Lubbock, Texas — EXP Realty Advisors, a boutique investment sales firm focused on retail assets, has brokered the sale of The HUB, a 50,196-square-foot shopping center in Lubbock. Situated on 5.5 acres, the center houses tenants such as Tea2Go, Cyclebar and Urban Brick’s Pizza. Andrew Greenberg of EXP Realty Advisors represented the buyer, a 1031 exchange investor, in the transaction. Coldwell Banker represented the seller, a California-based investor. Both parties requested anonymity.
Orange County, Calif. and Colorado Springs, Colo. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs totaling $26.1 million. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, …
Norfolk, Va. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little …
Los Angeles — Forever 21 Inc. has entered into an agreement to sell its stores to a group of landlords led by Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC for $81 million, according to papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. The buyers have made a deposit with an ESCROW agent in the amount of $13.5 million. The group, known as SPARC Group F21, is stalking horse bidders, meaning other companies have until Friday, Feb. 7 to place any counteroffers. If any such bids are …
Dallas — Stockdale Investment Group, a locally based firm, has acquired Preston Forest Shopping Center, a 200,000-square-foot retail property located at the corner of Preston Road and Forest Lane in north Dallas. Anchored by Whole Foods Market, the property houses other tenants such as Staples, Walgreens, JOANN Fabric & Crafts, Corner Bakery, Velvet Taco and Wells Fargo. Preston Forest Shopping Center was built on 13 acres in 1961 and was 95 percent leased at the time of sale. The seller was Mixon Investment Co. Inc.
Miami — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.
New York City — Eyewear retailer Warby Parker has opened a 2,564-square-foot store in the Park Slope neighborhood of Brooklyn. The two-story building is located at 208 Flatbrush Ave., near the Barclays Center. Brian Katz and Scott Sher of Katz & Associates represented Warby Parker in the lease negotiations. Pintchick Associates Ltd. is the landlord.
Addison, Texas — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of …
Nashville, Tenn. — Boyle Investment Co. has sold Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville, for $45.3 million. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller in the transaction. San Francisco-based …
Milford, Mass. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.
