Shopping Center Business

SEP 2018

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

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18 • SHOPPING CENTER BUSINESS • September 2018 NEWSLINE cated in Southern California's Simi Valley. A joint venture between In- vestcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. The property includes eight buildings and outparcel pads. Tenants at the center include Valley Market- place, Rite Aid, 99 Cents Only, dd's Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike's Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF repre- sented the seller in the transaction. MARCUS & MILLICHAP ARRANGES $20.1 MILLION SALE OF TWO-TENANT RETAIL BUILDING IN ORANGE COUNTY Marcus & Millichap has arranged the $20.1 million sale of a two-tenant retail building in the Orange County community of Santa Ana, Califor- nia. The property is triple-net-leased to Burlington and Aldi. Mark Thiel of Marcus & Millichap arranged the transaction on behalf of the seller, IRA Capital. Marcus & Millichap's Adam Attia procured the buyer, a lo- cal private investor. CONTINENTAL REALTY ACQUIRES SHOPPES AT PELICAN PRESERVE IN SOUTHEAST FLORIDA FOR $12.2 MILLION Continental Realty Corp. has ac- quired the Shoppes at Pelican Pre- serve, a 69,475-square-foot shopping center in the Southeast Florida com- munity of Fort Myers. The asset was purchased for $12.2 million on behalf of Continental Realty Fund V LP, rep- resenting the first property acquired by the fund. A 51,000-square-foot Winn-Dixie anchors the center, which was 98 percent leased at the time of sale. Additional tenants include Piz- za Hut and H&R Block. Anthony Blanco and Lynn De Marco of The Shopping Center Group arranged the transaction on behalf of the undis- closed seller. CBL PROPERTIES SELLS JANESVILLE MALL IN WISCONSIN FOR $18 MILLION CBL Properties has sold Janesville Mall in Janesville, Wisconsin, to RockStep Capital for $18 million. The 600,000-square-foot mall is an- chored by Boston Store — which will close in August — Dick's Sporting Goods, Kohl's and Sears. Additional tenants include Bath & Body Works, American Eagle Outfitters, Claire's, Finish Line, GameStop, Ulta Beauty, Victoria's Secret and Yankee Candle. CBL will use proceeds from the sale to supplement free cash flow, fund rede- velopment programs and other capital improvements and reduce debt. Continental Realty Corp. has acquired the Shoppes at Pelican Preserve, which was 98 percent leased at the time of sale.

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