SUSANVILLE, CALIF. — Phillips Edison & Co. has acquired Lassen Shopping Center in Susanville. Dollar Tree and Lassen Career Network anchor the 79,187-square-foot center. The seller and the acquisition price were not disclosed.
Retail
NEW YORK CITY — Michael Kerwin of GFI Realty Services has brokered the $33.16 million sale of 69-37 to 69-39 Austin Street and 107-16 71st in the Forest Hills neighborhood of Queens, New York City. Consisting of two, two-story buildings, the portfolio comprises 42,068 square feet and tenants such as The Gap, Staples and Duane Reade. The properties are in close proximity to other national retailers, including Barnes & Noble and Ann Taylor, as well as to the E and 7 trains and several major bus lines. Kerwin represented the buyer, a Midtown investor, and the seller, a local Forest Hills investor, in the transaction. The sale was a 1031 exchange.
RYE BROOK, N.Y. — Owner and developer Win Ridge Realty has announced that Phase II of redevelopment for The Rye Ridge Shopping Center, a neighborhood mixed-use complex in Rye Brook, is underway. Renovations for the 220,000-square-foot center, consisting of three components, include new storefronts and awnings, lighting, landscaping and parking area improvements. New tenants such as The Look, Landsberg Jewelers, Salon PF, Shelly Belly/ My Lilly Pad, JW Tumbles, Little Scoops and The Bar Method Pilates and Yoga have also been added. Additional availability is slated for early 2008. Other Rye Ridge Shopping Center tenants include Rye Ridge Deli, The Wine Gallery, Blockbuster Entertainment and CVS/pharmacy.
LAKEWOOD, CALIF. — Cushman & Wakefield of Colorado has completed the sale of Colfax Central, a 14,192-square-foot retail building located at the northwest corner of Colfax and Wadsworth in Lakewood. Developed in 2005 by Land on Landon Enterprises, the property was purchased by two undisclosed California investors for approximately $7 million or $498.52 per square foot. The center is 100 percent leased to tenants, including Panda Express, Starbucks Coffee, Qdoba Mexican Grill and Heidi’s Deli.
PLAINFIELD, IND. — Farmington Hills, Mich.-based Agree Realty Corp. has acquired a 37.8-acre parcel of land located in Plainfield for retail development. The site, located at the intersection of Dan Jones Road and U.S. Highway 40, will contain an approximately 225,000-square-foot retail center. Meijer will lease approximately 32 acres for the development of a department store, with the developer building retail pad sites on the remaining acreage.
MACON, GA. — New York-based Time Equities has acquired Summit at the Mall Shopping Center in Macon for $8.7 million. The 90,000-square-foot strip shopping center is 97 percent leased and tenants include Big Lots, Olive Garden and Hancock Fabrics. It is located across from Colonial Mall. Jeff Rosenblum and Ashish Dua represented the buyer, and Baxter Evans of Bloomfield Retail Properties represented the undisclosed seller.
SUGAR LAND, TEXAS — Marcus & Millichap has facilitated the $9.6 million sale of Sugar Land Shopping Center in Sugar Land. Located at 3410 Highway 6 South, the 102,937-square-foot shopping center is situated on 8.43 acres. Tenants of the 100 percent occupied plaza include Big Lots, DuFour Dance and Incredible Pizza. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office secured and represented the buyer, a Houston-based LLC, in the transaction. Jerry Goldstein, also of Marcus & Millichap’s Houston office, marketed the property on behalf of a Houston-based developer.
ARLINGTON, TEXAS — NetCo Investments and Columbus Pacific Properties, both based in Santa Monica, Calif., have acquired Lincoln Court, a 158,266-square-foot shopping center in Arlington. The 74 percent leased property is anchored by LA Fitness. The joint venture plans to redevelop vacant portions of the shopping center, including a 31,739-square-foot former theater. The property is situated on 15.03 acres between Interstate 20 and U.S. Highway 287.
LOS ANGELES — Jonathan Ahron and David Aschkenasy of Charles Dunn Company, a partner of GVA Worldwide, brokered the sale and purchase of a 6,720-square-foot retail building, which is located at 150 N. Larchmont Blvd. in Los Angeles. 123 Larchmont Village Partners LLC acquired the fully leased property from the Eilenberg Family Trust for a consideration of $8 million. The property consists of three retail units on the ground level and four apartment units on the second floor. At the time of acquisition, the retail units were occupied by Koontz Hardware and Sam’s Bagels.
LAS VEGAS — Pantheon Parkview LLC has acquired Parkview Plaza Shopping Center, a three-building, 25,000-square-foot retail center located at 3935-3955 Durango Dr., for $7.5 million. Christopher Clifford and Todd Manning of Marcus & Millichap’s Las Vegas office represented the buyer in the transaction. The seller was not disclosed.