SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
DALLAS — The Plaza at Preston Center, an upscale shopping destination located in the affluent Park Cities neighborhood in Dallas, has added new tenants and will experience expansions to existing retailers. International retailers LUBLU Kira Plastinina and Aftershock London have selected The Plaza for their flagship U.S. stores. LUBLU will occupy 1,096 square feet and Aftershock London will occupy 1,850 square feet on the ground floor of a new building currently under development. Other new tenants include Sprinkles Ice Cream and True Food Kitchen, which are both making their Texas debut with these new restaurants. Sprinkles will occupy 1,135 square feet and True Food Kitchen will occupy 4,419 square feet. Additionally, Sprinkles Cupcakes and Calypso St. Barth are expanding and/or relocating their stores in The Plaza. Calypso will occupy 3,173 square feet. Other new and/or returning retailers include Dallas jewelry maker Matthew Trent (1,600 square feet) and Bag'n Baggage (3,419 square feet). With the new additions and expansions, The Plaza is nearly 100 percent leased. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease negotiations. Rand Horowitz of First Resource Realty represented Bag'n Baggage, Zachary Porter of Retail Street Advisors represented LUBLU, Lisa Streidl of …
HOUSTON — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $5.4 million, fixed-rate acquisition loan for Edgebrook Shopping Center in Houston. Fiesta Grocery Store anchors the 69,450-square-foot property. Todd McNeill of MCA arranged the 10-year, 4.2 percent loan with a 30-year amortization schedule through a Wall Street conduit lender.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
NORTH MYRTLE BEACH, S.C. — Burroughs & Chapin Co. Inc. has purchased the Barefoot Landing entertainment complex, which features more than 100 specialty stores and restaurants surrounding a 27-acre lake along Highway 17 in North Myrtle Beach. The purchase price was $43 million, according to The Post and Courier. The property opened in 1988 and was one of the first outdoor festival shopping concepts along the Grand Strand, a stretch of beaches extending 60 miles along the East Coast. Barefoot Landing attracts nearly 7 million visitors annually. The acquisition includes all of the buildings and land within the main complex. The three outparcels will remain independently owned, yet the entire property will continue to be marketed as one entertainment destination.
PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.
LAS VEGAS — Blue Diamond Crossing, a 530,000-square-foot community shopping center in southwest Las Vegas, has received $59 million in CMBS financing. The center is anchored by Kohl’s and Target. The new funds will replace construction take-out financing that was previously provided by a life insurance company. Financing was arranged by Chris Funai, Braden Turnbull and Peter Welsh of Newmark Realty Capital.
DELAFIELD, WIS. — Ramco-Gershenson Properties Trust has acquired a 106,000-square-foot shopping center in Delafield, located about 25 miles west of Milwaukee, for $22.7 million. The purchase includes the assumption of a $9.3 million mortgage loan, which carries an interest rate of 5.8 percent maturing in 2026. A 38,000-square-foot Marshalls and a 40,000-square-foot Sports Authority anchor the property, which is the second phase of Ramco-Gershenson’s Nagawaukee Center. Ramco-Gershenson has owned the first phase of Nagawaukee Center, anchored by an 81,000-square-foot Kohl’s and a 60,000-square-foot Sentry Market, since June 2012. Nagawaukee Center is located at the northeast quadrant of I-94 and Highway 83.
AUSTIN, TEXAS — Beverly Hills, Calif.-based Misuma Holdings has acquired the 180,000-square-foot Lincoln Village, a shopping center located at 6406 N. Interstate 35, at the intersection of Interstate 35 and Highway 290 in Austin. The shopping center includes tenants such as Chase Bank, Gold's Gym, the Marchesa Theater and Men's Wearhouse.
LUBBOCK, TEXAS — CBRE Capital Markets in Dallas and Houston brokered the sale of the 144,241-square-foot South Plains Crossing, a neighborhood shopping center located at 6802 Slide Road in Lubbock. The property is 98 percent leased to tenants including Hobby Lobby and Spec's Liquor. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, Dallas-based ATR & Associates, in the transaction. Phoenix-based Cole Real Estate Investments purchased the center, which was renovated in 2012.