CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
Retail
PEMBROKE PINES, FLA. — Marcus & Millichap has arranged the sale of Pembroke Corners, a 30,007-square-foot shopping center located at 17201 Pines Blvd. in Pembroke Pines, a western suburb of Fort Lauderdale. The retail center is fully leased to CVS/pharmacy, Tire Kingdom and Goodyear. Lori Schneider of Marcus & Millichap’s Fort Lauderdale office represented the seller, a developer based in Tampa, in the transaction. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office secured and represented the buyer.
BROOK PARK, OHIO — Marcus & Millichap has arranged the $6.2 million sale of Brookgate Shopping Center, a 207,623-square-foot retail property in Brook Park, a southwest suburb of Cleveland. Craig Fuller, Scott Wiles and Erin Patton, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, marketed the property on behalf of the seller, a limited liability company. Fuller, Wiles and Pattan also represented the buyer, an out-of-state private investor. Brookgate Shopping Center is located at 5725 Smith Road and is anchored by Marc’s, Advance Auto Parts and Planet Fitness.
NEWARK, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development. Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. Itis a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi.The seller, Deka Immobilien, was represented by Savills.
WOODSTOCK, GA. — CBL & Associates Properties Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 370,000-square-foot outlet retail center located in Woodstock, a northern suburb of Atlanta. The 10-year loan features a 4.9 percent fixed interest rate. Proceeds from the loan will be used to repay a $53.2 million construction loan. The Outlet Shoppes at Atlanta is a 75/25 joint venture between CBL & Associates and Horizon Group Properties, co-developers of the outlet center. Horizon is handling the development’s leasing, marketing and management. The retail center features tenants such as Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour and Talbots.
CHICAGO — Strategic Hotels & Resorts Inc. has sold its Lakeshore Athletic Club property in downtown Chicago for $10.5 million to the owner of Lakeshore Sport & Fitness. The property is located on N. Stetson Ave. and is adjacent to the Fairmont Chicago Millennium Park Hotel. The buyer plans to reopen the facility as a health club as soon as possible. Strategic Hotels & Resorts will use the proceeds from the sale to reduce debt on its revolving credit facility.
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. It is a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi. The seller, Deka Immobilien, was represented by Savills.
JACKSONVILLE, FLA. — Namdar Realty Group has purchased the Jacksonville Regional Shopping Center, a 220,000-square-foot retail property located at 3000 Dunn Ave. in Jacksonville. The shopping center is 85 percent leased to tenants such as Winn Dixie, JC Penney, Payless Shoe Source, Cato, Hibbett Sporting Goods and GNC. CBRE represented the seller, DDR Corp., in the transaction. Namdar Realty Group was self-represented by Joel Gorjian.