VIRGINIA BEACH, VA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Courthouse Marketplace, a 106,863-square-foot shopping center located in Virginia Beach, for $16.1 million. Harris Teeter anchors the property, which includes other tenants such as The UPS Store, Great Clips and Wendy’s. The property is located across the street from the Municipal Center and Courthouse Complex. Additionally, Phillips Edison-ARC has recently purchased two other grocery-anchored shopping centers: The Fresh Market Shopping Center in Normal, Ill., and Pioneer Plaza in Springfield, Ore.
CHICAGO — Grosvenor Americas has sold a 126,000-square-foot retail building at 830 North Michigan Ave. in Chicago’s Magnificent Mile shopping district to General Growth Properties Inc. The property sold for $166 million, according to Crain’s Chicago. The building’s tenants include Topshop, a London-based apparel retailer, which occupies 50,000 square feet on four levels. Other tenants in the building, located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear and Ghirardelli Chocolates. Built in 1947 and renovated in 1994, the property was acquired by Grosvenor Americas in 1993. The company owns two other properties in the Chicago metropolitan area — Rice Lake Square in Wheaton and Church Street Plaza in Evanston.
CHICAGO — The Tile Shop, a specialty retailer of manufactured and natural stone tiles, will open a new 13,000-square-foot retail store along the Clybourn Corridor in downtown Chicago. The new location, the ninth retail store for The Tile Shop in the Chicago area, will feature up to 2,000 products and be located in Blackhawk on Halsted, a mixed-use property located at 1460 N. Halsted St. Blackhawk on Halsted is a 225,000-square-foot property featuring healthcare businesses such as Town and Country Pediatrics and Northwestern Memorial Hospital. The property is home to The British School of Chicago, a private school with 750 students, and the only REI retail store in the city of Chicago. The Tile Shop has partnered with Structured Development, the developer of Blackhawk on Halsted, to develop the new store on the ground floor of the mixed-use development. The new Lincoln Park Tile Shop location is expected to open in mid-February 2014. Construction on the space will begin in December. The project will be led by general contractor Power Construction and architecture firm Valerio Dewalt Train Associates.
PORTLAND, MAINE — Marcus & Millichap Capital Corp. has arranged $2.6 million in construction financing for a retail development in Portland, the largest city in Maine. Financing was based on a 10-year term and a 20-year amortization schedule. The construction loan converts to permanent financing after two years. Starbucks Coffee and Mattress Firm will occupy the retail property. The loan will convert to non-recourse financing once the tenants take occupancy.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center. The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.
ALPHARETTA, GA. — AMC Theatres has opened the new AMC North Point Mall 12, a 12-screen movie theater located in North Point Mall in Alpharetta. The theater offers 1,100 seats, concessions, Coca-Cola Freestyle machines, automated box offices, an IMAX screen and MacGuffins, a full-service bar and lounge area. The new property is the first new AMC theater building in more than two years in the U.S.
NORMAL, ILL. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired The Fresh Market Shopping Center, a 76,017-square-foot retail property in Normal, a northern suburb of Bloomington. The Fresh Market grocery store anchors the fully leased center. Other tenants at the property include Dick's Sporting Goods, Michael’s and Marshalls. A portion of the purchase price included the assumption of a $6 million mortgage loan. Cincinnati-based Phillips Edison–ARC purchased the center from Wisnor LLC, a Wisconsin limited liability company.
PLYMOUTH, MINN. — Carter's and Oshkosh B'gosh have opened a combined 7,422-square-foot store at 4190 Vinewood Lane North at Rockford Road Plaza in metro Minneapolis. Rockford Road Plaza is located on Rockford Road, east of Interstate 94 in Plymouth. Matt Friday with SRS Real Estate Partners represented the tenants, Carter's and Oshkosh B'gosh, in the transaction. Rick Spector of Regency Centers represented the landlord. Carter's and Oshkosh will be joined by SuperTarget, TJ Maxx, HomeGoods, PetSmart and Kohl's, which open early next year.
NEW YORK CITY — Brixmor, which had been planning to go public since Blackstone Group acquired it in 2011, began trading Wednesday on the New York Stock Exchange under the symbol “BRX” as part of an $825 million initial public offering (IPO). Brixmor’s stock price, which began trading at $20 per share, finished the day at $20.57 per share, a 2.85 percent increase. The retail landlord is selling 41.25 million shares, up from 37.5 million shares the company originally plan to offer as part of the IPO. The offering is expected to close on Nov. 4. With more than 520 properties in its portfolio, Brixmor has no immediate plans to expand. Michael Carroll, CEO of New York-based Brixmor, says the company’s investors support Brixmor’s strategy to continue to invest in its existing portfolio.
THE COLONY, TEXAS — Nebraska Furniture Mart of Texas has topped out its new 1.86 million-square-foot facility in The Colony, a northern suburb of Dallas. This first Texas location of the home furnishing chain includes a 1.3 million-square-foot distribution center and a 560,000-square-foot showroom. The retailer is the first major anchor of Grandscape, a $1.5 billion, 433-acre, mixed-use development located on State Highway 121 between West Spring Creek Parkway and Plano Parkway. Atlanta-based Turner Construction Co. built the facility, including hoisting the final beam in place on Oct. 23.