LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.
TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.
OAK CREEK, WIS. — SRS Real Estate Partners has negotiated the $5.2 million sale of The Shoppes at Drexel in Oak Creek, about 12 miles south of Milwaukee. Five tenants, including Mod Pizza, Men’s Hair House, Five Guys, Orange Leaf Frozen Yogurt and Potbelly Sandwich Shop, occupy the 10,351-square-foot retail center. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Chicago-based merchant developer. A New York-based private investor was the buyer.
TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.
NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …
DENTON, TEXAS — RED Development has broken ground on three new multi-tenant retail buildings within Rayzor Ranch Town Center, a 600,000-square-foot mixed-use development in Denton. The buildings are partially preleased to Zoe’s Kitchen, Massage Envy and Sprint. Construction of a 40,000-square-foot building preleased to Rooms To Go is also underway at Rayzor Ranch, which will also welcome an eight-screen Alamo Drafthouse Cinema and a 7,500-square-foot Cheddar’s Scratch Kitchen this summer. A 41,000-square-foot Andy B’s gaming venue and restaurant is also under construction and slated to open in early 2019.
CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.
In its 2018 Emerging Trends in Real Estate survey, Urban Land Institute (ULI) named Nashville the No. 9 U.S. market to watch. Factors contributing to Nashville’s appearance as a top 10 market in ULI’s report for the past three years include a re-emergent downtown, strong population growth, market attractiveness to millennials and a low cost of living. These factors — along with game-changing urban retail developments and the creativity of its culinary scene — have elevated Nashville’s retail market over the last few years. As in its 2015 and 2016 reports, ULI once again refers to Nashville as an “18-hour city.” A defining element of an 18-hour city is a vibrant urban core with entertainment and dining attractions bustling between 7 a.m. and 2 a.m., well beyond the traditional business hours of 8 a.m. to 5 p.m. Downtown Nashville is a hotspot for retail development, as the area continues to draw record-breaking numbers of crowds from tourists and locals alike to events, restaurants and conventions. From the Predators’ historic run in the 2017 Stanley Cup Finals to the 46th annual CMA Music Festival that brought $57.7 million in direct visitor spending to the nightly concerts at Ryman Auditorium, downtown is …
SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.
GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.
