Retail

Sterling Organization Acquires Stones River Mall in Metro Nashville

by John Nelson March 12, 2015

MURFREESBORO, TENN. — Sterling Organization has purchased Stones River Mall, a 594,688-square-foot enclosed regional mall in Murfreesboro, a suburb of Nashville. Sterling purchased 497,691 square feet at the mall, which was developed in 1992 and renovated in 2008. The company acquired the asset through its institutional fund: Sterling Value Add Partners II LP. Anchored by Dillard’s, Sears and J.C. Penney, other tenants include Aeropostale, Books-A-Million, Electronic Express, Hancock Fabrics, Chuck E. Cheese’s, PacSun, Bath & Body Works, Shoe Carnival, Versona, Bink’s Outfitters, Hibbett Sports and Victoria’s Secrets. The mall’s outparcel restaurants include TGI Fridays, Olive Garden and Buffalo Wild Wings.

March 12, 2015

Retail Texas

Snap Kitchen Signs Lease at Retail Center in Metro Dallas

by Haisten Willis March 12, 2015

COLLEYVILLE, TEXAS — Snap Kitchen has signed a lease at the new 12,847-square-foot Colleyville Stampede shopping center development in Colleyville. The Austin-based retailer will occupy 1,305 square feet of space at 4712 Colleyville Blvd., Suite 140. Standridge Cos. is the developer of Colleyville Stampede. Snap Kitchen focuses on gluten-free, carb and sodium-conscious, nondairy, vegetarian, vegan and paleo diets. Tey Tiner of CBRE/UCR represented Standridge Cos. in lease negotiations. Alden Harris of Shop Companies represented Snap Kitchen.

March 12, 2015

California Retail Western

Cambrian Park Plaza in San Jose Changes Hands

by Nellie Day March 12, 2015

SAN JOSE, CALIF. – Cambrian Park Plaza, a 170,000-square-foot shopping center in San Jose, has sold to Weingarten Realty Investors for an undisclosed sum. The property is located at 14900 Camden Ave. Notable tenants include Dollar Tree and BevMo! The center serves San Jose, Los Gatos, Campbell and Saratoga.

March 12, 2015

Loans Retail Washington Western

Seattle Design Center Receives $40M in Financing

by Nellie Day March 11, 2015

SEATTLE — Seattle Design Center, a 410,000-square-foot, high-end home furnishings and design services center, has received $40 million in financing. The two-building center is located at 5701 6th Ave. S. The center first opened in 1973. Its two buildings are connected via a skybridge walkway. Seattle Design Center also contains 400 parking spaces. The borrower will use the floating-rate loan to acquire and reposition the center. It features a three-year initial term and two, one-year extension options. A debt fund provided the loan. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets served as the exclusive advisor to the Los Angeles-based sponsor.

March 11, 2015

Arizona Retail Western

Smart & Final Opens Three Stores in Phoenix

by Nellie Day March 11, 2015

PHOENIX – Smart & Final has opened three new stores in the Phoenix Valley. The expansion includes a 28,985-square-foot space at the northeast corner of 35th Avenue and Greenway Road; a 28,280-square-foot space at the northeast corner of Tatum Boulevard and Thunderbird Road; and a 35,949-square-foot space at the southwest corner of Gilbert Road and Guadalupe Road in Gilbert. The grocer was represented by Martin Leon and Chris Corso of De Rito Partners in all three transactions.

March 11, 2015

Midwest Nebraska Retail

Cohen Financial Arranges $13.3M Acquisition Loan for Retail Property in Lincoln, Neb.

by Danielle Everson March 11, 2015

LINCOLN, NEB. — Cohen Financial has arranged a $13.3 million acquisition loan for Centro Plaza, a 111,978 square-foot retail shopping center located at 400 N 48th Street in Lincoln. TJ Maxx anchors the property, which will also soon include a DSW and Michaels. Dan Rosenberg of Cohen Financial’s Chicago office secured the loan with a regional bank. The borrower is an entity controlled by Integris Ventures.

March 11, 2015

Retail Texas

M&M Brokers Sale of 26,273 SF Retail Property in Metro Dallas

by Haisten Willis March 10, 2015

FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Mustang Crossing, a 26,273-square-foot retail property located in Forney. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Wayne Bares also of the firm’s Dallas office, procured the buyer, a local partnership. Mustang Crossing is located at 724 E. Hwy 80. Built in 2011, the asset is 20 miles east of downtown Dallas and is surrounded by tenants including Walmart, Lowe’s, Chick-fil-A, Chili’s, GameStop, Starbucks and Wendy’s. At the time of listing, Mustang Crossing was 100 percent occupied.

March 10, 2015

Restaurant Retail Texas

Newk’s Eatery to Open Three New Locations in Metro San Antonio

by Haisten Willis March 10, 2015

SAN ANTONIO — Newk’s Eatery’s franchise partner Stephen Kuehler will open three new restaurants in the San Antonio area. A Newk’s restaurant will open in New Braunfels at the corner of Town Center Drive and Creekside Way in the Town Center at Creekside. In addition, two more locations will open in north San Antonio and the surrounding area. The San Antonio and New Braunfels locations are part of Newk’s growth plans, which includes opening nearly 30 company-owned and franchised locations this year. The chain currently operates 77 units in 13 states, predominantly in the southeast.

March 10, 2015

Michigan Midwest Retail

Agree Realty Acquires 15 Properties for $42.1M

by Danielle Everson March 10, 2015

BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 15 retail and restaurant properties for $42.1 million. The properties are net leased to 12 different tenants located in 10 states. The properties include a Bed Bath & Beyond, Old Navy, DressBarn, a Wendy’s restaurant, Sherwin Williams, Family Dollar, Academy Sports + Outdoors and Jo-Ann Fabric and Crafts. The transactions were completed at a weighted-average cap rate of 8 percent and have a weighted-average lease term of approximately 11 years. Bloomfield Hills, Mich.-based Agree Realty currently owns and operates a portfolio of 224 properties, located in 38 states and containing approximately 4.6 million square feet of gross leasable space.

March 10, 2015

Retail Texas

Colliers Arranges Land Deal for Retail Center Development in Metro Houston

by Haisten Willis March 10, 2015

SPRING, TEXAS — Colliers International has arranged the sale of 2.3 acres on the north side of Spring Cypress Road just east of TC Jester Boulevard in Spring. Makhan Banga and Rashpal Banga were the buyers. Tom Condon Jr. of Colliers’ office in The Woodlands represented the seller, the Schultz Family Trust. Albert Yanez with RE/MAX Northwest Realtors represented the buyers. Eddie Chumley with Propserity Bank provided financing.

March 10, 2015

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