Shopping Center Business

OCT 2018

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

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10 • SHOPPING CENTER BUSINESS • October 2018 NEWSLINE Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the county, including Petro, TA and Quaker Steak & Lube. The transaction follows EG Group's acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those prop- erties, which include stores under the Tom Thumb, Loaf 'N Jug and Kwik Shop banners. VISION GROWTH PARTNERS TO BUY 65 SALONS IN MICHIGAN Vision Growth Partners has entered into an agreement to acquire 65 salons in Michigan from Regis Corp. The store acquisitions will take place in small groups and will be completed by spring 2019. Financial terms of the transaction were not disclosed. The stores are currently branded as BoRics, Hair Masters and Fiesta Salons but will transition into Supercuts franchises upon acquisition. The agreement also includes 13 existing Supercuts corporate stores. Super C Group LLC, an entity managed by Vision Growth Partners, will operate the salons. In addition to the acquisitions, Super C Group plans to open 10 new Supercuts locations in Michigan over the next several years, making the entity the largest Supercuts franchisee in the Midwest. Over the next 10 months, Super C Group will renovate the acquired properties. The investment level will vary by location, but Crain's Detroit Business reports the company will spend an average of $50,000 per store. Renovations will include new signage and a complete overhaul of the salons' interiors. RED MOUNTAIN GROUP ACQUIRES INDIO TOWNE CENTER IN SOUTHERN CALIFORNIA'S COACHELLA VALLEY Red Mountain Group Inc. has acquired Indio Towne Center, a 560,000-square- foot shopping center located in Indio, a city in Southern California's Coachella Valley. Bill Bauman and Kyle Miller of Savills Studley arranged the transaction. The name of the seller and sales price were not disclosed. WinCo Foods an- chors the center, which also houses a Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, Panda Express and Starbucks Coffee. In addition, the property includes a recently vacated 46,827-square-foot Toys 'R' Us box, along with an undeveloped anchor building and shop pads, supporting an additional 141,000 square feet of build- ing area. While in escrow, Red Mountain Group has signed leases with Marshalls and Burlington Coat Factory. Kristin Am- brose and Walter Pagel of CBRE are han- dling the property's leasing assignment. RCG VENTURES ACQUIRES TWO SHOPPING CENTERS IN OHIO, MICHIGAN RCG Ventures has acquired Shoppes On South Main in Bowling Green and Grand- ville Marketplace in Grandville. The 110,507-square-foot Shoppes On South Main is home to tenants such as TJ Maxx, Planet Fitness, Petco, Staples and Dollar Tree. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap arranged the transaction on behalf of the seller, a public REIT. Grandville Marketplace is a 224,479-square-foot center located seven miles southwest of Grand Rapids. The center houses tenants including Hobby Lobby, Office Max, PetSmart, Cost Plus, Party City and Dollar Tree. Amy Sands and Clinton Mitchell of HFF represent- ed the seller, a public REIT, in the trans- action. Jeff Miller of RCG Ventures rep- resented the company internally in both transactions. The sales prices were not disclosed. PREP BUYS 654,666-SQUARE-FOOT SHADOW LAKE TOWNE CENTER IN NEBRASKA PREP Property Group Inc. has ac- quired Shadow Lake Towne Center, a 654,666-square-foot shopping center in Papillion, located 13 miles south of Oma- ha. Other terms of the transaction were not disclosed. Originally built in 2007, the property is home to Dick's Sporting Goods, JC Penney, Ulta Beauty, Best Buy, PetSmart and Old Navy, among others. CBRE ARRANGES $25.5 MILLION SALE OF MARIANO'S-OCCUPIED PROPERTY IN ILLINOIS CBRE has arranged the $25.5 million sale of a 66,393-square-foot retail property oc- cupied by Mariano's Fresh Market in Ar- lington Heights, located 25 miles north- west of Chicago. Christian Williams and Michael Kaider of CBRE represented the seller, an affiliate of Inland Private Capi- tal, which purchased the asset in 2011 for $20.8 million. A joint venture between State Farm and Transwestern Investment Group sold the property, according to Crain's Chicago Business. STERLING ORGANIZATION ACQUIRES NORTH RANCH GATEWAY IN CALIFORNIA FOR $35 MILLION Sterling Organization has purchased North Ranch Gateway, a shopping center in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners, one of Sterling's latest institutional funds, for $35 million. Preston Fetrow and Sam Alison of CBRE arranged the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. TJ Maxx, Bank of America, Dunkin' Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino's Pizza are tenants at the property, which was 74 percent occupied at the time of sale. WinCo Foods anchors Indio Towne Center, a 560,000-square-foot shopping center located in Indio, California. Red Mountain Group Inc. recently acquired the property for an undisclosed price. The 66,393-square-foot retail property in Arlington Heights, Illinois, is leased to Mariano's Fresh Market. CBRE recently arranged the sale of the property on behalf of the seller.

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