Norwalk, Conn. — Bob’s Discount Furniture has opened a 30,000-square-foot store in Norwalk, a western suburb of Bridgeport. The Manchester, Connecticut-based retailer operates 122 stores across 18 states. The store, which is Bob’s ninth in Connecticut, is located at 59 Connecticut Ave. The building was formerly leased to Toys ‘R’ Us. Benderson Development acquired the property during the toy retailer’s asset liquidation.
Sandy Springs, Ga. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-Anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lights to improve energy efficiency and illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.
Fontana, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, California-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View …
Chicago — Fairgrounds Coffee & Tea has signed a 2,623-square-foot retail lease at 306 West Erie, an office development currently under construction in Chicago’s River North neighborhood. The location will serve as the company’s seventh coffee shop in the Chicago area. The building is the first phase of Verso, a three-building office redevelopment undertaken by North Wells Capital and Urban Innovations. Renovation work began in late 2019 to expand and modernize the property. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.
Mays Landing, N.J. — Time Equities Inc. (TEI) has acquired Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, located approximately 50 miles southeast of Philadelphia. The sales price was $60 million. Located at 190 Hamilton Commons Drive, the property was 93 percent leased at the time of sale to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls and Big Lots. Ami Ziff, Jonathan Kim and Grant Scott represented TEI on an internal basis. Chris Munley, Jim Galbally and James Graf of JLL represented the seller, Ohio-based national REIT Retail …
Houston — NorthMarq has arranged a $28.5 million loan for the refinancing of Champions Forest Plaza, an 187,000-square-foot retail center in Houston. Originally built in the 1960s, the property was 92 percent leased at the time of the loan closing to tenants such as The Container Store, Gap, Ann Taylor, Starbucks and Jos. A. Bank. Matthew Franke, Ray Driver and Michael Borden of NorthMarq arranged the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica, an Indianapolis-based life insurance company. The borrower was Smithco, a locally based developer.
Glenview, Ill. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and …
Camden, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased …
Cleveland Heights, Ohio — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features …
Atlanta — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts …
