Retail

HOUSTON — Newmark Grubb Knight Frank Capital Group has redeveloped and sold a 43,800-square-foot retail property, located at 7323 FM 1960 Road in Houston. Michael Zatopek and Chris Hansen oversaw the repositioning of the former Toys 'R Us into a multi-tenanted facility, and secured leases from Big Lots, E. Star Chinese Buffet and Sushi Bar and Chase Bank. Newmark Grubb Knight Frank represented the seller, Magi Houston LLC, in the transaction. The buyer was an Australia-based investor. The Toys 'R Us has been relocated to Willowbrook Court, a 60,000-square-foot retail property located in Houston.

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LITCHFIELD PARK, ARIZ. — Camelback Place at Dysart, a 66,367-square-foot retail center in Litchfield Park has sold to a private investor from Canada for $8.67 million. The center, which is anchored by Ace Hardware, was 84 percent occupied at the time of sale. Mindy Korth and Barry Gabel of CBRE’s Phoenix office represented the seller, WE Valoroso Holding Corp. of Phoenix, Ariz., which acquired the property through foreclosure in March 2012.

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ST. AUGUSTINE, FLA. — The Roseview Group has advised a bank client in the $4.5 million sale of two unanchored retail shopping centers totaling 33,025 square feet. Located at the entrance to Palencia, a high-end residential and golf course community in St. Augustine, the retail centers are 78 percent leased to tenants including Dunkin’ Donuts, Starbucks, Donovan’s Pub and MediMD. Roseview directed the leasing and management of the center through the Sembler Co. and engaged a local broker on behalf of the lender. Cliff Taylor of CBRE represented the seller in the transaction.

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LEXINGTON AND NICHOLASVILLE, KY. — Capital Advisors has secured $6.8 million in refinancing for Bryan Station and Brannon Crossing, two 50,000-square-foot shopping centers in Lexington and Nicholasville. Riley Skinner of Capital Advisors arranged the 10-year loans with 30-year amortization schedules on behalf of the borrowers, ERP Bryan Station and ERP Brannon Crossing, through UBS.

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CHARLEVOIX, MICH. — Agree Realty Corp. has sold the Charlevoix Commons shopping center in Charlevoix for $3.5 million. The 137,000-square-foot shopping center is anchored by an 86,479-square-foot Kmart and a 35,896-square-foot Family Farm & Home. The sale is part of Agree Realty's strategy to dispose of non-core assets and redeploy capital into the acquisition and development of single-tenant, net-leased assets.

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MINNEAPOLIS — Opus Development Corp. has announced several new retailers that will join Stadium Village, an apartment and retail complex near the University of Minnesota's East Bank campus. The tenants are CVS/pharmacy, Noodles & Co. and Dino's Gyros. CVS/pharmacy has signed a lease for 14,800 square feet, making it the largest pharmacy on campus. Noodles & Co. will take 2,350 square feet and Dino's Gyros will occupy 2,000 square feet. Each of the retailers is expected to open in August. The new lease deals bring the retail space at Stadium Village to full occupancy.

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MERRIMACK, N.J. — Simon Property Group has opened Merrimack Premium Outlets, a shopping center serving the Greater Boston and Nashua markets. The 410,000-square-foot center reportedly cost $100 million to construct and includes 100 outlet stores. Retailers include Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein and Coach. The property is situated on 170 acres along Industrial Drive.

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