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North-Delray
FloridaInvestment salesNews

Marcus & Millichap Arranges Sale of Publix-Anchored Center in Delray Beach

by Katie Sloan

Delray Beach, Fla. — Marcus & Millichap has arranged the sale of North Delray Commons, a 34,087-square-foot shopping center located in Delray Beach. The property is anchored by Publix and home to tenants including Lina Nails, UPS, AT&T and Jersey Mike’s Subs. Kirk Olson and Drew Kristol of the Institutional Property Advisors division of Marcus & Millichap brokered the transaction on behalf of the seller, an undisclosed institutional investor with several offices throughout the country. Benderson Development acquired the center for an undisclosed price. 

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Investment salesNew JerseyNews

Aspen, Devli Buy 138,000-Square-Foot MainTree Shopping Center in Vineland, New Jersey

by Katie Sloan

Vineland, N.J. — A joint venture between Aspen Real Estate and Devli Real Estate has purchased MainTree Shopping Center, a 138,000-square-foot retail property in the Southern New Jersey city of Vineland. The sales price was $13.7 million. The new ownership will implement a value-add program at the center, which houses tenants such as GNC and Hair Cuttery. Joe French led a Marcus & Millichap team that represented the undisclosed seller in the transaction.

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DevelopmentNevadaNews

Gindi Capital Completes 155,000-Square-Foot Expansion at Showcase Mall in Las Vegas

by Katie Sloan

Las Vegas — Gindi Capital has completed the Phase IV expansion of Showcase Mall, a 481,400-square-foot retail and entertainment destination in Las Vegas. Located at 3767 S. Las Vegas Blvd., the 155,000-square-foot phase includes the addition of a 50,000-square-foot Burlington and a 20,000-square-foot Target. Gindi Capital plans to add a rooftop bar and restaurant 75 feet above street level, offering views of the Las Vegas Strip. Nadel Architecture + Planning designed the expansion. 

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CaliforniaInvestment salesNews

SRS Real Estate Partners Arranges $9 Million Sale of Multi-Tenant Retail Center in Palmdale, California

by Katie Sloan

Palmdale, Calif. — SRS Real Estate Partners’ Investment Properties Group West has brokered the sale of a 56,309-square-foot portion of Towne Square West, a retail property located at 2220 E. Palmdale Blvd. in Palmdale. A Los Angeles-based private investor acquired the property from another Los Angeles-based private investor for $9 million. Chris Tramontano and John Redfield of SRS Real Estate Partners represented the seller, while Joelle Kim of Westside Luxury Real Estate represented the buyer in the deal. Built in 1989 on eight acres, the value-add property was 83 percent occupied at the …

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Village-Plaza-at-Bunker-Hill-Houston
Investment salesNewsTexas

JLL Arranges Texas Retail Property Swap Between Weingarten, Fidelis

by Katie Sloan

Houston and Fort Worth, Texas — JLL has arranged a property swap between Weingarten Realty Investors and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine …

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FinanceGeorgiaNews

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by Katie Sloan

Kennesaw, Ga. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 …

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Walgreens-Ames-IA
Investment salesIowaNews

Boulder Group Negotiates $5.1 Million Sale of Property Net Leased to Walgreens in Ames, Iowa

by Katie Sloan

Ames, Iowa — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.

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burger-king
IndianaInvestment salesNews

Marcus & Millichap Arranges $1.8 Million Sale of Burger King-Occupied Property in Carmel, Indiana

by Katie Sloan

Carmel, Ind. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.

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Meadows-Village-Temecula-CA
CaliforniaInvestment salesNews

Colliers Arranges $26.3 Million Sale of Meadows Village Shopping Center in Temecula, California

by Katie Sloan

Temecula, Calif. — Colliers International has brokered the sale of Meadows Village, a grocery- and drugstore-anchored shopping center in Temecula. The retail property changed hands for $26.3 million. The names of the seller and buyer were not released. Located at 31771-31962 Rancho California Road, the property features 80,553 square feet of retail space. Current tenants include Baron’s Market, CVS/pharmacy, EOS Fitness, Starbucks Coffee, The UPS Store, Wells Fargo and Subway. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Peter Orth of Colliers handled the transaction.

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Taco-Bell-Folsom-CA
CaliforniaFaris Lee InvestmentsInvestment salesNews

Faris Lee Brokers $2.5 Million Sale of Taco Bell-Occupied Restaurant in Folsom, California

by Katie Sloan

Folsom, Calif. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.

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