Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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26 • SHOPPING CENTER BUSINESS • December 2016 NEWSLINE MID-AMERICA ARRANGES $63.3 MILLION SALE OF DANADA SQUARE EAST IN METRO CHICAGO Mid-America Real Estate Corp. has arranged the $63.3 million sale of Danada Square East, a 199,080-square- foot center located roughly 30 miles out- side Chicago in Wheaton, Illinois. Ten- ants at the center include Whole Foods Market, Sierra Trading Post, Charter Fitness and Petco. Joe Girardi and Ben Wineman of Mid-America represented the seller, Newport Capital Partners, in the transaction. LaSalle Investment Management acquired the property. CBRE ARRANGES $15 MILLION SALE OF WEST ROAD COLLECTION SHOPPING CENTER IN HOUSTON CBRE Group Inc. has arranged the sale of West Road Collection, a 65,798-square- foot shopping center in Houston, to Hass Holdings LLC for $15 million. CBRE's Richard Rizika represented the seller, JW Rich Investment Co., and JLL represent- ed the buyer. West Road Collection is 98 percent leased to tenants including Best Buy, Starbucks Coffee and Wingstop. PARAGON COMMERCIAL ACQUIRES AIRPORT PLAZA IN BURBANK FOR $37 MILLION Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, California, for $37 million. Tenants at the center include Hobby Lobby, Toys 'R' Us, O'Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the respective sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transac- tion. Savills Studley also represented the buyer, which plans to redevelop and re- position the shopping center. COLLIERS INTERNATIONAL ARRANGES $19.8 MILLION SALE OF TOWN CENTER PLAZA IN CALIFORNIA Colliers International has arranged the $19.8 million sale of Town Center Pla- za, an 82,000-square-foot shopping cen- ter located in Palm Desert, California. Tenants at the center include Trader Joe's, Michaels, Banner Mattress, Tues- day Morning, Fisherman's Market and Grill, The Palms Café and Uncle Don's Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the ac- quisition of the property from Town Cen- ter Plaza LP. FARIS LEE CLOSES $56.6 MILLION SALE OF SHOPPING CENTER IN CALIFORNIA Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita, California. K&G; El Paseo 1 & 2 LLC sold the proper- ty to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square- foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rich Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the sell- er and buyer in the deal. KATZ PROPERTIES ACQUIRES SOMERSET SQUARE IN CONNECTICUT FOR $26.6 MILLION Katz Properties has purchased Somerset Square, a retail center in Glastonbury, Connecticut, for $26.6 million. Situated on 15.3 acres, the 112,414-square-foot property is fully leased to a variety of tenants, including Stop & Shop, Barnes & Noble Bookstore, FedEx and the Paper Store. Tim Breda of Goedecke & Co. arranged mortgage financing for the acquisition. Winslow Property Manage- ment will provide leasing and property management services for the retail center. The name of the seller was not released. SHOPOFF ACQUIRES HEBRON HEIGHTS RETAIL CENTER IN CARROLLTON FOR $8.1 MILLION Shopoff Realty Investments has acquired a 36,000-square-foot retail center in the Dallas suburb of Carrollton, Texas, for $8.1 million. The property, Hebron Heights, is located at 1012 W. Hebron Parkway in the north Carrollton sub- market. Anchored by Pet Supplies Plus, the retail center is 100 percent leased to national, regional and local tenants. He- bron Heights was constructed in 2004 on 8 acres located less than one mile east of the Sam Rayburn Tollway. R E TA I L E R U P DAT E NEW TENANTS ANNOUNCED FOR PINECREST MIXED-USE DEVELOPMENT IN OHIO Fairmount Properties and DiGeroni- mo Cos. have announced new tenants to join Pinecrest, a 58-acre mixed-use development located in Orange Vil- lage, Ohio. Newly announced tenants include Laura of Pembroke, Vineyard Vines and Orangetheory Fitness. Previously announced tenants — all set to open in spring 2018 — include Pinstripes, Silverspot Cinemas, Whole Foods Market, REI, West Elm, Vernacular, City Works Restaurant and Pourhouse, RED - The Steak- house, Firebird's Woodfired Grill, Fusian, Restore Cold Pressed, Flipside, Bibibop, Allure Nail Spa and TD Ameritrade. The $230 million project, at completion, will feature 400,000 square feet of retail, restau- rants and green space; 87 high-end luxury apartments; 150,000 square feet of Class A office space; a 145- room hotel; and a one-acre public plaza. NINE NEW RETAILERS JOIN HUGHES LANDING IN METRO HOUSTON Nine new retailers totaling 17,198 square feet are set to open at Hughes Landing, a 66-acre mixed-use devel- opment located in The Woodlands, Texas. New retailers to open in Retail Row at Hughes Landing will include Blo Blow Dry Bar, Fleet Feet Sports, Focus Optical and Fred Astaire Dance Studio. In addition, retailers to open on the ground level of One Lakes Edge apartments will include Beauty Statement, Broken Barrel, VOM FASS Oils & Vinegars, L'Atelier de Beaute and Ivivva, a retail concept founded by lululemon athletics. The mixed-use property located in metro Houston is already home to tenants including Whole Foods Market, Pier 1 Imports, Pure Barre and Starbucks Coffee.