Shopping Center Business

SEP 2018

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

Issue link: https://shoppingcenterbusiness.epubxp.com/i/1019756

Contents of this Issue

Navigation

Page 12 of 84

10 • SHOPPING CENTER BUSINESS • September 2018 NEWSLINE FAIRBOURNE PROPERTIES ACQUIRES THE STREETS OF BRENTWOOD IN CALIFORNIA FOR $85.7 MILLION Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center in Brentwood, California. A fund managed by DRA Advisors sold the asset for $85.7 million, according to the San Francisco Business Times. The 358,615-square-foot center is home to a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Ro- goff of NKF Capital Markers repre- sented the seller in the transaction. STERLING SELLS CENTER OF WINTER PARK IN ORLANDO FOR $72.8 MILLION Sterling Organization has sold Center of Winter Park in suburban Orlan- do to AEW Capital Management for $72.8 million. The 244,977-square- foot shopping center is located eight miles northeast of Orlando. Sterling's value-add institutional fund, Sterling Value Add Partners LP, originally acquired the asset in 2013 for $27.7 million and re-tenanted the property after Kmart shuttered its store at the center in 2014. Sterling backfilled the vacant box with a Marshalls/Home- Goods combination store, Ross Dress for Less and DSW. An adjacent Office Depot was downsized to its smaller prototype and Five Below opened in what was Kmart's garden center. In addition, the firm signed leases with Petco, Zoës Kitchen, Blaze Pizza, Great Clips, MetroPCS and Stretch Zone, and negotiated lease extensions with existing anchors LA Fitness and Michaels. Center of Winter Park was 97 percent occupied at the time of sale. HFF arranged the transaction on behalf of Sterling Organization. NKF CAPITAL MARKETS ARRANGES $59.3 MILLION SALE OF ELK GROVE COMMONS IN SACRAMENTO NKF Capital Markets has arranged the sale of Elk Grove Commons, a 241,926-square-foot shopping center in Sacramento, California. The sales price was not disclosed, but the Sac- ramento Business Journal reports the asset sold for $59.3 million. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markets arranged the transac- tion on behalf of the seller, Donahue Schriber. Acadia Realty Trust acquired the center, which was fully leased at the time of sale. Elk Grove Commons houses tenants such as Trader Joe's, HomeGoods and Kohl's. VESTAR ACQUIRES EAST WASHINGTON PLACE IN SAN FRANCISCO BAY AREA FOR $55 MILLION Vestar has purchased East Washing- ton Place, a shopping center located in the San Francisco Bay community of Petaluma, California, for $55 million. The name of seller was not released. The 340,000-square-foot shopping center is home to tenants including Target, TJ Maxx/HomeGoods, Ulta Beauty, Dick's Sporting Goods and PetSmart. STAN JOHNSON ARRANGES $19 MILLION SALE OF PENN & AMERICAN RETAIL CENTER IN MINNESOTA Stan Johnson Co. has arranged the $19 million sale of Penn & American, a 58,531-square-foot retail center in Bloomington, Minnesota. Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram of Stan Johnson arranged the transaction on behalf of the seller, a Minneapolis-based de- veloper. SARA Investment Real Es- tate acquired the asset. Fresh Thyme Farmers Market anchors Penn & American. OUT OF THE BOX VENTURES ACQUIRES WALNUT HILL PLAZA IN RHODE ISLAND Out of the Box Ventures LLC, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket. The name of the seller and sales price were not disclosed. Aero Trampoline, Planet Fitness and Walnut Hill Bowl anchor the 300,000-square-foot shopping center. Additional tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop, T-Mobile and the U.S. Post Office. MID-AMERICA ARRANGES $23 MILLION SALE OF EAST LLOYD COMMONS IN INDIANA Mid-America Real Estate Corp. has arranged the $23 million sale of East Lloyd Commons in Evansville, In- diana. Ben Wineman, Rick Drogosz and Carly Gallagher of Mid-America arranged the transaction on behalf of the seller, Retail Value Inc. A private buyer based in Cleveland, Ohio, ac- quired the asset. East Lloyd Commons is home to tenants including Dick's Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread. EDGE ARRANGES SALE OF LAGNIAPPE VILLAGE, IBERIA PLAZA IN LOUISIANA EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Vil- lage and Iberia Plaza. Lagniappe Vil- lage totals 201,360 square feet and is home to tenants such as TJ Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods an- chors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed. Sterling backfilled a vacant Kmart box at Center of Winter Park with a Marshalls/ HomeGoods combination store, Ross Dress for Less and DSW. East Lloyd Commons is home to tenants including Dick's Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread.

Articles in this issue

Archives of this issue

view archives of Shopping Center Business - SEP 2018