Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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10 • SHOPPING CENTER BUSINESS • December 2017 NEWSLINE NEWMARK KNIGHT FRANK ARRANGES $55 MILLION SALE OF REGIONAL MALL IN IOWA Newmark Knight Frank (NKF) has arranged the $55 million sale of Southern Hills Mall in Sioux City. The 571,465-square-foot enclosed regional mall was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property. ROIC ACQUIRES TWO WEST COAST SHOPPING CENTERS FOR $96.5 MILLION Retail Opportunity Investment Corp. (ROIC) has acquired two shopping centers for a total of $96.5 million. The purchase includes Fullerton Crossroads, a 221,636-square-foot, grocery-anchored community center in Fullerton, California, and Riverstone Marketplace, a 108,323-square-foot, grocery- anchored shopping center in Vancouver, Washington. Fullerton Crossroads was built in 1971 and renovated in 1996 and 2005. The center is 98 percent leased to tenants including Ralphs, Kohl's, JoAnn Fabric & Craft and Daiso Japan. Riverstone Marketplace is located in the Fisher's Landing area of Vancouver. The center is 99 percent leased, with Quality Food Center as the anchor. ROIC represented itself in this stock transaction, while JLL's Geoff Tranchina represented the seller, the Uhlmann Family Trust. MILLER CAPITAL ADVISORY SELLS 468,127-SQUARE-FOOT RETAIL CENTER IN CENTRAL ILLINOIS Miller Capital Advisory Inc. has sold The Shoppes at Grand Prairie, a 468,127-square-foot retail center in Peoria, Illinois. Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb of HFF represented Miller Capital in the transaction. An affiliate of Singerman Real Estate LLC purchased the asset for an undisclosed price. The Shoppes at Grand Prairie was constructed in 2003 and includes six multi-tenant buildings and one single-tenant building. At the time of sale, the center was 94 percent leased to tenants including Bergner's, Dick's Sporting Goods, Marshalls, HomeGoods, DSW, H&M;, Old Navy, J.Crew Mercantile, Banana Republic Factory and J.Jill. SHOPONE ACQUIRES 202,134-SQUARE- FOOT POWER CENTER IN SOUTHERN CALIFORNIA ShopOne Centers REIT Inc. has acquired McKinley Crossroads, a 202,134-square- foot, single-story retail center in Corona, 45 miles southeast of Los Angeles. Other terms of the transaction were not disclosed. Simply Fresh Market and 24- Hour Fitness anchor the center. 303.926.2769 www.erieco.gov/economic_development Paula Mehle | pmehle@erieco.gov CON TAC T US 3 Retail Centers Under Development First opened Nov. 2016 anchored by King Soopers. 4 Additional Prime Retail Sites Available Strong traffic counts, available utilities and commercial zoning. Highly Educated 59% of Erie residents are college graduates. $112,000 Average Household Income. Population of 25,000. Income and population growing at a faster rate than the region. Median Age 37 Growing families, young professionals, and active adults are drawn to our panoramic location, scenic trails, championship golf course, recreational activities and over 300 days of sunshine per year. L I F E S T Y L E . R O O F T O P S . CUSTOMERS. Time to call Erie, Colorado home for business. Quality Food Center anchors Riverstone Marketplace, a 108,323-square-foot center in Vancouver, Washington.