Shopping Center Business

MAY 2016

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

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34 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE provement store located in Concord, North Carolina, roughly 25 miles outside of Charlotte. Jon Busse and Greg Copps of Colliers represented the seller, Caro- lina Emerald LLC, and Brad Grow of Colliers represented the buyer, Tailwind Charlotte Retail LLC, in the transaction. JOUBRAN COMMERCIAL PROPERTIES ARRANGES $2.6 MILLION SALE OF RESTAURANT, PARKING LOT Joubran Commercial Properties (JCP) has brokered the $2.6 million sale of a 2.4- acre parking lot and 5,500-square-foot restaurant building in downtown Greens- boro, North Carolina. JJ Joubran of JCP represented both the seller, Buckhead Investments LLC, and the Atlanta-based buyer in the transaction. Rich Mossman of CBRE | Triad also represented the seller in the transaction. DISNEY INVESTMENT GROUP ARRANGES SALE OF SHOPS AT THE GALLERIA IN METRO AUSTIN Disney Investment Group (DIG) has ar- ranged the sale of Shops at the Galleria, a 537,685-square-foot retail center located in the Austin suburb of Bee Cave, Texas. The center was 99 percent leased at the time of sale to tenants including Lowe's, Best Buy, Old Navy and Ulta Beauty. DIG brokered the off-market sale to Chi- cago-based InvenTrust Properties Corp. CBRE worked on behalf of the seller, Christopher Commercial Inc., in the transaction. M&M ARRANGES $5 MILLION SALE OF SHOPPING CENTER IN METRO TAMPA Marcus & Millichap has arranged the $5 million sale of River Hills Plaza, a 34,500-square-foot shopping center lo- cated in the Tampa suburb of Valrico, Florida. Built in 2004, the property was 93 percent leased at the time of sale. James Medefnd and Armando Rodriguez of Marcus & Millichap represented the sell- er, a private investor, in the transaction. The buyer was a private investor from Canada. BONNIS PROPERTIES ACQUIRES FOREMAN & CLARK BUILDING Bonnis Properties has purchased the 147,346-square-foot Foreman & Clark Building in downtown Los Angeles for $52 million. The 13-story building is lo- cated at 404 W. 7th St. The space was orig- inally built in 1929 as a Foreman & Clark department store. It most recently served as a jewelry mart, but was vacated in mid- 2015 when the space was slated to trans- form into a boutique hotel. Bonnis plans to rehabilitate and restore the historic core property. Redevelopment details are in the early planning stages. Derrick Moore of Avison Young represented the buyer. CBRE's Phillip Sample and Chris Caras represented the seller, Dr. Kyung Ku Cho, in this transaction. SBH REAL ESTATE GROUP ACQUIRES TWO RETAIL PROPERTIES IN CALIFORNIA SBH Real Estate Group Inc. has acquired a freestanding retail building located in Bellfower and a retail center located in Gardena for an aggregate price of $6.2 million. The 11,556-square-foot freestand- ing retail building was acquired for $2.4 CITYCENTER HOLDINGS, INVESCO, SIMON PROPERTY GROUP AGREE TO BUY THE SHOPS AT CRYSTALS IN LAS VEGAS FOR $1.1 BILLION A joint venture between CityCenter Holdings LLC, Invesco Real Estate and Si- mon Property Group has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion. CityCenter Holdings LLC is itself a joint venture between MGM Resorts Inter- national (NYSE: MGM) and Infnity World Development Corp. The Shops at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Crystals, a retail and en- tertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. "This transaction demonstrates the strength in Las Vegas as a premier destina- tion for visitors around the world," says Jim Murren, chairman and CEO of MGM Resorts International. "We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success." Ten luxury fagship stores anchor the center, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. The center also fea- tures 30 unique-to-market luxury retailers such as Celine, Saint Laurent and Richard Mille, plus a dedicated tram station that connects to the Bellagio Resort & Casino and the Monte Carlo Resort & Casino. "The acquisition of The Shops at Crystals provides us with an extraordinary op- portunity to obtain a high-quality asset in a growing marketplace," says David Simon, chairman and CEO of Simon Property Group. The shopping center opened in 2009 and is recognized for its architecture. Daniel Libeskind designed the building's exterior, and David Rockwell designed the interi- or. Jones Lang LaSalle (JLL) represented CityCenter in the transaction. "Las Vegas has experienced signifcant economic growth over the past few years, with a record number of visitors in 2015 and an increasing international clientele," says Michael Zietsman, director at JLL. "Visitors now spend more than half their trav- el budget on non-gaming expenditures. A sale like this has never made more sense." — Christina Cannon Disney Investment Group arranged the off-market sale of Shops at the Galleria in metro Austin, Texas.

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