Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
Issue link: http://shoppingcenterbusiness.epubxp.com/i/752067
18 • SHOPPING CENTER BUSINESS • December 2016 NEWSLINE DDR CORP. ACQUIRES GRESHAM TOWN CENTER IN METRO PORTLAND DDR Corp. has acquired Gresham Town Center, a 296,186-square-foot mixed-use center located in the Portland suburb of Gresham, Oregon. The retail portion of the property is home to tenants includ- ing Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks Coffee, Men's Wearhouse, Baja Fresh Mexican Grill and Charming Charlie. The center also contains 12,289 square feet of office space. A 45,000-square-foot, single-tenant LA Fitness located north of the center was also included in the sale. Nick Kassab of HFF represented the seller in the transac- tion, Westlake Realty Group Inc. FARIS LEE ARRANGES $7.8 MILLION SALE OF CVS/PHARMACY IN METRO SAN FRANCISCO Faris Lee Investments has arranged the $7.8 million sale of a freestand- ing, 14,500-square-foot retail property occupied by CVS/pharmacy in Daly City, California, roughly nine miles outside San Francisco. Rick Chichester, Donald MacLellan and Thomas Chichester of Faris Lee represented the seller, 550 Lar- kin Street LLC, and the buyer, Barchester Corp., in the 1031 exchange transaction. CVS/pharmacy has 23 years remaining on its lease. RUBENSTEIN REAL ESTATE SELLS BLACKHAWK VILLAGE IN IOWA FOR $3.4 MILLION Rubenstein Real Estate Co. has sold Blackhawk Village, a 65,548-square-foot shopping center located in Cedar Falls, Iowa, for $3.4 million. An undisclosed private investor acquired the property. Tenants at the center include Key West Fitness, Chuck E. Cheese's and Dollar Tree. Carly Gallagher and Joe Girardi of Mid-America Real Estate Corp. represent- ed the seller in the transaction. BAUM REALTY GROUP ARRANGES SALE OF OAK MILL PLAZA IN ILLINOIS Baum Realty Group has arranged the sale of Oak Mill Plaza, a 164,000-square-foot shopping center located in Niles, Illinois. Jewel-Osco grocery store anchors the property, located at 7900 N. Milwaukee Ave. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, Major Realty Group. The buyer, an affil- iate of Phillips Edison & Co., is a public non-traded REIT. The property was ac- quired for an undisclosed amount. SRS ARRANGES SALE OF FELTON'S CROSSING SHOPPING CENTER IN GEORGIA SRS has arranged the sale of Felton's Cross- ing Shopping Center, a 112,240-square- foot shopping center located in Carters- ville, Georgia. Ingles and Planet Fitness anchor the center, which sold for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the seller, Felton's Associates LLC, in the transac- tion. The buyer, an undisclosed private fund, was self-represented. CYPRESS EQUITIES ACQUIRES 11.2-ACRE SITE FOR GROCERY- ANCHORED DEVELOPMENT Cypress Equities has acquired an 11.2-acre site located in Georgetown, Texas, for the development of a grocery-anchored