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CaliforniaInvestment salesNewsRetailers

SRS Negotiates $8.5 Million Sale of Shopping Center in Metro Los Angeles

by Alex Tostado

Valencia, Calif. — SRS Real Estate Partners has arranged the $8.5 million sale of Valencia Autoplex, a 20,459-square-foot, fully leased shopping center in Valencia, California. The property is situated at 23506 Valencia Blvd., 35 miles north of downtown Los Angeles. Tenants at the auto-oriented shopping center include Big O Tires and Oil Stop. All tenants are signed to triple-net leases. Pat Kent, Rich Walter and Parker Walter of SRS represented the seller, Newport Beach-based Frye Family Partnership III, in the transaction. Ron Feder of RJ Feder & Associates Inc. represented …

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ArizonaInvestment salesNewsRetailers

ORION Investment Real Estate Arranges $6.1 Million Sale of Retail Development in Scottsdale, Arizona

by Alex Tostado

Scottsdale, Ariz. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in north Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari …

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Investment salesMinnesotaNewsRetailers

First Washington Realty Buys 78,313-Square-Foot Shopping Center in Eden Prairie, Minnesota

by Alex Tostado

Eden Prairie, Minn. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.

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Investment salesNewsNorth CarolinaRetailers

Ziff Properties Sells Shopping Center in Charlotte for $12.2 Million

by Alex Tostado

Charlotte, N.C. — Ziff Properties has sold Terraces at University Place, a 65,112-square-foot shopping center in Charlotte, North Carolina’s University neighborhood, for $12.2 million. The center was built in 2000 and was 97 percent occupied at the time of the sale by tenants including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. Tom Kolarczyk of HFF represented the seller in the transaction. LBX Investments acquired the property. Gregg Shapiro and Cory Fowler, also with HFF, arranged a …

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DevelopmentMarylandMixed-useNewsRetailers

Greenberg Gibbons, Seritage Growth Partner for $150 Million Redevelopment Project at Metro Baltimore Mall

by Alex Tostado

Cockeysville, Md. — Greenberg Gibbons has formed a joint venture with Seritage Growth Properties to redevelop a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville, Maryland. Greenberg Gibbons owns the property, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore. Initial plans for Phase I of the $150 million redevelopment include renovations to the former two-story Sears building and Sears Auto Center. Michael’s and HomeGoods are open on the first floor, while more retail and entertainment concepts are being targeted for the second …

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Investment salesNewsRetailersSouth Carolina

Marcus & Millichap Arranges $7.1 Million Sale of Shopping Center in Aiken, South Carolina

by Alex Tostado

Aiken, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 and located 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

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Investment salesNewsRetailersWashington

SRS Arranges $6 Million Sale of Rite Aid-Occupied Asset in Kingston, Washington

by Alex Tostado

Kingston, Wash. — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property, located at 27000 Miller Bay Road NE in Kingston. A U.S.-based investment fund sold the asset to a California-based family office for $6 million. Built in 2007 on 2.2 acres, the 17,272-square-foot building includes a drive-thru. Rite Aid currently occupies the property under a corporate-guaranteed triple-net lease with Rite Aid Corp. There are nine years remaining on the lease. Ryan Tomkins of SRS’ National Net Lease Group represented the seller in the transaction.

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Investment salesNewsRetailersTexas

STRIVE Negotiates Sale of 30,255-Square-Foot Shopping Center in Arlington, Texas

by Alex Tostado

Arlington, Texas — Dallas-based STRIVE has arranged the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. The center is home to tenants such as Walmart Neighborhood Market, Walgreens, Subway, Dollar General and Spec’s Wine. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.

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DevelopmentIllinoisNewsRetailers

Woodmont Co. to Develop 15,000-Square-Foot Retail Center in Grayslake, Illinois

by Alex Tostado

Grayslake, Ill. — The Woodmont Company has unveiled plans to develop a 15,000-square-foot retail center in Grayslake, located 50 miles north of downtown Chicago. Known as Washington & Barron Commons, the four-building property will be situated at the corner of Washington Street and Barron Boulevard. Construction on Phase I is expected to begin this summer. Phase I will include a 9,000-square-foot building for Kiddie Academy and a 4,500-square-foot single-tenant building. Phase II will include an 8,000-square-foot multi-tenant building as well as a 3,000-square-foot single-tenant building. Grant Gary and Robert Snider …

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Investment salesNewsRetailersTexas

REATA, Stonefield Acquire 173,041-Square-Foot Shopping Center in San Antonio

by Alex Tostado

San Antonio — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, The Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. …

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