Shopping Center Business

JUL 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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12 • SHOPPING CENTER BUSINESS • July 2018 NEWSLINE MERLONE GEIER PARTNERS BUYS 77,276-SQUARE-FOOT SHOPPING CENTER IN CALIFORNIA FOR $29.7 MILLION Merlone Geier Partners has purchased College Plaza Shopping Center located in Fullerton, California, from a private investor for $29.7 million. The 77,276-square-foot shopping center was constructed in 1962 and renovated in 1998. Goodwill and 99 Cents Only anchored the property, which was 73 percent occupied at the time of sale. However, Goodwill vacated during the sales process. Geoff Tranchina, CJ Kodani and Scott Burns of JLL represented the seller, while Merlone Geier was represented internally. STERLING ORGANIZATION ACQUIRES KROGER-ANCHORED CENTER IN METRO ATLANTA FROM KIMCO FOR $10.5 MILLION Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located in Lilburn, 20 miles northeast of Atlanta. Kimco Realty sold the asset for $10.5 million, or $142 per-square-foot. A 62,000-square-foot Kroger anchors the center. Additional tenants include Great Clips, The UPS Store and Coast Dental. Five Forks Crossing is Sterling Organization's seventh property in Georgia. Transwestern's Atlanta Investment Services Group, led by Vice President Fred Victor, provided disposition services for Kimco in the transaction. SERITAGE GROWTH PROPERTIES SELLS $23 MILLION STAKE IN CONNECTICUT RETAIL REDEVELOPMENT Seritage Growth Properties has sold a $23 million stake in The Corbin Collection, a 163,700-square-foot retail redevelopment in West Hartford, Connecticut, to First Washington Realty. The transaction values The Corbin Collection at $52 million, including costs to complete the project. The $23 million was used by Seritage to repay existing mortgage debt associated with the property. The newly established joint venture partnership between Seritage and First Washington Realty simultaneously closed on a $20 million loan with M&T Bank. The Corbin Collection is a former Sears store and auto center. Retailers who have opened or signed leases at the development include REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack. HFF ARRANGES SALE OF 125,500-SQUARE-FOOT, GROCERY- ANCHORED CENTER IN HOUSTON HFF has arranged the sale of Tanglewood Court, a 125,500-square-foot shopping center located in the Galleria/Uptown area of Houston. An H-E-B grocery store anchors the property, which was built in A 62,000-square-foot Kroger anchors Five Forks Crossing in Lilburn, Georgia. RELATIONSHIP DRIVEN | RESULTS ORIENTED Thank You to all of Our Clients, Partners, Colleagues, Family and Friends for Making our First Year at Encore a Success! $506,596,995 Sales Volume 191 Properties Sold Walgreens - Clearwater Beach, FL DaVita – Washington, D.C. Sherwin Williams – Hayward, CA Crossmark – Bentonville, AR McDonalds – Westchester, NY Chase Bank – Muncie, IN CVS - Austin, TX Starbucks – Suwanee, GA Firestone – Clermont, FL Encore Also Recognizes The Following Charities & Organizations That We Have Proudly Donated To: - Multiple Youth Sports Organizations - Oholei Torah Community Center - St. Nicholas Greek Orthodox Church & National Shrine - Judith Dianne Jackson Scholarship Fund - Holy Dormition Monastery - St. John Greek Orthodox Church - Annunciation Greek Orthodox Cathedral - Ronald McDonald House - Friendship Circle - Hatzalah Volunteer Ambulance - Chabad of Riverdale - Boys & Girls Club of America - St. Thomas Chaldean Catholic Church - St. Jude Children's Research Hospital 30500 NORTHWESTERN HIGHWAY SUITE 400 | FARMINGTON HILLS, MI 48334 | ENCOREREIS.COM 25 Investment Brokers Sold in 34 States Rite Aid – PA,NY,NC,SC,MI,OH Advance Auto Parts – MI & KY Dollar Stores – MI,IN,TN,NC,OH,PA Brandon Hanna Managing Partner 248.702.0290 bhanna@encorereis.com Deno Bistolarides Managing Partner 248.702.0288 denob@encorereis.com Ryan Vinco Managing Partner 248.702.0299 ryan@encorereis.com

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