HOUSTON — Locally based brokerage firm Cypressbrook Co. has arranged the sale of Richmond Design Center, a 25,441-square-foot shopping center in West Houston’s Greenway/Upper Kirby submarket. According to LoopNet Inc., the property was built on 1.6 acres in 1958 and renovated in 2003. John Hornbuckle of Cypressbrook Co. and Rick Hazard of Realty Services Group represented the Seller, America Equifinance Corp., in the transaction. Joe Foty of The Blue Ox Group represented the buyer, HRD Interests.
PASADENA, TEXAS — Locally based brokerage and investment firm Baker Katz has acquired a 22,241-square-foot, retail building that sits on a 2.9-acre site at 5445 Fairmont Parkway in Pasadena, an eastern suburb of Houston. The freestanding building most recently housed a Pep Boys auto parts store. Mark Raines of JLL represented the undisclosed seller in the transaction. Ben Brown represented Baker Katz, which plans to implement a value-add program, on an internal basis.
HOUSTON — Beauty Empire has signed a 14,471-square-foot retail lease at Barker Cypress Marketplace in West Houston. According to LoopNet Inc., the property was built on 16.5 acres in 1999 and totals 81,360 square feet. Jason Gaines of Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. Okyi Urbina-Torres of W. Realty & Investment Group represented the tenant, which will backfill a space previously occupied by CVS.
HOUSTON — Three new retailers have signed leases to open stores at Rice Village District, a shopping center located at 6225 Kirby Drive in Houston. Boutique retailer Luminary Lifestyle, jewelry brand gorjana and apparel retailer Mizzen+Main are all scheduled to open spaces at the property in early 2024. Bluestone Lane, [solidcore], The Rice Box and Navy Blue also recently opened at the center.
EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.
CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.
TORRANCE, CALIF. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles south of Los Angeles. Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express. JP Morgan provided acquisition financing.
ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.
PLATTVILLE, WIS. — Hibbett Sports has signed a 4,875-square-foot retail lease at the Shoppes at Plattville. The property is located at 1845 Progressive Parkway in Plattville, a city in Southwest Wisconsin. Scott Satula of Mid-America Real Estate represented the landlord, an entity doing business as Prairie Sun Properties 1845 LLC.
NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. New …