Shopping Center Business

MAY 2017

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

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18 • SHOPPING CENTER BUSINESS • May 2017 NEWSLINE SHORENSTEIN PROPERTIES SELLS CENTER PLAZA IN BOSTON FOR $365 MILLION After more than three years of ownership, Shorenstein Properties has sold Center Plaza, a 741,200-square-foot mixed-use asset in downtown Boston. Synergy Investments, a Boston-based real estate owner and investor, and GreenOak, an international real estate investment and lending firm, have jointly purchased Center Plaza for $365 million. Developed by Beacon Capital in phases in the late 1960s and early 1970s, Center Plaza consists of three interconnected, nine-story buildings comprising more than 600,000 square feet of office space, 77,000 square feet of street-level retail and a below-grade parking garage with 575 spaces. Situated at 1-3 Center Plaza, the retail and office development features nearly 875 feet of frontage along Cambridge Street. Center Plaza, which is currently 60 percent leased to 31 tenants, sits at the entrance to Boston's Beacon Hill neighborhood. The project is situated across the street from Boston's City Hall. Shorenstein Properties purchased Center Plaza in January 2014 for $307 million, according to the Boston Business Journal. The NGKF Capital Markets Boston team led by Robert Griffin, Edward Maher, Matthew Pullen and James Tribble represented Shorenstein Properties, which sold the asset through a real estate investment fund. The new ownership's plans for Center Plaza were not disclosed. COLLIERS NEGOTIATES $69.5 MILLION OFF-MARKET SALE OF SANTA CLARITA SHOPPING CENTER In an off-market transaction, Colliers International has negotiated the $69.5 million sale of Gateway Village Shopping Center in Santa Clarita, California. Michelle Schierberl and Donald Ellis of Colliers' Irvine office brought the center's seller, JH Real Estate Partners, and the buyer, private investment group Galois Group, together in the transaction. The 153,686-square-foot center is 95 percent occupied with one vacant space. Anchor tenants include LA Fitness, Smart & Final Extra, Coffee Bean & Tea, The Habit, US Bank and Lindora Medical. PROGRESSIVE ARRANGES $4.2 MILLION SALE OF TWO OUTPARCELS IN SOUTHERN CALIFORNIA Progressive Real Estate Partners has arranged the sale of two outparcels at the entrance to the Mall of Victor Valley in Victorville, California, for an aggregate total of $4.2 million. Dispositions include an 8,000-square- foot, single-tenant building occupied by Big 5; and a 14,120-square-foot, multi- tenant retail building formerly occupied by a 9,200-square-foot David's Bridal. Brad Umansky and Liana Ahdoot of Progressive represented the seller, a private Los Angeles-based investor, in both transactions. A private Southern California-based investor acquired the Big 5 Outparcel for $1.58 million. The multi-tenant outparcel was acquired by a partnership formed by Alan Gottlieb of Real Estate Affiliates for $2.65 million. Bowie is one of the largest cities in Maryland. Bowie is also an excellent business location, easily accessed from Washington D.C., Annapolis and Baltimore. Bowie's proximity to these major cities brings business and workforce into the area via Routes 3, 50 and 301. Bowie has more than 90 restaurants, 200 shops, and a dozen recreation opportunities. With this winning combination of location, access and amenities your business is certain to grow and succeed. For space available details call: Bowie Marketplace Brian Berman, 301.816.1555 Bowie Plaza Lance Marine, 703.905.0331 Bowie Town Center Melodye Grim, 317.685.7295 Collington Plaza Scott Faloni, 410.693.3248 Free State Shopping Center Rich Abruscato, 301.998.8188 Hilltop Plaza Bruce Levine, 410.486.0800 x116 Pointer Ridge Plaza Jim Farrell, 571.382.1229 For more information on ALL of Bowie's Opportunities, contact: John Henry King, Economic Development Director, City of Bowie, Maryland 15901 Excalibur Road, Bowie, MD 20716 301.809.3042 | fax 301.809.2315 | jhking@cityofbowie.org Retail Opportunities to make your Mark in Bowie Median Household Income over $106,396 Average Household Income over $119,456

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