McKinney, Texas — Dallas-based retail brokerage firm STRIVE has arranged the sale of The Shops at Lake Forest, a 6,571-square-foot retail strip center located in the northern Dallas suburb of McKinney. The four-tenant property was built in 2018 and is situated along Collin McKinney Parkway just north of the Sam Rayburn Tollway. The average household income within a one-mile radius of the property exceeds $131,000. STRIVE worked with an outside broker to procure the buyer and represented the seller, both of which were locally based private investors.
Arlington, Va. — American Real Estate Partners (AREP) has unveiled its plans to redevelop and rebrand the Rosslyn Metro Center in Arlington’s Rosslyn neighborhood. AREP began the $35 million project earlier this month. Rosslyn City Center is a 62,000-square-foot former mall located directly above the Rosslyn Metro Station. Completion is scheduled for third-quarter 2020. Rosslyn City Center is located at 1700 N. Moore St., three miles east of downtown Arlington and less than five miles from Amazon’s HQ2 campus. The redevelopment will include transforming the existing structure on the site, …
Ruston, La. — Hutton has opened Ruston Marketplace, a 103,413-square-foot shopping center in Ruston. The property’s tenants include Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. Ruston Marketplace is situated off of Interstate 20, one mile from Louisiana Tech University. Hutton partnered with the City of Ruston to deliver the project. According to multiple media outlets, the City of Ruston paid $6.4 million to improve the infrastructure around the shopping center to make it more accessible to shoppers.
Alpharetta, Ga. — Newmark Knight Frank (NKF) has arranged the sale of Stonewood Village, a 106,485-square-foot shopping center in Alpharetta. Stonewood Village was 70 percent leased at the time of the sale to tenants including Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. A vacant big box also sits on the site. Orkin & Associates acquired the property, which is situated at 670 N. Main St., 30 miles north of downtown Atlanta. Mark Joines and Drew Fleming of NKF represented the seller, Nightingale Properties, in the transaction. …
Glenview, Ill. — Mid-America Real Estate Corp. has arranged the sale of Glen Gate, a 102,961-square-foot shopping center in Glenview, 15 miles northwest of Chicago. Mariano’s anchors the fully leased property. Other tenants include AT&T, Hair Cuttery, Bentley’s Pet Stuff, Glenview Bank & Trust and For Eyes. The shopping center is situated at the northeast corner of Waukegan and Golf roads. Joe Girardi and Ben Wineman of Mid-America represented the seller, a client of LaSalle Investment Management. Dallas-based Invesco Real Estate purchased the asset for an undisclosed price.
Oceanside, Calif. — Flocke & Avoyer Commercial Real Estate has directed the sale of three single-tenant, triple-net leased assets at Pacific Coast Plaza Center, a 450,000-square-foot retail center in Oceanside. AGC Pacific Coast Plaza sold the three properties for a total consideration of $11.2 million. Mahalah PCP Pad A and C acquired two properties, occupied by McDonald’s and Mimi’s, while H&S Energy purchased the Chevron-occupied asset. Steve Avoyer of Flocke & Avoyer represented the buyer, a private 1031 exchange, in the McDonald’s and Mimi’s transaction. El Warner of The Matthews …
Philadelphia — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in …
In today’s volatile retail real estate climate, there is ample need for redevelopment or value-add acquisitions. Tri-Land, a Chicago-based owner and operator, is one such company known for repositioning underperforming retail centers. Established in 1978, the company is launching two new investment funds beginning in July. The two funds — which combined total $30 million — seek to purchase between four and eight properties over a 30-month period. The strategy of the investment funds will be to acquire properties located in Midwest and Southeast markets, including Chicago, Milwaukee, Minneapolis, Kansas …
New York City — Elliott Management Corp. has agreed to acquire Barnes & Noble for $683 million, or $6.50 per share. In 2014, Barnes & Noble closed its New York Fifth Avenue store, which was once the world’s largest bookstore. The company operates 627 stores in all 50 states. Elliott, which acquired the U.K.’s largest book retailer, Waterstones, last year, will become the largest bookseller in the U.S. when the acquisition is finalized. The deal is expected to close by the end of September. Barnes & Noble has been exploring …
Seattle — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains.