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Continental Realty Acquires Retail Center in Suburban Maryland for $23.5 Million

by Alex Tostado

Hagerstown, Md. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.

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FloridaGrocery-anchoredInvestment salesNewsRetailers

Avison Young Brokers $16 Million Sale of Publix-Anchored Shopping Center in Boca Raton, Florida

by Alex Tostado

Boca Raton, Fla. — Avison Young has brokered the $16 million sale of West Boca Plaza, a 70,524-square-foot, Publix-anchored shopping center in Boca Raton. The center is located at 22973-23071 U.S. Highway 441, seven miles west of downtown Boca Raton. Tenants include Publix, Little Caesar’s, Orient Garden, La Perredo del Gordo and 441 Animal Hospital. David Duckworth, John Crotty, Michael Fay and Brian de La Fé of Avison Young represented the seller, Sandalfoot Investments LLC, in the transaction. Investments Limited acquired the property.

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ColoradoInvestment salesNewsRetailers

NKF Negotiates $10.1 Million Sale of Roundhouse Retail Property in Colorado Springs

by Alex Tostado

Colorado Springs, Colo. — Newmark Knight Frank Colorado has arranged the sale of a Roundhouse, a retail building located at 600 S. 21st St. in Colorado Springs. CWC Income Properties 6 LLC acquired the property from 600 S. 21st LLC as an investment asset for $10.1 million. Riki Hashimoto, Dan Grooters, Brian Wagner and Mark O’Donnell of NKF Colorado represented the seller in the transaction.

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Investment salesLouisianaNewsRetailers

Marcus & Millichap Arranges $6.4 Million Sale of Shopping Center in New Orleans

by Alex Tostado

New Orleans — Marcus & Millichap has arranged the $6.4 million sale of River Commons, a 59,483-square-foot shopping center in New Orleans. River Commons, which is shadow-anchored by Walmart, was leased to 17 tenants at the time of sale, including Dollar Tree, Shoe Show, Cato and Sally Beauty. Zach Taylor and Don McMinn of Marcus & Millichap represented the seller, Rivercrest Realty, in the transaction. The buyer was Salim Rupani, a private investor based in Texas.

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Company newsNewsRetailers

Le Tote Agrees to Buy Lord + Taylor for $100 Million

by Alex Tostado

Toronto — Le Tote, a fashion rental subscription service, has agreed to buy Hudson’s Bay Co.’s (HBC) Lord + Taylor brand for $100 million. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s board of directors and certain rights as a minority shareholder. Le Tote will assume responsibility of Lord + Taylor’s 38 stores, digital channels and inventory. …

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IndianaInvestment salesMichiganNewsOhioRetailersWest Virginia

Albanese Cormier Acquires Nine Shopping Centers Totaling 758,983-Square-Foot

by Alex Tostado

Beaumont, Texas — Beaumont, Texas-based Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and HFF brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Indiana; Forest Park Plaza (104,231 square feet) in Brazil, Indiana; Phoenix Square (47,415 square feet) in South Haven, Michigan; …

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Investment salesNew YorkNewsRetailers

KFIR Capital Arranges $20.5 Million Sale of Retail Property in Brooklyn

by Alex Tostado

New York City — KFIR Capital, a New York-based firm, has arranged the $20.5 million sale of a multifamily property in Brooklyn. The 43,000-square-foot building at 210 Clarkson Ave. was vacant at the time of sale, formerly housed a Dollar Tree store and a private school. The buyer plans to develop part of the building into a residential property. Jake Blatter of KFIR represented the seller, New York-based 210 Clarkson Corp., in the transaction. Blatter also represented the buyer, a local investor.

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DevelopmentFinanceNew YorkNewsRetailers

Cronheim Mortgage Arranges $13.5 Million Construction Loan for Retail Center in Upstate New York

by Alex Tostado

Poughkeepsie, N.Y. — Cronheim Mortgage, a New Jersey-based firm, has arranged a $13.5 million construction loan for the redevelopment of Poughkeepsie Plaza in Upstate New York. Originally constructed in 1958, the 170,966-square-foot shopping center includes three pad sites for a total building area of 175,743 square feet. Current tenants include Home Depot, BJ’s, Hobby Lobby and Best Buy. The loan carries a seven-year term of interest-only payments followed by a 25-year amortization period.

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CaliforniaInvestment salesNewsRetailers

Beta Negotiates Sale of 37,346-Square-Foot Retail Building in Southern California

by Alex Tostado

Newbury Park, Calif. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse …

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Investment salesNewsRetailersWashington

Hanley Investment Arranges $3.7 Million Sale of New Retail Building in Metro Seattle

by Alex Tostado

Federal Way, Wash. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Washington-based buyer acquired the property from an affiliate of Henderson, Nevada-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and …

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