Los Angeles — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner — Laurus Corp. with Torchlight Investors LLC as a preferred equity partner — in 2015 for $111 million. Newmark brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open …
Investment sales
Miramar and Jensen Beach, Fla. — PGIM Real Estate has sold two Publix Super Markets-anchored shopping centers in Florida to Phillips Edison & Co. for a combined $32 million. The properties include the 70,288-square-foot Shops at Sunset Lakes in Miramar and the 109,811-square-foot Town Center at Jensen Beach. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in both transactions. Built in 1999, Shops at Sunset Lakes was 98.4 percent leased at the time of sale to Goodwill, State Farm Insurance, Sedation Dental Spa, Small World …
Sarasota, Fla. — Benderson Development has acquired two properties in Sarasota. One of the properties is a former Café Baci restaurant, and the second — which comprises 16,500 square feet — is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft …
Wichita, Kan. — FunCity Adventure Park has purchased a property comprising a 5.6-acre site and 52,259-square-foot building in Wichita. Sports Authority formerly occupied the building. Don Mace of KeyPoint Partners consulted on the sale on behalf of FunCity, which currently operates 18 locations throughout the country, with additional sites under construction.
Rancho Cucamonga, Calif. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles outside Los Angeles in Rancho Cucamonga. John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Autoparts, Brands for Less and Beauty Club. Tenants at the center also include 10 undisclosed restaurants. A local private investor purchased the property.
California, Md. — A joint venture between AmCap Inc. and Encore Enterprises has acquired First Colony Center, a 98,179-square-foot shopping center located in the Washington, D.C., suburb of California. Tenants at the center include Giant, Michaels and Advance Auto Parts. Target, Lowe’s Home Improvement and BJ’s Wholesale Club shadow anchor the property.
Magnolia, Texas — SVN | J. Beard Real Estate has arranged the sale of Renaissance Center, a 92,724-square-foot shopping center located in Magnolia, roughly 44 miles northwest of Houston. Tenants at the 95 percent-occupied property include Brookshire Brothers, Woodforest National Bank, Petsense and Anytime Fitness. An undisclosed buyer purchased the center from a private seller. Matt Knagg and Brittany Jameson of SVN | J. Beard Real Estate — Greater Houston represented the seller and buyer, respectively.
Douglasville, Ga. — Marcus & Millichap has brokered the $19.8 million sale of Douglasville Town Center, a 272,785-square-foot shopping center located in Douglasville, about 24 miles west of Atlanta. Tim Giambrone of Marcus & Millichap’s Atlanta office represented both the seller, a private capital partnership, and the buyer, an out-of-state private investment firm, in the transaction. Douglasville Town Center’s tenant roster includes anchor BuggyBusters, a liquidation superstore, as well as Rogers Mechanical Contractors, Andy’s Wholesale and Cobb Douglas Community Services Board.
Sarasota, Fla. — Marcus & Millichap has brokered the $4.5 million sale of a 10,378-square-foot retail property located in Sarasota. CVS/pharmacy occupies the building on a net-lease basis. The property was built in 1999 on a 1.6-acre site. Joseph Prio, Alan Lipsky and Barry Wolfe of Marcus & Millichap arranged the sale on behalf of the seller, FFT Livingstone Investors Inc. An undisclosed private investor was the buyer.
Conroe, Texas — SVN | J. Beard Real Estate — Greater Houston has arranged the sale of a portfolio of nine retail buildings and one office building in Conroe, about 40 miles north of Houston. Jeff Beard and Bonnie Pfrenger of SVN | J. Beard represented the seller, a locally based limited partnership, in the transaction. Kristi Delafuente of JNK Property Group represented the buyer, a private investor.