Investment sales

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Cushman & Wakefield | Thalhimer Arranges $18.6 Million Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado

Chester, Va. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including PetCo, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler …

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Investment salesNewsRetailersTexas

NAI Partners Acquires 58,929-Square-Foot Retail Center in Metro Austin

by Alex Tostado

Round Rock, Texas — NAI Partners’ Investment Fund III has acquired Triangle Center, a 58,929-square-foot retail center situated on 4.9 acres in the northern Austin suburb of Round Rock. According to LoopNet Inc., the property was built in 1984. Andrew Pappas and Adam Hawkins of NAI Partners negotiated the deal with Matt Fain of Equitable Commercial Realty, who represented the undisclosed seller. Veritex Community Bank provided acquisition financing.

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CaliforniaInvestment salesNewsRetailers

Sares Regis Divests of The Ashton Retail Center in San Francisco Bay Area

by Alex Tostado

Belmont, Calif. — Sares Regis Group of Northern California (SRGNC) has closed escrow on the retail portion of The Ashton in Belmont. The one-story, 4,900-square-foot retail center is fully occupied by three tenants: Bank of America, Row House and Apizza. Developed by SRGNC affiliate Regis Homes Bay Area, The Ashton features 74 for-sale residences spread across two four-story residential buildings. The transit-friendly property is located in Belmont’s City Center neighborhood at the corner of Davey Glen Road and El Camino Real, near Highway 101 and within walking distance of the …

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Investment salesNewsVirginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4 Million

by Katie Sloan

Centreville, Va. — A partnership between Willard Retail, Declaration Partners and  Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Virginia. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Maryland. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

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Investment salesNewsVirginia

KLNB Arranges $21 Million Sale of Maplewood Center in Manassas, Virginia

by Katie Sloan

Manassas, Va. — KLNB has arranged the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

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HawaiiInvestment salesNewsRetailers

LVMH Acquires Two Occupied Retail Assets in Waikiki for $72 Million

by Alex Tostado

Waikiki, Hawaii — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, …

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Investment salesNewsPennsylvaniaRetailers

JLL Arranges $29.1 Million Sale of Retail Center in Blue Bell, Pennsylvania

by Alex Tostado

Blue Bell, Pa. —JLL has brokered the $29.1 million sale of the Shops at Blue Bell, a 103,580-square-foot shopping center in Blue Bell, located approximately 15 miles north of Philadelphia. Regional grocer Giant anchors the shopping center, which is 98 percent leased to tenants including Santander Bank, IHOP, Supercuts and nutritional product retailer GNC. James Galbally, Chris Munley and Colin Behr of JLL represented the seller, which was undisclosed. KPR, formerly known as Katz Properties, purchased the asset.

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Company newsInvestment salesNew YorkNewsRetailers

LVMH Agrees to Acquire Tiffany & Co. for $16.2 Billion

by Alex Tostado

New York City — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian …

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Investment salesMississippiNewsRetailers

SRS Negotiates $8.4 Million Sale of Starkville Store Leased to Academy Sports + Outdoors

by Alex Tostado

Starkville, Miss. — SRS Real Estate Partners has negotiated the $8.4 million sale of a 62,916-square-foot store in Starkville fully leased to Academy Sports + Outdoors. The sporting goods retailer recently signed a 15-year lease at the store with scheduled rent increases and options to extend. A private investor based in Southern California purchased the asset in 1031 exchange from the seller, a merchant real estate developer based in the Southeast. The store was built in 2017 at 160 Hollywood Blvd., about five miles west of Mississippi State University. Britt …

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Grocery-anchoredInvestment salesNew YorkNewsRetailers

Cushman & Wakefield Brokers Sale of 84,000-Square-Foot Ferndale Shopping Center in Larchmont, New York

by Alex Tostado

Larchmont, N.Y. — Cushman & Wakefield has brokered the sale of Ferndale Shopping Center, an 84,000-square-foot retail property in Larchmont, a northern suburb of New York City. Located at 1310-1340 Boston Post Road, the property was 96 percent occupied by seven tenants at the time of sale, including grocer Stop & Shop and a 24-hour CVS/pharmacy. The asset sold for approximately $35 million. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also …

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