Shopping Center Business

MAY 2018

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

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22 • SHOPPING CENTER BUSINESS • May 2018 NEWSLINE HANLEY INVESTMENT GROUP ARRANGES $20.7 MILLION SALE OF SHOPPING CENTER Hanley Investment Group Real Estate Advisors has arranged the sale of La Verne Courtyard, an 84,368-square-foot shopping center in La Verne, California, located 30 miles east of Los Angeles. The sales price was not disclosed, but local news reports cite Evan & MC LLC acquiring the asset from Charles Co. for $20.7 million. Ed Hanley, Bill Asher and Kevin Fryman of Hanley arranged the transaction on behalf of the seller, while Wendy Wong and Katherine Quach of Treelane Realty Group represented the buyer. La Verne Courtyard was 97 percent leased at the time of sale to tenants such as Aldi, Orchard Supply Hardware, Jersey Mike's Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio's. SELECT STRATEGIES REALTY ACQUIRES 700,000-SQUARE-FOOT RETAIL PORTFOLIO IN METRO ST. LOUIS Select Strategies Realty has acquired a five- property retail portfolio in metro St. Louis for an undisclosed price. The portfolio spans 700,000 square feet. The properties include are located at 955 Woodcrest Executive Drive, 4650 Lansdowne Ave., 1000 Lemay Ferry Road and 8901 Page Ave. Overall, the portfolio is 97 percent leased to tenants such as The Home Depot, Fresh Thyme Farmers Market, Office Max, Kohl's, HomeGoods, Dick's Sporting Goods, Burlington, Hobby Lobby and Planet Fitness. Jeremy Sain of HFF arranged acquisition financing on behalf of the borrower. Prime Finance provided the loan. HFF ARRANGES SALE OF 382,854-SQUARE-FOOT RETAIL CENTER HFF has arranged the sale of Naugatuck Valley Shopping Center, a 382,864-square- foot shopping center in Waterbury, Connecticut. Jim Koury of HFF arranged the transaction on behalf of the seller and procured the buyer, a partnership between Premium Property LLC and BH Premium Quality Waterbury LLC. DDR Corp. sold the asset, according to local media reports. The sales price was not disclosed. Walmart anchors the center, which was 77.1 percent leased at the time of sale. Additional tenants include Panera Bread, Bob's Stores and Wendy's. CUSHMAN & WAKEFIELD ARRANGES $22.9 MILLION SALE OF RETAIL PROPERTY Cushman & Wakefield as arranged the $22.9 million sale of a retail property located at 8420-8430 Melrose Avenue in West Hollywood, California. Kazuko Morgan and Carine Mamann of Cushman & Wakefield arranged the transaction on behalf of the buyer, a joint venture between L3 Capital and Guggenheim Real Estate. David Ickovicks of Commercial Asset Group represented the seller, American Commercial Equities. The 11,295-square- foot property includes 18 parking spaces and is home to Theory, DASH and Serna & Lily. R.H. JOHNSON CO. PURCHASES 282,708-SQUARE-FOOT SHOPPING CENTER The R.H. Johnson Company has purchased Lakeport Commons in Sioux City, Iowa, for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp. LEE & ASSOCIATES ARRANGES $21.9 MILLION SALE OF SHOPPING CENTER Lee & Associates has arranged the $21.9 million sale of Talavi Towne Center, a 118,377-square-foot shopping center in Glendale, Arizona. Jay Fincham and Patrick Dempsey of Lee & Associates arranged the transaction on behalf of R E TA I L E R U P DAT E FOUR RETAILERS OPEN STORES AT $136 MILLION BELTON GATEWAY DEVELOPMENT Marshalls, Party City, Petco and Five Below have opened as part of Belton Gateway's second phase of construction. The $136 million, 47-acre mixed-use development is located in Belton, Missouri, 20 miles south of Kansas City. Ross Dress for Less is scheduled to open later this spring. Developed by Christie Development, the property includes an Academy Sports + Outdoors and a Hobby Lobby as part of Phase I. PREIT SIGNS THREE NEW TENANTS TO MALL IN SOUTHEAST MASSACHUSETTS PREIT has signed three new tenants at Dartmouth Mall in Dartmouth, Massachusetts. Local retailer Newbury Comics will open a 3,900-square-foot location this spring. In the fall, Forever 21 will open an 11,500-square-foot location, and EbLens will open a 6,000-square-foot store. The new leases come on the heels of several recent openings, including a new 23,000-square-foot H&M, and new Encore and Torrid stores. KIMCO'S LINCOLN SQUARE TO FEATURE PHILADELPHIA'S FIRST SPROUTS FARMERS MARKET Kimco Realty's Lincoln Square mixed-use project currently under development will be the site of Philadelphia's first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square's historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project began in late 2016. La Verne Courtyard was 97 percent leased at the time of sale to tenants such as Aldi, Orchard Supply Hardware, Jersey Mike's Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio's.

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