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 inEl Cajon, Calif., and PlazaWest CovinainWest 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 WestfieldGroup 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.
JUPITER, FLA. — The Fresh Market has signed on as the anchor tenant of The Shops at Fisherman’s Wharf in Jupiter. The shopping center is located at the intersection of East Indiantown Road and Intracoastal Pointe Drive. The Fresh Market’s 20,900-square-foot store is expected to open in the summer of 2014. The shopping center’s new owner, Elion Partners, is implementing a multimillion dollar renovation to the property. The project team for the shopping center includes assistant developer Michael Hotte with Echion, leasing broker Atlantic Retail Properties and property manager Transwestern. Prime Sites Inc. represented The Fresh Market in the deal.
WILMINGTON, N.C. — A 50,000-square-foot Dick’s Sporting Goods and 24,000-square-foot Marshalls have signed on to anchor the 203,000-square-foot Mayfaire Community Center in Wilmington. Mayfaire Community Center is part of Mayfaire, a 400-acre, master-planned community. The two new anchor tenants are part of the shopping center’s Phase II expansion, which is expected to open in November 2014. A third anchor store is expected to be announced in the near future. Greenville, N.C.-based BrodyCo. Inc. and Wilmington-based Zimmer Development Co. are co-developers of Mayfaire.
ST. LOUIS — Hilliker Corp. has assisted local franchise owners in finding a new home for their bridal store in St. Louis. Husband Ihab Elassal and wife Nagwa Abdelghfour, along with son Yasser Elassal, recently opened Impression Bridal, a 13,000-square-foot store located at 4164 Chippewa St. The bridal salon currently occupies the first floor of the three-story, 39,000-square-foot building. The owners purchased the property for $235,000 and plan to open the second floor’s 13,000-square-foot space in 2015. The family has invested approximately $700,000 in renovating the building. The new interior features 22 dressing rooms, as well as 140 chandeliers throughout the store. Ihab, Nagwa and Yasser also own another Impression Bridal store at 425 Clark St. in St. Charles, which opened in 2012.
HOUSTON — Jones Lang LaSalle (JLL) has brokered the sale of Northwest Crossing Centre, a 179,469-square-foot shopping center in Houston. Best Buy, Marshalls, Big Lots and Shoe Carnival anchor the center, which was fully occupied at the time of the sale. The property is located at the intersection of U.S. Highway 290 and Hollister Road, shadow anchored by Target and in proximity to Houston’s CBD and Galleria submarkets. George Cushing and Wendy Vandeventer of JLL marketed the property on behalf of the seller, Weingarten Realty. Jimmy Board of JLL secured 10-year, fixed-rate financing for the buyer, USA Properties.
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.