SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has completed the disposition of Warren Plaza in Spring Lake Heights. The 12,000-square-foot retail property sold for $3.1 million. Located off of Route 35, the property is 100 percent leased. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller. The names of the buyer and seller were not disclosed.
Retail
FRISCO, TEXAS — CBRE has brokered the sale of Lebanon Ohio Center, a 29,200-square-foot retail property in Frisco. Located at 4681 Ohio Drive, the unanchored strip shopping center was 90 percent occupied at the time of the sale by tenants including CrossFit Remedy and Arts and Technology Institute. Jennifer Pierson and Beth Pierson of CBRE represented the seller, LandPlan Development Corp., in the transaction. Los Angeles-based Shayan Holdings LLC purchased the asset.
SAN DIEGO — Miramar Square Shopping Center, a 70,959-square-foot retail center in San Diego, has sold to HP Investors LLC for $12.5 million. The center is located at 9212-9292 Miramar Road in the Miramar submarket. Notable tenants include Arizona Tile, Wells Fargo, Pacific Marine Credit Union, Enterprise Car Rental, Subway, Miramar Cash & Carry and Flip Force Gymnastics. HP Investors was represented by Chris Carter of Flocke & Avoyer Commercial Real Estate. The seller was an investment group advised by Doug Arthur and Jim Hamilton of Sentre Partners, as well asCarter, Matt Peckham, Brad Williams and Steve Avoyer of Flocke & Avoyer.
ARLINGTON, VA. — Simon Property Group Inc. plans to update The Fashion Centre at Pentagon City, a 170-store mall in Arlington, with a multi-phase renovation and expansion project. Phase I will include a 50,000-square-foot expansion along Hayes Street, which will include a new entrance, office lobby, valet parking area and two levels of new shops and restaurants with outdoor seating. Other improvements include new elevators and escalators, complete renovation of the property’s common areas and new bathrooms. The design team includes architect Omniplan Architects and general contractor VCC. Simon expects to wrap up the expansion and renovation project in 2015. The Fashion Centre at Pentagon City was built in 1989 and is anchored by Nordstrom and Macy’s.
CHARLOTTE, N.C. — Hill Partners and an unnamed institutional partner have acquired Specialty Shops on the Park, an open-air shopping center in Charlotte’s SouthPark submarket. The property, originally built in 1979, is located across from SouthPark Mall and is surrounded by affluent neighborhoods such as Myers Park, Barclay Downs, Quail Hollow and Foxcroft. The shopping center’s tenants include Talbots, Williams-Sonoma, Brick Top’s, Elizabeth Bruns Jewelers and Toscana Ristorante.
CORAL SPRINGS, FLA. — Inland Real Estate Income Trust Inc. has purchased the North Hills Square Shopping Center, a 63,829-square-foot property located in Coral Springs, about 15 miles southwest of Boca Raton, Fla. Inland purchased the asset for approximately $11.1 million. Walmart Neighborhood Market anchors the center, which was 98 percent leased at the time of the sale to tenants such as Wendy’s and Manhattan Bagel. Matthew Tice of Inland Real Estate Acquisitions Inc. and Lou Quilici of IREIT Business Manager & Advisor Inc. facilitated the purchase of the property.
HOUSTON — Marcus & Millichap has brokered the sale of South Wayside Village, a 29,364-square-foot shopping center in Houston. Tenants of the property include T-Mobile, PLS Check Cashers, Shipley Do-Nuts and South Texas Dental. Developed in 2006, the center is located at 5819 Gulf Freeway and is shadow-anchored by a Walmart Supercenter. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the asset on behalf of the seller, a locally based developer, and also secured the buyer, an all-cash local private partnership.
EL PASO, TEXAS — Centergy Retail has leased 22,000 square feet of retail space in El Paso to home furnishings store West Elm. The retailer will occupy a two-story facility within the lifestyle area, known as The Promenade, at Centergy’s open-air The Fountains at Farah development. West Elm, a Williams-Sonoma brand, will join other stores in The Promenade, such as Charlotte Russe and LOFT, when it opens in the fall. Located on the northeast corner of Hawkins Boulevard and I-10, The Fountains at Farah will include more than 600,000 square feet of retail, restaurant and entertainment space when fully developed.
FULLERTON, CALIF. — Crossroads Shopping Center, a 220,000-square-foot, grocery-anchored retail center in Fullerton, has received a $26-million loan. The center is located at 3200-3362 East Yorba Linda Blvd. It is anchored by Ralph’s and Kohl’s. Other notable tenants include Starbucks and Union Bank. The 10-year mortgage features a fixed rate of 4.73 percent and interest-only payments for the full term. It was arranged by Seth K. Grossman and Sarah Kuebler of Meridian Capital Group’s Carlsbad office. Financing was provided by a CMBS lender.
ATLANTA — Following the renovations of Lenox Square, Simon Property Group Inc. will implement a facelift of Phipps Plaza, an upscale mall in Atlanta’s Buckhead district. Phase I will include an extensive interior makeover, featuring upgraded LED lighting, new paint scheme, new wood accents, an updated railing system, luxury lounging areas with Wi-Fi connectivity and chargers, upgraded restrooms and a new concierge service center. Additionally, Simon will make major improvements to the parking decks and entrances. Construction is slated to begin this summer and wrap up before the holiday shopping season. Future renovations will include improvements to the mall’s Peachtree Road entrance, a new streetscape with storefronts and landscape improvements. New additions to the mall include 320 luxury residential units and a 164-room hotel with upscale dining.