Elkhart, Ind. — SVN Chicago Commercial has brokered the sale of Concord Shopping Center in Elkhart for $8 million. The 601,205-square-foot property is located at 3701 S. Main St. and is 54 percent occupied. Some of the tenants include Chase, Claire’s, GNC, Hobby Lobby, JC Penney, Jo-Ann Fabrics and Spencer’s Gifts. Tim Franz and Matt McParland of SVN represented the undisclosed seller.
Gainesville, Fla. — Butler Enterprises has signed Anthropologie to an 8,750-square-foot lease within Butler Town Center in Gainesville. Butler expects the space to be ready by this fall. The store will be situated off Archer Road across from The Cheesecake Factory. Anthropologie has more than 200 stores in the United States, Canada and Europe, and, according to its website, caters to “sophisticated and contemporary women aged 28 to 45.” The retailer sells women’s apparel and accessories, home décor, furniture and gifts. The 450,000-square-foot Butler Town Center is situated on 267 …
Tucson, Ariz. — Retail Value Inc. has sold Tucson Spectrum, a 716,704-square-foot, Food City-anchored shopping center in Tucson, for $84 million. The property was 88 percent leased at the time of sale to tenants including Food City, Harkins Theatres, Bed Bath & Beyond, Ross Dress for Less, Marshalls, Best Buy, Michaels and Old Navy. Target and The Home Depot shadow anchor the property, which was completed in 2001. Tucson Spectrum is situated at on West Irvington Road near Interstate 19, five miles south of downtown Tucson. Bryan Ley, Patrick Dempsey, …
Moorpark, Calif. — Avison Young has arranged the sale of The Village at Moorpark, a community shopping center located at 706 W. Los Angeles Ave. in Moorpark. London Reo Retail-CA, a Delaware limited liability company, sold the asset to California-based Chesser Group for $20 million. Built in 2007 on 11.5 acres, the 129,374-square-foot property was 76.3 percent occupied at the time of sale to tenants including Petco, Dick’s Sporting Goods, Verizon, Bank of America and Leslie’s Pool Supply. Chris Maling and David Maling of Avison Young represented the seller and …
Ventura, Calif. — Hanley Investment Group has arranged the $7.4 million sale of Campus Corner, a 9,000-square-foot, multi-tenant retail building in Ventura. A Starbucks with a drive-thru anchors the fully leased building, alongside Jersey Mike’s Subs, Eddie’s Grill, Ventura’s Children’s Dental Group and Jessica’s Nails. Campus Corner is situated at 5101 Telegraph Road, less than a mile from Ventura College and six miles east of downtown Ventura. Ed Hanley, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, an affiliate of Beverly Hills, California-based MJL Capital Partners LLC, in …
Kalamazoo, Mich. — SRS Real Estate Partners has arranged the sale of a two-building retail property in Kalamazoo for $2.5 million. The freestanding buildings are home to Starbucks and Subway. Located on 9th Street, the Starbucks spans 2,085 square feet and the Subway totals 2,000 square feet. The two buildings were built in 2017. Michael Carter and Frank Rogers of SRS represented the seller, a Detroit-based private investor. The team also represented the buyer, a Kalamazoo-based private investor. The sales price represents a cap rate of 5.58 percent, one of …
San Jose, Calif. — Unibail-Rodamco-Westfield (URW) has opened a 500,000-square-foot expansion at Westfield Valley Fair, the French developer’s $1.1 billion retail destination in San Jose. The retail center is part of a redevelopment project that replaced two 1950s-era shopping centers. The project now encompasses 2.2 million square feet in total, with more restaurant and store openings planned for 2021. A three-level flagship Bloomingdale’s luxury apparel department store anchors the new expansion, alongside other apparel retailers including Anthropologie, Club Monaco, Fabletics, Indochino, Jimmy Choo, John Varvatos, Longchamp, Rodd and Gunn, Urban …
Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …
Brentwood, Tenn. — GBT Realty Corp. has sold a 26-property retail portfolio leased to Dollar General for $36 million. The properties are located in various suburban areas throughout Pennsylvania. Each freestanding store features approximately 9,000 square feet of retail space, and all leases have between 12 and 13 years remaining. The stores sold for approximately $1.4 million each. Andrew Fallon of SRS represented the Brentwood-based seller, which developed the properties over the past two years, in the transaction. The buyer was a Virginia-based private investment group that was completing a …
Milwaukee — Newmark Knight Frank (NKF) has negotiated the $15 million sale of a four-property retail portfolio in metro Milwaukee. The portfolio totals 97,259 square feet. The properties include Harvard Square and Northfield Shopping Center in Brookfield, Lincoln Plaza in West Allis and Mitchell Bank Plaza in New Berlin. Kevin Schnoldt and Brian Vanevenhoven of NKF represented the sellers, which comprised various entities associated with William Reilly and Leon Joseph. Baceline Investments purchased the assets.
