Shopping Center Business

JUN 2018

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

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12 • SHOPPING CENTER BUSINESS • June 2018 NEWSLINE a $1 million renovation and recently executed a 10-year lease renewal. HFF arranged a loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale. NKF CAPITAL MARKETS ARRANGES $58 MILLION SALE OF SOUTHGATE MALL IN MONTANA NKF Capital Markets has arranged the $58 million sale of Southgate Mall, a 447,952-square-foot shopping mall in Missoula, Montana. Longtime private owners Southgate Mall Associates sold the asset to Washington Prime Group Inc. Thomas Dobrowski, Katharine French and Ed Leinss of NKF Capital Markets arranged the transaction. Originally constructed in 1978, Southgate Mall has undergone a transformation into a hybrid open-air town center. In 2015, the previous owners started the redevelopment of the former Sears store. The property is home to tenants such as Dillard's JCPenney, Bed Bath & Beyond, Cost World Plus and H&M. A nine- screen AMC dine-in theater and a Lucky's Market recently opened at the shopping center. MID-AMERICA ARRANGES $32 MILLION SALE OF SHOPS AT FOX RIVER Mid-America Real Estate Corp. has arranged the $32 million sale of The Shops at Fox River, a 340,849-square-foot shopping center in McHenry, Illinois, located 60 miles northwest of Chicago. Ben Wineman and Carly Gallagher of Mid-America arranged the transaction on behalf of the seller, a public REIT. Time Equities acquired the asset, which was constructed in 2007. The Shops at Fox River is home to tenants such as Dick's Sporting Goods, Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, DSW, Ulta Beauty and Old Navy. JC Penney shadow- anchors the center. PLAZA ADVISORS ARRANGES $19.8 MILLION SALE OF SOUTHTOWN CENTER Plaza Advisors has arranged the sale of Southtown Center, a 43,669-square- foot shopping center in Tampa, Florida. Hillsborough County records show the asset sold for $19.8 million, or $452 per square foot. Jim Michalak, Mike Cvetetic and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, a Los Angeles-based investor. An Australian entity acquired Southtown Center, which was 97 percent leased at the time of sale to tenants such as Moe's Southwest Grill, Tropical Smoothie Café, Cold Stone Creamery, Hair Cuttery, Weight Watchers, European Wax Center, Burger Monger and Century 21. A nine-screen AMC dine-in theater and a Lucky's Market recently opened at Southgate Mall in Missoula, Montana. The center recently sold. CREATING EXPERIENCES PLACEMAKING ARCHITECTURE INTERIOR DESIGN RDL architects.com | 216.752.4300 Royalton Collection Strongsville, Ohio Photo courtesy of Washington Prime Group Inc.

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