB represented the seller, Millsboro Towne Center LLC, in the transaction.
MASSAPEQUA, N.Y. — NorthMarq Capital’s New York City office has arranged $25 million in permanent mortgage financing for Sunrise Promenade Associates. The loan is secured by Sunrise Promenade Shopping Center, a 165,939-square-foot retail property in Massapequa, a city located on the South Shore of Long Island. Ernest DesRochers, senior vice president and managing director, and Charles Cotsalas, senior director at NorthMarq, arranged the loan through Lincoln National Life Insurance. The 10-year loan includes a 25-year amortization schedule. The Sports Authority, Babies “R” Us, Barnes & Noble and Pier 1 Imports anchor the property.
DENVER — Smashburger, a Denver-based burger restaurant concept, is targeting several Southeast cities as sites for new restaurants. The company has partnered with Robert Marshall of Bamaberto LLC to open 23 new restaurants in Atlanta during the next several years. Marshall, formerly with McDonald’s, and his team will also purchase five existing Smashburger restaurants in Atlanta. Smashburger has also partnered with Ray Ruiz and Wellesley Bromfield of Two Spurs LLC to open 18 new locations in Orlando and Jacksonville, Fla. Ruiz and Bromfield were former franchisees of McDonald’s. Lastly, Smashburger has partnered with Steven Taylor, Chris Smith and Jay Kikel of CapQueen3 to open six restaurants in Charlotte, N.C. Taylor and Smith currently own a Smashburger in Columbia, S.C., and Kikel was a former operator of Five Guys Burgers & Fries franchises.
NEW YORK CITY — Marcus & Millichap has arranged the $11.3 million sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The sales price equates to $130 per buildable square foot. Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st Street. The site features 339 feet of frontage on Avery Avenue. The property is comprised of four lots currently occupied by one-story retail stores.
WOODLAND PARK, N.J. — Azarian Realty Co. has leased 5,500 square feet at Lenox Plaza Shopping Center in Woodland Park to two tenants. Coco Chateau, which is a retailer of gowns and dresses, signed a 4,000-square-foot lease. The retailer operates two locations in the New Jersey area. Restaurant 46 Denville Grill has leased 1,500 square feet in Lenox Plaza. The restaurant serves hot dogs, burgers, fried chicken and more. The 50,000-square-foot Lenox Plaza Shopping Center is located at 1750 Route 46 W., about 13 miles north of Newark. Golfsmith, Party City, Pizza Hut and Sleepy’s anchor the property. The Azarian Group LLC and Azarian Realty Co. currently owns, manages and leases 20 properties totaling more than 1 million square feet throughout New Jersey and New York.