RALEIGH, N.C. — Berkeley Capital Advisors has arranged the $15.5 million sale of Greystone Village, an 85,649-square-foot shopping center in Raleigh. Alex Quarrier, Marc Ozburn and John Lineberger of Berkeley Capital arranged the transaction on behalf of the seller, DNA Partners. Burroughs & Chapin Co. acquired the asset, which was fully leased at the time of sale to tenants such as Food Lion, Sola Coffee, Saw Mill Taproom, Gonza’s Tacos & Tequila and Kai Japanese Restaurant.
DALLAS — SRS Real Estate Partners has brokered the $3.5 million sale of a 4,779-square-foot retail property ground-leased to Chick-fil-A in Dallas. Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS represented the seller, a Los Angeles-based private investor, in the transaction. Craig Stewart of ACRE Investment Real Estate Services represented the buyer, a California-based family trust that acquired the property via a 1031 exchange. The asset is located at 9111 Garland Road.
WATERFORD TOWNSHIP, MICH. — Dominion Real Estate Advisors has arranged the sale of the former Summit Place Mall in Waterford Township near Pontiac. Southfield, Mich.-based commercial real estate development and investment company Ari-El Enterprises acquired the property from California-based SD Capital LLC, which has owned the asset since 2008. The 1.4 million-square-foot mall is situated on 73 acres. It opened in 1962 as the first enclosed mall in Michigan. At its peak, Summit Place Mall was home to more than 200 stores. The Sears store was the last to close in 2014. DTE Energy plans to break ground this fall on a 50,000-square-foot facility at the site. Redevelopment of the full property could include more than 1 million square feet of mixed uses, including industrial, office, hospitality and fast casual restaurants, according to Arie Leibovitz, owner of Ari-El Enterprises. Dominion represented the seller in the transaction. Terms of the sale were not disclosed. A demolition is in the works for the property.
MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.
GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of Med Park in Grand Forks for $5.7 million. Altru Health System anchors the 59,117-square-foot retail property, which is located at 1375 S. Columbia Road. Other tenants include a floral shop, pharmacy and UPS store. Adam Prins, Cory Villaume, Matthew Hazelton and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
GRESHAM, ORE. — Portland, Ore.-based Harsch Investment Properties has purchased Gresham Station Shopping Center in Gresham, a suburb of Portland, for $64.5 million. Situated on 26 acres, the property features 342,000 square feet of retail space. Tenants include Bed, Bath & Beyond, Cost Plus World Market, Old Navy, Best Buy, ULTA Beauty and 43 other retailers. Additionally, the property is located close to major freeways and Tri-Met Blue Line Max stops, as well as an adjacent Trimet Park and Ride service for neighborhood commuters. Nicolas Bicardo of Newmark Knight Frank’s San Francisco office represented the undisclosed seller in the transaction. Harsch Investments Properties currently operates 18 shopping centers.
RANCHO CUCAMONGA, CALIF. — SRS Real Estate Partners has negotiated the sale of Spruce Plaza, a newly constructed Class A retail center in Rancho Cucamonga. A Bay Area-based family trust acquired the property from Costanzo Investments, a Southern California-based development company, for $15.6 million, or $1,005 per square foot. Situated at 10877-10895 E. Foothill Blvd. within the master-planned community of Terra Vista, Spruce Plaza is fully occupied by Blaze Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s Sub, Café Rio and Habit Burger. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group and Garrett Colburn of SRS’ Newport Beach, Calif., office represented the seller, while Ralph Borelli and Caleb Scherer of Borelli Investment Co. represented the buyer in the deal.
BROCKTON, MASS.— New England Development has signed Planet Fitness and Burlington to Westgate Mall in Brockton, a city 25 miles south of Boston. Burlington will open a 43,000-square-foot location store at the mall, creating 50 to 100 new jobs. Planet Fitness typically operates 20,000-square-foot clubs, according to the company’ s website. Both tenants are scheduled to open at the mall this month. The new retailers join recently opened stores such as Chipotle Mexican Grill, Staples, Verizon and XFINITY Store by Comcast. Additional tenants at Westgate Mall include Sears, Best Buy, Bath & Body Works, Famous Footwear, Old Navy, Victoria’s Secret, Buffalo Wild Wings and IHOP.
LOS ALTOS, CALIF. — Cushman & Wakefield has arranged the $55 million sale of a 50,451-square-foot retail property leased to Whole Foods Market in Los Altos. Kevin Held and Matt McNeil of Cushman & Wakefield arranged the transaction on behalf of the buyer, Imperial Hornet Developers LLC. Compass Grand Associates LLC sold the asset. The store features dual entry on the ground floor, as well as two levels of subterranean parking.
ATLANTA — Atlanta-based Paces Properties has signed Three Taverns Brewery to its Atlanta Dairies redevelopment, a planned mixed-use project in East Atlanta’s Reynoldstown neighborhood. The new brewery, dubbed Imaginarium, is set to open in summer 2019. The new location is an extension of Three Tavern’s flagship brewery in nearby Decatur. Imaginarium will serve four to five of Three Tavern’s core beers on tap, as well as a rotating list of 20 to 25 experimental beers. New brews will include juicy and hazy India Pale Ales (IPAs) and, in keeping with the Dairies theme, craft styles like milk stouts, fruit and cream sours and milkshake IPAs. Square Feet Studios is designing the new space, which will draw inspiration from laboratories and apothecaries of centuries’ past. Three Taverns will join other announced tenants at Atlanta Dairies including a café from THRIVE Farmers, Collier’s Department Store, a music venue with a rooftop bar and a diner and barbecue restaurant, The Atlanta Journal-Constitution reports. The project will also feature The Yard, a one-acre outdoor gathering area. The Atlanta Dairies redevelopment is expected to open in spring 2019.
