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Alex Tostado

Company newsNewsRetailersTennessee

Discount Retail Chain Fred’s to Close 159 U.S. Stores by June

by Alex Tostado

Memphis, Tenn. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis, Tennessee-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking …

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CaliforniaInvestment salesNewsRetailers

SRS Negotiates $8.5 Million Sale of Shopping Center in Metro Los Angeles

by Alex Tostado

Valencia, Calif. — SRS Real Estate Partners has arranged the $8.5 million sale of Valencia Autoplex, a 20,459-square-foot, fully leased shopping center in Valencia, California. The property is situated at 23506 Valencia Blvd., 35 miles north of downtown Los Angeles. Tenants at the auto-oriented shopping center include Big O Tires and Oil Stop. All tenants are signed to triple-net leases. Pat Kent, Rich Walter and Parker Walter of SRS represented the seller, Newport Beach-based Frye Family Partnership III, in the transaction. Ron Feder of RJ Feder & Associates Inc. represented …

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ArizonaInvestment salesNewsRetailers

ORION Investment Real Estate Arranges $6.1 Million Sale of Retail Development in Scottsdale, Arizona

by Alex Tostado

Scottsdale, Ariz. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in north Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari …

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FloridaGrocery-anchoredInvestment salesNews

CBRE Negotiates Sale of 158,463-Square-Foot Shopping Center in South Florida

by Alex Tostado

Pembroke Pines, Fla. — CBRE has negotiated the sale of Pembroke Place, a 158,463-square-foot shopping center in Pembroke Pines, Florida. Sedano’s grocery store, Crunch Fitness and Vargas University anchor the property, which is located 24 miles north of downtown Miami. Longpoint Realty Partners acquired the asset for an undisclosed price. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Sterling Organization, in the transaction.

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Investment salesMinnesotaNewsRetailers

First Washington Realty Buys 78,313-Square-Foot Shopping Center in Eden Prairie, Minnesota

by Alex Tostado

Eden Prairie, Minn. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.

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Investment salesNewsNorth CarolinaRetailers

Ziff Properties Sells Shopping Center in Charlotte for $12.2 Million

by Alex Tostado

Charlotte, N.C. — Ziff Properties has sold Terraces at University Place, a 65,112-square-foot shopping center in Charlotte, North Carolina’s University neighborhood, for $12.2 million. The center was built in 2000 and was 97 percent occupied at the time of the sale by tenants including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. Tom Kolarczyk of HFF represented the seller in the transaction. LBX Investments acquired the property. Gregg Shapiro and Cory Fowler, also with HFF, arranged a …

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DevelopmentMarylandMixed-useNewsRetailers

Greenberg Gibbons, Seritage Growth Partner for $150 Million Redevelopment Project at Metro Baltimore Mall

by Alex Tostado

Cockeysville, Md. — Greenberg Gibbons has formed a joint venture with Seritage Growth Properties to redevelop a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville, Maryland. Greenberg Gibbons owns the property, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore. Initial plans for Phase I of the $150 million redevelopment include renovations to the former two-story Sears building and Sears Auto Center. Michael’s and HomeGoods are open on the first floor, while more retail and entertainment concepts are being targeted for the second …

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Company newsNewsVirginia

Executive Vice President of Divaris Real Estate Dies at Age 40

by Alex Tostado

Virginia Beach, Va. — Alex Divaris, executive vice president of Divaris Real Estate Inc., died April 8 due to complications from colon cancer. He was 40 years old. Divaris assisted local, regional and national investors, users and sellers in the acquisition and disposition of retail, office and industrial properties in the Mid-Atlantic and Southeast. He earned a bachelor’s degree of business administration in finance from The College of William and Mary in Williamsburg, Virginia, is a Certified Commercial Investment Member (CCIM) and sat on the board of directors of the …

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FinanceMixed-useNewsTexas

CBRE Arranges $14.2 Million Construction Loan, Equity for Mixed-Use Project in Metro Houston

by Alex Tostado

Sugar Land, Texas — CBRE has arranged a $14.2 million construction loan and $3.4 million in equity for the development of MARCEL District, a 63,000-square-foot mixed-use project in Sugar Land, a southwestern suburb of Houston. The property, construction of which is underway and expected to last about nine months, will be located within the Cross Creek master-planned development. Jeff Stein of CBRE arranged the construction loan, which carries a floating interest rate, 76 percent loan-to-cost structure and a 25-year amortization schedule, on behalf of The Marcel Group, a private developer …

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Investment salesNewsRetailersSouth Carolina

Marcus & Millichap Arranges $7.1 Million Sale of Shopping Center in Aiken, South Carolina

by Alex Tostado

Aiken, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 and located 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

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