Shopping Center Business

MAY 2016

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

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Page 34 of 358

30 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE shopping center located in the Washing- ton, D.C., suburb of Manassas, Virginia, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. The center is home to tenants including Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread and Chick-Fil-A. JCR has sold the Chick-Fil-A to an undisclosed buyer for $2.25 million. Sandy Spring Bank provided acquisition fnancing. CBRE ARRANGES $43.9 MILLION SALE OF UNIVERSITY VILLAGE IN CALIFORNIA CBRE has arranged the $43.9 million sale of University Village, a 180,681-square- foot, movie theater-anchored shopping center located in Riverside, California. University Village is located near the Uni- versity of California at Riverside campus, and serves as the primary commercial area for the college. Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer of CBRE represented the seller, a Los Angeles-based partnership, in the transaction. A China-based private investor acquired the property. THE SILVER GROUP ARRANGES SALE OF BUILDING NET LEASED TO JIFFY LUBE IN ILLINOIS The Silver Group has arranged the sale of a retail building net leased to Jiffy Lube in Bourbonnais, Illinois, approximately 60 miles southwest of Chicago. McRan- Co LLC sold the property to a private limited liability company completing a 1033 tax-deferred exchange. Heartland Automotive Services, the largest Jiffy Lube operator in the nation, manages the 2,000-square-foot property located at 598 William Latham Drive. The tenant has oc- cupied the building for over 15 years and recently signed an additional 15-year, tri- ple net lease. The Silver Group was the sole broker in the exchange. GOODFELLOW REAL ESTATE ARRANGES $3.7 MILLION SALE OF RETAIL PLAZA IN CONNECTICUT Goodfellow Real Estate has arranged the sale of Highland Plaza, a retail center located at 123 S. Main St. in Newtown, Connecticut. Newtown Highland LLC acquired the property from Highland HC LLC for $3.7 million. The property features three retail buildings. Bob Cascel- la of Goodfellow Real Estate represented both parties in the transaction. NAMDAR REALTY ACQUIRES KEY BANK LOCATION IN CLEVELAND Namdar Realty Group has acquired a 6,600-square-foot Key Bank location in Cleveland. The single-tenant retail build- ing is located at 5900 St. Claire Avenue. The property was acquired from a private investment fund represented by CRESCO Real Estate, a member of the Cushman & Wakefeld Alliance. Joel Gorjan executed the transaction on behalf of Namdar Re- alty Group. CBRE has arranged the sale of University Village, a movie theater-anchored center. Namdar Realty Group acquired the 6,600-square-foot Key Bank branch located in Cleveland.

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