Shopping Center Business

OCT 2018

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

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14 • SHOPPING CENTER BUSINESS • October 2018 NEWSLINE CUSHMAN & WAKEFIELD ARRANGES $27 MILLION SALE OF TAMPA BAY CENTER IN FLORIDA Cushman & Wakefield has arranged the $27 million sale of Tampa Bay Center, a 142,350-square-foot shopping center in Tampa. Jason Donald, Patrick Berman and Todd Tolbert of Cushman & Wake- field arranged the transaction on behalf of the seller, Five RE Tampa Bay Center LLC. Equity Management Partners LLC acquired the property. The previous own- ership invested $5 million to renovate the property, which was formerly anchored by Kmart. Tampa Bay Center was 97 percent leased at the time of sale to ten- ants such as Ashley HomeStore, Floor & Décor, The Tile Shop, Dollar Tree, Met- ro PCS and a freestanding WingHouse restaurant. HANLEY ARRANGES $23 MILLION SALE OF RETAIL BUILDING IN CALIFORNIA Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail build- ing in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group ar- ranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private in- vestor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — is triple- net-leased to Walgreens until 2027. Wal- greens subleased the 14,057-square-foot second floor to Sit 'n Sleep. The build- ing's 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena. CBL PROPERTIES SELLS SHOPPING CENTER IN SOUTHEAST GEORGIA FOR $21.5 MILLION CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors acquired the asset, and Morrison Investment Group LLC arranged the transaction. Statesboro Crossing is home to tenants including TJ Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes. EL TIGRE HOLDINGS ACQUIRES WOODLAND CROSSROADS IN SACRAMENTO VALLEY FOR $18 MILLION Affiliates of El Tigre Holdings have ac- quired Woodland Crossroads, a shopping center located within the Sacramento Val- ley city of Woodland. Woodland Cross- roads TIC – Engstrom Properties sold the asset for $18 million. Originally de- veloped in 1985 with Kmart as its anchor, the property was substantially redevel- oped in 2016 with Grocery Outlet as the new anchor tenant. Woodland Crossings is also home to Ross Dress for Less, Party City, Harbor Freight and Tractor Supply. Dan Wald and Don LeBuhn of Cushman & Wakefield arranged the transaction on behalf of the seller, and Keller Williams represented the buyer. C O M I N G S O O N 1.5M SF, 6-Center NY State Retail Portfolio Contact: Kyle Stonis & Pierce Mayson

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