Shopping Center Business

DEC 2017

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

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18 • SHOPPING CENTER BUSINESS • December 2017 NEWSLINE the 59,010-square-foot Carlsbad Village. Both properties were fully occupied with long-term leases at the time of sale. CONTINENTAL REALTY ACQUIRES SHOPPING CENTER IN METRO FORT LAUDERDALE FOR $21.3 MILLION Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot shopping center in Davie, Florida, 11 miles southwest of Fort Lauderdale. Danny Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Regency Centers Corp., in the transaction. Paragon Theater and Off the Wall Family Entertainment Center anchor Ridge Plaza, which was constructed in 1985 and was 99 percent occupied at the time of sale. The property is also home to five pad sites, including properties leased to Dunkin' Donuts and Metro PCS. HFF ARRANGES $24.5 MILLION SALE, $17.8 MILLION FINANCING FOR RETAIL CENTER IN ARIZONA HFF has arranged the $24.5 million sale of Colonia Verde, a 98,937-square-foot retail center in Tucson. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, Westwood Financial Corp., and Nick Kassab of HFF represented the buyer, ROK Properties Inc. Additionally, Jeremy Womack of HFF secured a 10-year, $17.8 million acquisition loan for the asset through a global financial services firm on behalf of the new owner. Safeway and Walgreens anchor Colonia Verde, which was 99 percent leased at the time of sale to tenants including Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery and Jamba Juice. NEWMARK MERRILL ACQUIRES 116,832-SQUARE-FOOT RETAIL CENTER IN SOUTHERN CALIFORNIA NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square- foot shopping center in Placentia, a city in California. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc. The sales price was not disclosed. Marshall's, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly's Best and Craftsman Pizza. MARCUS & MILLICHAP ARRANGES $7.2 MILLION SALE OF RITE AID-LEASED PROPERTY IN SOUTHERN CALIFORNIA Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot retail net-leased to Rite Aid in Lancaster, California. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released. COOPER COMMERCIAL ARRANGES $6.4 MILLION SALE OF RETAIL CENTER NEAR TAMPA, FLORIDA Cooper Commercial Investment Group has arranged the $6.4 million sale of Bloomingdale Commons, a 27,555-square-foot retail center in Brandon, located 13 miles east of Tampa. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller, an East Coast private investment group. The buyer was not disclosed. Bloomingdale Commons was fully leased at the time of sale. SITAR REALTY ARRANGES $5.6 MILLION SALE OF RETAIL CENTER Sitar Realty Group has arranged the $5.6 million sale of a retail center located in Flemington, New Jersey. Flemington Partners acquired the property from Arnav Investments. The center features 36,408 square feet of retail space. Giorgio Vasilis of Sitar Realty Group brokered the transaction. R E TA I L E R U P DAT E SEARS TO CLOSE 63 STORES IN JANUARY Sears Holdings Corp. will close 63 stores in late January. Of the store closures, 45 are Kmart stores and 18 are Sears locations. Liquidation sales at the affected locations began on Nov. 9. Store associates will receive severance pay and will have the opportunity to apply for open positions at area Kmart or Sears stores. This round of closures brings the total number of shuttered Sears and Kmart locations since January 2017 to 243. FIVE NEW RESTAURANTS TO JOIN THE HUB IN DOWNTOWN ATLANTA'S PEACHTREE CENTER Five new eateries have inked leases at The Hub, the retail portion of downtown Atlanta's Peachtree Center. The new restaurants are part of a project from Banyan Street Capital to renovate and modernize the mixed-use project's retail center. Amy Fingerhut of CBRE arranged leases with the new tenants, which will open on a rolling schedule beginning later this year and into early 2018. The new tenants include Salata, Bep Eatery, Beni's Cubano, Taste of India and Southern Candy Co. All five new restaurants will open on the Gallery Level of The Hub, located directly under the courtyard and at the center of the renovation project, joining restaurants including Aviva By Kameel, Panbury's, Chick-fil-A and Yami Yami. Construction on The Hub will be complete in spring 2019. Ridge Plaza in Davie, Florida, is home to tenants including Dunkin' Donuts, Metro PCS and Paragon Theater.

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