Elkhart, Ind. — Marcus & Millichap has negotiated the sale of Goshen Village Shoppes in Elkhart for $5 million. The 37,135-square-foot retail property is located at 4542 Elkhart Road. Built between 2004 and 2006, the property is 75.2 percent occupied by Little Caesars Pizza, AT&T, Panera Bread, Mattress Warehouse, Great Clips and Starbucks. Jordan Goodman, Jeff Rowlett and Matt Fitzgerald of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
Washington, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. First Washington Realty acquired the properties. Daniel Finkle, Stephen Conley, …
Norman, Okla. — Dallas-based Disney Investment Group has negotiated the sale of University Town Center, a 417,515-square-foot retail power center in Norman. The property was 99 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Academy Sports + Outdoors, Kohl’s and Michael’s. Disney represented the undisclosed seller in the transaction. The buyer was an entity controlled by Rainier Realty Investments, which partnered with CIL2 REIT LLC, managed by Continuum Holdings. Dallas-based Metropolitan Capital Advisors arranged acquisition financing for the deal.
Temple Terrace, Fla. — Plaza Advisors has arranged the sale of Temple Terrace Plaza, a 90,328-square-foot shopping center in Temple Terrace. The Winn Dixie-anchored property was 95 percent leased at the time of sale to tenants including the United States Post Office, Greenberg Dental, Sally Beauty, Rainbow, Mariner Finance and Sprint. Temple Terrace Plaza is located at 8837 N. 56th St., nine miles north of downtown Tampa. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller, a REIT, in the transaction. The buyer was an undisclosed private equity …
Glendale, Ariz. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while …
Ramona, Calif. — Flocke & Avoyer Commercial Real Estate has arranged the sale of three retail parcels, totaling 22,527 square feet, at Stonegate Plaza Shopping Center in Ramona. Trevor Associates acquired the assets from Lesser-Moore South Coast for $4.8 million. Goodwill, The UPS Store, T-Mobile, Sally’s Beauty Supply and Itan occupy the parcels, located at 1668, 1672 and 1676 Main St. Stater Bros and Rite Aid serve as shadow anchors. Bryan Cunningham of Flocke & Avoyer represented the seller, while Steve Hollenbeck represented the buyer in the deal.
Shopping Center Business recently sat down with Cynthia Nelson, senior managing director in the real estate solutions practice at FTI Consulting, to discuss the current retail landscape and tips and tricks for tackling big box vacancies. Tell me a bit about your outlook on the retail landscape at current. We’re going through a huge transformation in terms of how consumers buy retail goods and services and it is taking a toll on our shopping centers. Many big box spaces formerly occupied by retailers like Toys ‘R’ Us are going dark. …
Omaha, Neb. — Broad Reach Retail Partners has acquired Baker Square Shopping Center, a 158,380-square-foot grocery-anchored shopping center in Omaha. The property was 73 percent leased at the time of the sale to tenants including Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. There is 43,394 square feet of available space. Baker Square is located one mile south of LinkedIn’s new 200,000-square-foot office campus, that when complete in 2021, could house as many as 1,000 employees.
Laveen, Ariz. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller …
Novi, Mich. — Gerdom Realty & Investment has negotiated two leases at Thomasville Centre in Novi. Alchile Mexican Grill & Bar and Pho Mai Vietnamese restaurant are the newest tenants to join the center, which is located on Grand River Avenue. Alchile opened this spring, leasing 5,130 square feet. Pho Mai will open during the second half of this year and occupy 1,680 square feet. Joel Karboske of Gerdom represented the landlord, Mclaughlin Family Properties.