APRIL 23, 2014 | ISSUE 113
Southeast Real Estate Business
 
Mobile, Ala. - Marcus & Millichap has brokered the sale of a 200,084-square-foot Walmart Supercenter in Mobile, Ala., for $18.4 million. Bob Horvath and Todd Tremblay of M&M represented both the seller, H&R Mobile LLC, and the buyer, Wells Ventures LLC. The property is located on a 6.7-acre parcel just off Alabama State Route 56, Airport Boulevard, and was constructed in 1997. Walmart signed the original 15-year triple-net-lease on the property in October 1996 and recently extended the base term through July 2028. The lease includes eight five-year options.
RENOVATION PLANNED FOR DC'S FASHION CENTRE AT PENTAGON CITY 
The Fashion Centre at Pentagon City in Arlington, Va., will be renovated and expanded by 50,000 square feet.
Arlington, Va. - 
The Fashion Centre at Pentagon City in suburban Washington, D.C., will be renovated and expanded by Simon Property Group. The nearly 1 million-square-foot, three-story center in Arlington, Va., has been open since 1989, is anchored by Nordstrom and Macy's, and is home to more than 170 other stores. Crews will soon begin construction on a 50,000-square-foot expansion of the center along Hayes Street. The expansion will include a new feature entrance to the center, a new office lobby and two levels of new retail shops and restaurants with outdoor seating. A new valet parking area will be added in conjunction with improvements to landscaping and vehicular ingress and egress. The new shops and restaurants have not yet been announced
 
Click here to read more about the planned renovations.
FRANKLIN STREET ARRANGES SALE OF ATLANTA SHOPPING CENTER FOR $10.9 MILLION

Sandy Springs, Ga. -
Franklin Street Real Estate Services has arranged the sale of Powers Ferry Shopping Center in Sandy Springs, 15 miles north of Atlanta, for $10.9 million. The center sold for $416 per square foot. Mac McCall and John Tennant of Franklin Street represented the seller. The buyer was a 1031 exchange investor in New York. The property is 85 percent leased. The center sold at full price within one week of going to market.
ARMADA HOFFLER TO DEVELOP GROCERY-ANCHORED CENTER 

 

Williamsburg, Va. - Armada Hoffler Properties will redevelop the Williamsburg Outlet Mall into a shopping center anchored by a Harris Teeter grocery. The first phase, consisting of approximately 88,000 square feet, will be completed in early 2016. Armada Hoffler has signed a 20-year lease for approximately 53,000 square feet with Harris Teeter.

 

Read more about the redevelopment of the Williamsburg Outlet Mall into a grocery-anchored shopping center.

First Interstate Properties Ltd. has named Steiner + Associates the retail leasing agent of Legacy Village.
Cleveland - 
First Interstate Properties Ltd. has named Columbus, Ohio-based Steiner + Associates the retail leasing agent for the 610,000-square-foot Legacy Village mixed-use development in Cleveland's Lyndhurst suburb. Legacy Village is a 67-acre development that includes 585,000 square feet of retail and restaurants. The development includes the only Crate & Barrel and Restoration Hardware stores in the market.
AVISON YOUNG ARRANGES $21 MILLION CMBS LOAN FINANCING FOR MIAMI PROPERTY
 
Miami - Avison Young has arranged a $21 million CMBS loan for Summit Properties to refinance University Shoppes, a 120,000-square-foot shopping center in Miami, across 107th Avenue from Florida International University. Starwood Mortgage Capital was the lender. Dan Carlo, principal and managing director in Avison Young's Miami office, and David Eyzenberg, a principal in Avison Young's New York office, arranged the loan.
PORTFOLIO OF RETAIL PROPERTIES IN PENNSYLVANIA AND OHIO SECURES $165 MILLION 
 
Pittsburgh - A portfolio of four retail properties in Pennsylvania and Ohio totaling more than 1.9 million square feet has secured $165 million in financing. Working on behalf of the borrower, J.J. Gumberg Co., HFF secured a fixed-rate loan on three of the properties through CorAmerica Capital and JP Morgan Chase Bank, and a floating-rate loan on the fourth property through CorAmerica Capital. The portfolio includes two enclosed centers, a grocery-anchored retail center and a power center. 
 
Read more about the HFF portfolio.
Marcus & Millichap arranged the sale of South Wayside Village in Houston for $8.6 million.
Houston - 
Marcus & Millichap has arranged the sale of South Wayside Village, a 29,364-square-foot shopping center in Houston, for $8.6 million. Justin Miller and Derek Hargrove represented the seller, a Houston-based developer, as well as secured the buyer, a private partnership. Developed in 2006, South Wayside Village is located in Houston's inner loop, and includes tenants such as T-Mobile, Shipley Do-Nuts and South Texas Dental.
DISNEY'S MAGIC KINGDOM OF RETAIL 
Disney Springs will feature five distinct areas that will ultimately make up 1.1 million square feet of retail, restaurant and entertainment space. Pictured is a rendering of the Town Center and Landing portions of the center.

Situated within the heart of one of the top family destinations in the world, Downtown Disney at Walt Disney World Resort in Lake Buena Vista, Fla., has spent nearly 40 years as a top performing, high volume retail, dining and entertainment venue with more than 70 themed and immersive experiences, such as the world's largest Disney store, Cirque du Soleil's La Nouba, the LEGO Imagination Center, House of Blues and an AMC Movies complex with Fork & Screen Dine-In theaters.

  

What do you do with a property that is already doing exceptionally well? If you're Disney and you have a property located in the booming Orlando retail market, you view it as an opportunity to make it even better.

  

Downtown Disney is currently undergoing the largest expansion in its history - a multi-year transformation that will double the number of shopping, and dining experiences available and feature an eclectic and contemporary mix from Disney and other noteworthy brands. Opening in phases starting in 2015, the area will be renamed Disney Springs. Development will be complete in 2016.

  

In total, the rebranded area will grow to 1.1 million square feet, including 350,000 square feet of new leaseable space. The development is attracting affordable-luxury tenants and encouraging them to use proximity to "the most magical place on earth" to their advantage by offering a look, experience and merchandise that stands out from other stores that bear their names. It is part of the entire vision of the area, which is the next step in the evolution of retailing at the resort.

  

"With the Downtown Disney expansion, the primary focus of our growth will be with third-party retailers," says Keith Bradford, vice president of Downtown Disney. "We are adding up to 65 new retail tenants and talking with leading national and international retailers and brands that will help us provide diverse and high-quality experiences that complement our Disney-branded experiences. The response has been extremely positive."

 

Walt Disney Imagineering is the creative force behind Disney Springs, and its legendary team of Imagineers are involved in every step of the design and build process. They've collaborated with several talented design groups, including Elkus Manfredi Architects, which worked on The Grove in Los Angeles, to create what will be a dynamic, world-class destination. Mitch Friedel of Newmark Grubb Knight Frank is the leasing agent. 

 

Click here to read the rest of the April 2014 cover story about Disney Springs.

DILLARD'S TO EXPAND AND RENOVATE AT GOLDEN TRIANGLE MALL
 
Denton, Texas - Dillard's, the retail anchor of Denton, Texas's Golden Triangle Mall, will expand and renovate its existing store. The 765,000-square-foot shopping center has been undergoing a major renovation and redevelopment that has added new exterior entrances, landscaping, signage, a new center court and more. Other tenants include Macy's, J.C. Penney, Sears, Barnes & Noble, Charlotte Russe, Aeropostale, The Limited and more. 

Redlands, Calif. - Majestic Realty Co. has broken ground on the 67-acre Mountain Grove at Citrus Plaza shopping center in Redlands, 15 miles northeast of Riverside, Calif. Mountain Grove will open summer 2015. The 468,000-square-foot Phase I development is the sister project to Citrus Plaza, and will add an additional 200,000 square feet at full build-out. Tenants at Mountain Grove will include Nordstrom Rack, T.J.Maxx, Hobby Lobby, Tilly's and 24-Hour Fitness.


Sonoma, Calif. - DJM Capital Partners has named Bob Brown the head of its new single-tenant net-lease retail practice, as well as the senior vice president of acquisitions. Brown has more than 15 years of experience in retail real estate investments and was previously the chief investment officer of A&C Ventures. He will oversee all aspects of the acquisition and evaluation process for DJM Capital Partners. 
BRONX SHOPPING CENTER SIGNS NEW RETAILERS
Simone Development Companies is leasing the Throggs Neck Shopping Center in The Bronx, which will open this summer.
New York -
Simone Development Companies is nearing completion in the leasing of the Throggs Neck Shopping Center in the Ferry Point section of The Bronx. 18,000 square feet of retail space remains at the center. The Throggs Neck Shopping Center will open for back-to-school shopping and will consist of more than 285,000 square feet of stores and restaurants on two levels. 
 
Click here to read some of the retailers committed to Throggs Neck. 
MODELL'S SPORTING GOODS NAMES DEBORAH FINE NEW COO

New York - Modell's Sporting Goods has created a new position of chief commercial officer and has selected Deborah Fine to fill it. She was previously the CEO of Direct Brands Inc., a member-based retailer for media products in the United States. Fine will lead Modell's digital strategy, trying to transform it into an omnichannel retailer. She will also lead the development of key performance indicators across the organization to measure and report Modell's success.
MOD SUPER FAST PIZZA TO OPEN AT VILLAGE AT NEWBURY PARK 

Thousand Oaks, Calif. - 
MOD Super Fast Pizza will open its first Ventura County location in the Los Angeles suburb of Thousand Oaks at the Village of Newbury Park. MOD Super Fast Pizza allows customers to choose exactly what they want on a pizza without charging additional fees. The MOD Super Fast Pizza space will be 2,825 square feet. Rob Devericks and Linda Hagelis of Hagelis Group represented the landlord in the 10-year lease transaction. Other tenants at the Village at Newbury Park include Target, Staples, Party City, Chipotle Mexican Grill and more.
WEST ELM WILL OPEN AT THE FOUNTAINS AT FARAH IN EL PASO

El Paso, Texas - Home furnishings retailer West Elm will open fall 2014 in the Fountains at Farah shopping center in El Paso. The store will be West Elm's first location in the El Paso region. It will be located in The Promenade, the center's lifestyle area on the lower level, and be two stories and 22,000 square feet. Other tenants in The Fountains at Farah include LOFT, Charlotte Russe, La Madeleine, Menchie's and Altar'd State.
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