Shopping Center Business

MAY 2016

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

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36 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE million in an off-market transaction. Prior to closing on the property, SBH signed a ten-year lease with Save A Lot for the prop- erty. The 24,500-square-foot shopping center, located at 15015 Crenshaw Blvd. in Gardena, was acquired for $3.8 million in an all-cash transaction. Elizabeth Clark and Chris Chasin of BRC Advisors repre- sented the sellers, Kenny and Susie Lee, and SBH in the transaction. UNISON REALTY PARTNERS ACQUIRES SHOPPING CENTER IN CHAPEL HILL Unison Realty Partners has acquired Chatham Crossing, a 96,155-square-foot neighborhood shopping center in Chap- el Hill, North Carolina. The property was 90 percent leased at the time of sale to tenants such as Lowes Foods and CVS/ pharmacy. Unison Realty's plans for the property include stabilizing existing ten- ants, updating the façade of the building and leasing up the shopping center's re- maining vacancies. Berkeley Capital Ad- visors brokered the acquisition. Chatham Crossing is Unison Realty's frst acquisi- tion in North Carolina. GBT REALTY ACQUIRES LAND FOR RETAIL DEVELOPMENT IN OKLAHOMA GBT Realty Corp. has acquired an 11.3- acre retail site in Enid, Oklahoma, for the development of a 100,000-square-foot retail center. Situated across from Oak- wood Mall, the site was formerly home to Walmart and a distribution center for the regional home and garden retailer At- woods Ranch and Home. GBT acquired the site from Atwood's Distribution LLC for $3.9 million. Construction is under- way with the demolition of the existing distribution center. TARGET TO ANCHOR GRAND PARKWAY MARKETPLACE IN METRO HOUSTON A 126,800-square-foot Target is set to anchor Grand Parkway Marketplace, a 465,000-square-foot power center cur- rently being developed by Kimco Realty Corp. The 66-acre development is located at the intersection of Grand Parkway Toll Road and Kuykehdahl Road in Spring, Texas, approximately 25 miles outside of Houston. The shopping center is set to open in spring 2017. (See related article on page 292). PHILLIPS EDISON GROCERY CENTER REIT II, TPG REAL ESTATE ANNOUNCE PARTNERSHIP Cincinnati-based Phillips Edison Grocery Center REIT II Inc. and TPG Real Estate have formed a partnership to acquire high-quality, value-add grocery-anchored shopping centers throughout the U.S. The partnership will invest up to $250 million of equity and plans to leverage this capi- tal to achieve a $750 million acquisition target. The partnership plans to acquire six grocery-anchored shopping centers, and will focus on growing the platform through add-on acquisitions located in fundamentally strong markets that pres- ent attractive return potential. NAMDAR ACQUIRES ADVANCE AUTO PARTS LOCATION IN SOUTH CAROLINA Namdar Realty Group has acquired an 11,000-square-foot Advance Auto Parts location in Holly Hill. The single-tenant retail building was acquired from an un- disclosed private investor. Joel Gorjian executed the transaction on behalf of Namdar Realty Group. MARCUS & MILLICHAP ARRANGES SALE OF 8,228-SQUARE-FOOT RETAIL PROPERTY Marcus & Millichap has arranged the sale of Broadway Plaza, an 8,228-square-foot retail property located in Garland, Texas. Philip Levy of Marcus & Millichap's Fort Worth offce marketed the property on behalf of the seller, an undisclosed devel- oper. Broadway Plaza is located at 6226 Broadway Blvd. The center was 83 per- cent leased at the time of sale to tenants including T-Mobile, Dallas Gold & Silver, Sprint and AT&T. H&R RETAIL ARRANGES SALE OF 81,789-SQUARE-FOOT SHOPPING CENTER IN VIRGINIA H&R Retail has arranged the sale of Val- ley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, Virginia. The center was fully leased at the time of sale to tenants includ- ing hhgregg and Dick's Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Hold- ings LLC. R E TA I L E R U P DAT E ELEVEN NEW TENANTS TO OPEN AT FOUNDRY ROW IN OWINGS MILLS Greenberg Gibbons and Vanguard have announced 11 new tenants set to open at Foundry Row, a $140 million mixed- use development in Owings Mills, Maryland. New tenants include Bar Louie, Mission BBQ, La-Z-Boy, Found- ry Row Wine & Spirits, Xfnity, Mas- sage Envy, Sleep Number, Mani Luxe, Chipotle, Hair Cuttery and Floyd's 99 Barbershop. Foundry Row is currently 88 percent leased, and is set to open in the fall. (See related article on page 102.) EIGHT TENANTS TO OPEN AT THE LINQ PROMENADE Eight new tenants are set to open loca- tions at The LINQ Promenade, Caesars Entertainment's open-air shopping, dining and entertainment district locat- ed on the Las Vegas Strip. New tenants include In-N-Out Burger, Gordon Ram- say Fish & Chips, Canter's Deli, Virgil's Real BBQ, Amorino, Basin White, Pur- ple Zebra and C&E Studio Tony Vegas. The LINQ Promenade is anchored by the world's tallest observation wheel, the High Roller. (See related article on page 347.) NEW RETAILERS TO JOIN THE BROUGHTON STREET COLLECTION IN SAVANNAH Bluemercury and The Impeccable Pig are set to open locations on Broughton Street as part of The Broughton Street Collection, Ben Carter Enterprises' $90 million historic restoration proj- ect in downtown Savannah, Georgia. Bluemercury, a luxury beauty product and spa retailer, will open at 108 West Broughton St. during the fall. The Im- peccable Pig, a family-owned and oper- ated clothing boutique, will open at 226 West Broughton St. in June. Retailers currently open in The Broughton Street Collection include J. Crew, lululemon, Club Monaco, Modern Trousseau, Kendra Scott, Goorin Bros. Hat Shop and Lily Pulitzer's Palm Avenue.

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