Shopping Center Business

MAY 2015

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

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34 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n CBRE SELLS GEORGIA SHOPPING CENTER FOR $6.6 MILLION CBRE's Atlanta office has finalized the sale of St. Francis Marketplace Shopping Center in Columbus, Georgia. Craig Tay- lor, senior vice president within CBRE's investment properties retail group, rep- resented Ziff Properties of Charleston, South Carolina, in the purchase of the property from Woodruff Real Estate. The 62,535-square-foot shopping center is 98 percent occupied. Built in 1971 and reno- vated in 1994, the plaza is anchored by a 17,000-square-foot Planet Fitness. n SEARS HOLDINGS, GGP FORM JV, COMPLETE $330 MILLION SALE- LEASEBACK Sears Holdings Corp. and General Growth Properties Inc. have entered into a real estate joint venture under which Sears Holdings has contributed 12 of its properties located at GGP-owned malls for approximately $330 million. The properties include both existing Sears Holdings stores and certain properties leased to third parties occupying former Sears Holdings stores. As part of the trans- action, GGP has contributed $165 million in cash to the joint venture, and the joint venture has leased back the existing Sears Holdings stores. The joint venture has the opportunity to create additional value through redevelopment and re-leasing of up to 50 percent of each property. In ex- change for the 12 assets, a subsidiary of Sears Holdings will receive the $165 mil- lion in cash. A subsidiary of GGP made the cash contribution in exchange for a 50 percent interest in the joint venture. The contribution has been distributed to Sears Holdings, which will own the other 50 percent interest upon consummation of the transaction. n MARCUS & MILLICHAP ARRANGES THE $9.95 MILLION SALE OF MIXED- USE BUILDING IN NEW YORK Marcus & Millichap has arranged the sale of a 21,395-square-foot mixed-use property located in New York City. The asset sold for $9.95 million. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, investment special- ists in Marcus & Millichap's Manhattan office, marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Von Der Ahe, Edelstein, Glasser and Moskowitz, investment spe- cialists in Marcus & Millichap's Manhat- tan office. The property is located in West Harlem at 1774 Amsterdam Ave. The property is composed, almost entirely, of free-market units and traded at $465 per square foot. n AMERICA'S REALTY BUYS GEORGIA SHOPPING CENTER FOR $4.95 MILLION America's Realty, in partnership with ARCJ Capital, has purchased Fountain Park Shopping Center in Columbus, Georgia, for $4.95 million from Phillips Edison & Co. The shopping center, which spans 107,105 square feet, is 89 percent leased. It is anchored by Winn Dixie gro- cery store and Farmers Home Furniture and has two outbuildings on the property. America's Realty plans to redevelop the center and make capital improvements to make it more attractive to shoppers and tenants. Other tenants include Dol- lar Tree, Gallery Wedding, China Café, Golden Beauty, Q Nails and Veri Best Donut. n RIVIERA PLAZA ACQUIRED FOR $16.5 MILLION 13th Floor Investments, Gadinsky Real Estate and Echion USA Inc. have ac- quired Riviera Plaza, a 45,000-square- foot mixed-use building in Coral Gables, Florida, for $16.5 million. Retail tenants include Subway, Gables Pizza, Misha's Cupcakes and the Riviera Plaza Theatre of the Performing Arts. 13th Floor Invest- ments worked with BankUnited N.A. to secure a $9 million acquisition loan for the transaction. The deal is 13th Floor's first collaboration with Gadinsky Real Estate/ Echion, which will serve as the leasing agent for the center. SCOTT G. HOOK | Executive Vice President 949.954.3724 | | Lic# 00914392 DANIEL N. TYNER | Associate 949.954.3723 | | Lic# 01959818 2600 Michelson Drive, Suite 100 Irvine, CA 92612 | Hook Retail Advisors *Not subject property Featured New Listings (2) IHOP Restaurants • $4,037,050-Huntington Beach, CA • $6,650,700-Los Angeles, CA • Approx. 10 Years Remain on Lease • NNN Leases w/ Rent Adjustments & % Rent Clause • Excellent Locations, Access, & Parking Prime 3 Tenant Retail-Fullerton, CA • #1 Corner Downtown • 3 Full Triple Net Tenants • Excellent Street Presence & Parking • Attractive New Construction • Contact Agent for Pricing Del Taco Corp-Menifee, CA • $3,575,000 • 15 Years Remaining on NNN Lease • Pad to Stater Bros Market, Rite Aid Center • Major Growth Sector in SoCal © 2015 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates fully supports the principles of the Equal Opportunity Act. Each Ofce is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Afliates. Hook Retail Advisors The 62,535-square-foot St. Francis Marketplace Shopping Center in Columbus, Ga., is 98 percent occupied.

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