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ARCP TO SELL SHOPPING CENTER PORTFOLIO FOR $2 BILLION
 | | David Kay, president of American Realty Capital Partners |
New York - American Realty Capital Properties Inc. intends to sell its multi-tenant shopping center portfolio for approximately $2 billion in cash to affiliates of Blackstone Real Estate Partners VII. ARCP plans to use the capital from its multi-tenant business to fund the purchase of a previously announced Red Lobster portfolio.
ARCP has entered into a letter of intent to sell its multi-tenant shopping center portfolio to Blackstone and expects to finalize definitive documentation with Blackstone with respect to the sale in the next 30 days.
Read more about ARCP's sale of its shopping center portfolio to Blackstone.
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 | | Walmart Shops at Laveen Village in Phoenix was sold to Eleven Investments LLC for $7.1 million. |
Phoenix - Walmart Shops at Laveen Village, a 47,098-square-foot neighborhood shopping center in Phoenix, has sold to Eleven Investments LLC for $7.1 million. The center was 77 percent leased at the time of sale. Notable tenants include Walmart Supercenter, Church's Chicken, Sally Beauty Supply and Cricket Wireless. The seller, Pacific West Land LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley's Retail Capital Markets Group.
- Nellie Day
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Houston - Rice Management Company, which is responsible for the Rice University endowment, has chosen Trademark Property Co. to oversee asset and property management, leasing and repositioning of the Village Arcade, a 195,000-square-foot open-air retail center in Houston's Rice Village district. Rice University has exercised an option to acquire the leasehold in the two-level center from the developer and owner, Weingarten, and will close during the third quarter of this year. The Village Arcade is the largest retail property in the Rice Village district. Tenants include Ann Taylor, Banana Republic, Gap, MAC, Soma, Starbucks and Victoria's Secret.
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Maplewood, Minn. - Marcus & Millichap has arranged the $1.6 million sale of a 9,600-square-foot retail property in Maplewood, a suburb of St. Paul. The shopping center is anchored by AutoZone. The property was fully occupied by two tenants at the time of sale. Sean Doyle and Cory Villaume of Marcus & Millichap represented the seller, a limited liability company. Doyle and Villaume also represented the buyer, another limited liability company.
- Danielle Everson
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 | | Hayden Station was sold by Tucson, Ariz.-based Holualoa Companies to Mill Avenue Office LLC, which is owned by YAM Properties' Bob Parsons. |
Tempe, Ariz. - Cassidy Turley has arranged the sale of Hayden Station, a 107,508-square-foot mixed-use development for $26.5 million, or $246.69 per square foot. The project was sold by Tucson, Ariz.-based Holualoa Companies to Mill Avenue Office LLC, which is owned by YAM Properties' Bob Parsons. Senior managing directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley's Capital Markets Group, and Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee, with Cassidy Turley's Office and Retail Groups, brokered the transaction on behalf of the buyer and the seller.
Read more about the sale of Hayden Station.
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North Point, Fla. - CBRE has arranged the sale of North Port Commons, a 42,497-square-foot retail center located in Sarasota County. Om Ventures of Tampa, Fla., acquired the property from Saber-North Port LLC for $5.3 million. Mark Shellabarger with CBRE Investment Properties represented the seller and Allen Henderson with CBRE Debt & Structured Finance arranged financing for the buyer. Ron Struthers and Howard Corr with Coldwell Banker Commercial NRT handled leasing and management for the seller and assisted with the sale.
Click here to read about the sale of North Point Commons.
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SPENCE HILL ARRANGES
$1.2 MILLION OF ACQUISITION FINANCING
 | | 5740 Columbia Road in Columbia, Md., is net-leased to 7-Eleven Inc. |
Columbia, Md. - Spence Hill Associates has arranged $1.2 million of acquisition financing for a retail property in Columbia. The property is net-leased to 7-Eleven Inc.
Michael Trauberman, managing director of Spence Hill Associates, arranged and negotiated the financing on behalf of the purchaser, Columbia Village LLC of Vienna, Va. The 10-year loan was placed with a Virginia-based bank and features an initial five-year fixed interest rate of 3.90 percent.
Read more about the financing of 5740 Columbia Road.
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LEE & ASSOCIATES ARRANGES $2.8 MILLION SALE IN KANSAS
Olathe, Kan. - Lee & Associates has arranged the $2.8 million sale of a 21,260-square-foot retail facility in Olathe, a suburb of Kansas City. The property is situated on approximately 4.3 acres of land at 800 N. Rogers St. Arizona-based powersports equipment retailer RideNow Powersports purchased the property and will occupy the space. This is RideNow's first Kansas location. John Nolan and Russell Pearson of Lee & Associates represented the buyer. Van Wall Equipment sold the property.
- Danielle Everson
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Kapa'a, Hawaii - ValueRock Realty Partners has begun a multi-million dollar renovation at Kauai Village, a 113,496-square-foot retail center located in Kapa'a. Phase one of the renovation, which is underway, will include demolition work to add more parking and landscape planters, and improve overall access into and out of the shopping center. Kauai Village has local and national brand-name tenants including Safeway, Imperial Jewelers, Starbucks, Subway, ABC Stores, GNC, Super Cuts, Tropical Dreams Super Premium Ice Cream, Papaya's Natural Foods, The UPS Store, Crush Boutique, Pau Hana Bar & Grill, Longs Drug Store and the Kauai Visitor Center.
Click here for more about the redevelopment of Kauai Village.
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WESTFIELD UNVEILS DESIGN PLANS FOR THE VILLAGE AT WESTFIELD TOPANGA
 | | The Westfield Group's design for The Village mixed-use development will integrate plant life and water elements that pay homage to the San Fernando Valley before the region was developed. |
Los Angeles - The Westfield Group has unveiled the layout, landscaping and d�cor plans for the 550,000-square-foot outdoor extension at Westfield Topanga, The Village. The mixed-use development is currently in the early stages of construction and will be completed in fall 2015.
Read more about the design plans for The Village at Westfield Topanga.
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OUTLET COLLECTION AT NIAGARA OPENS
Niagara-on-the-Lake, Ontario - Ivanhoe Cambridge has opened Outlet Collection at Niagara, the 520,000-square-foot open-air outlet shopping center that is home to 102 retailers. Several of the retailers, including Bass Pro Shops Outpost, Pandora Outlet, White House Black Market Outlet, are first-in-Canada. Other tenants include Kate Spade Outlet, NIKE Factory Store and Michael Kors Outlet. The development features 2,700 parking spaces. According to Lord Mayor Dave Eke, Outlet Collection at Niagara will create 1,500 full and part-time jobs and contribue approximately $5 million annually to the local tax base.
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Decatur, Ga. - Lennar Commercial Investors LLC and Sterling Organization have acuired North DeKalb Mall, a 622,297-square-foot shopping mall in the northeast Atlanta suburb of Decatur. Lennar and Sterling, along with developer Hendon Properties, plan to convert the enclosed portion of the mall into an open-air concept. Sterling will manage North DeKalb Mall. The current tenants of North DeKalb Mall include AMC Theatres, Burlington Coat Factory, Macy's, Marshalls and Ross Dress for Less.
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FARIS LEE BROKERS $11.5 MILLION RECEIVERSHIP SALE OF LAS VEGAS SHOPPING CENTER
 | | The all-cash buyer of Spring Valley Town Center, First Allied Corporation, represented itself in the transaction, which sold at a cap rate of 8.3 percent. |
Las Vegas - Faris Lee Investments has completed the $11.5 million receivership sale of a 60,105-square-foot portion of Spring Valley Town Center in Las Vegas. The retail property was 92 percent occupied at the close of escrow with tenants that include The UPS Store, 7 Eleven, GNC, Fatburger and more. Tenants within the center that weren't a part of the sale include anchor tenants La Bonita Supermarkets, Lee's Discount Liquor and Bank of America. Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments represented David Jewkes of Integris Realty Services, who acted as court-appointed receiver on behalf of the loan servicer Five Mile Capital. The all-cash buyer, First Allied Corporation, represented itself in the transaction. The transaction sold at a cap rate of 8.3 percent ($191 per foot).
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TREPP ACQUIRES COMMERCIAL REAL ESTATE DIRECT
New York - Trepp, a provider of information to the securities, real estate and banking markets, has acquired Commercial Real Estate Direct, a subscription-based source for information and news on the real estate capital markets. Commercial Real Estate Direct has a readership of more than 10,000 and delivers an online daily news site and a weekly e-newsletter. Trepp, which is owned by DMG Information, a division of Daily Mail and General Trust, has a client base that includes more than 800 financial institutions. Trepp will be delivering authorized access to Commercial Real Estate Direct through its suite of products.
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CIM GROUP LEASES RETAIL AT HOLLYWOOD AND WESTERN
Los Angeles - CIM Group has leased the 39,000-square-foot, one-story building at the 2.08-acre Hollywood and Western mixed-use project to Marshalls and Petco. The Marshalls department store will fill approximately 24,000 square feet of the buildinge, while Petco will comprise the building's remaining 15,000 square feet. Both stores will open this fall. This new retail building includes 125 parking spaces on its rooftop, and an additional 47 parking spaces on the adjacent surface lot. CIM has also leased a 3,000-square-foot Yogaworks at the Gershwin Apartments, the first phase of the Hollywood and Western project.
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COOPER COMMERCIAL ARRANGES $2 MILLION SALE OF OHIO SHOPPING CENTER
Cleveland - Cooper Commercial Investment Group has arranged the $2 million sale of a grocery-anchored shopping center in Cleveland. The sale also included a buildable outparcel. The 46,301-square-foot Village Green Shopping Center is 95 percent occupied and anchored by a Save-a-Lot grocery store. The sale represented 90 percent of the list price and a 9.89 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group and Kyle Hartung of Goodman Real Estate Services Group LLC represented the seller, a Cleveland-based private investment group. A Florida-based private investment group purchased the property.
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 | | 20 Times Square is a mixed-use development that will include retail, a 425-room Times Square EDITION hotel, and 40,000 square feet of dining, entertainment and event space. |
New York - A joint venture between The Witkoff Group, Winthrop Realty Trust, New Valley LLC, Maefield Development and Ian Schrager Company has named CBRE Group as the exclusive leasing agent for the retail portion of 20 Times Square. The 76,000-square-foot retail component features 200 linear feet of wraparound frontage at the corner of 47th Street and Seventh Avenue and a 25-foot tall glass storefront, as well as flexible floor sizes ranging from 10,700 to 14,700 square feet. The retail space will be one component of 20 Times Square, a mixed-use development that will include a 425-room Times Square EDITION hotel and 40,000 square feet of dining, entertainment and event space. Stephen Siegel, Andrew Goldberg and Susan Kurland of CBRE will oversee the leasing efforts for the property.
- Amy Bigley Works
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S.L. NUSBAUM REALTY TO MANAGE RETAIL CENTER
IN INDIANAPOLIS
Indianapolis - S. L. Nusbaum Realty Co. has been named the exclusive management representative for Raceway Market Shoppes, a 26,088-square-foot retail center in Indianapolis. Tenants include Outback Steakhouse, McAlister's Deli, AT&T Mobile, Sport Clips, Subway, Five Guys Burgers and Fries, and Davita Total Renal Care. Norfolk, Va.-based S.L. Nusbaum Realty manages, develops and provides brokerage services to shopping center projects, apartment communities, office and industrial properties.
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R.J. BRUNELLI APPOINTED TENANT REP FOR NEW JERSEY FRANCHISES
Old Bridge, N.J. - R.J. Brunelli & Co. Inc. has been named the tenant representation for Athena Learning Centers, Burger King Corporation and D'Angelo Italian Market. Headquartered in Princeton, N.J., Athena Learning Centers currently has five company-owned and franchised locations in Middletown, N.J.; Orlando, Fla.; and Katy, College Station, and Coppell, Texas. Additional locations are currently scheduled to open in Marlboro, Princeton and Freehold, N.J. The company is seeking 1,600- to 2,000-square-foot end-cap or pad spaces in strip centers.
Click here to read more about tenant representation in New Jersey.
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INLAND BUYS MIDTOWNE SHOPPING CENTER IN LITTLE ROCK
 | | Tenants at MidTowne Shopping Center include The Container Store, Pottery Barn, Ulta and Williams-Sonoma. |
Little Rock, Ark. - Inland Real Estate Income Trust has purchased the 126,288-square-foot MidTowne Shopping Center, located five miles east of downtown Little Rock. MidTowne Shopping Center is 95.6 percent occupied and leased to 22 tenants, including The Container Store, Pottery Barn, Ulta and Williams-Sonoma. According to reports, the sale price was approximately $41.45 million. Lou Quilici, senior vice president of IREIT Business Manager & Advisor Inc., assisted Matthew Tice, vice president of Inland Real Estate Acquisitions Inc. in the purchase of the property.
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REDEVELOPMENT BEGINS ON VICTORY PARK MIXED-USE DEVELOPMENT
Dallas - The 75-acre mixed-used development Victory Park has begun a redevelopment project that will last through the year. Phase One will include horizontal street work on Olive Street and Victory Park Lane to improve the pedestrian experience and connectivity between American Airlines Center/Victory Plaza and the southern area of Victory Park. A raised crosswalk and a median will be added on Olive Street to connect Victory Park Lane and Victory Plaza, and a signalized crosswalk will be placed at the intersection of Olive Street and Victory Park Lane so pedestrians can cross between American Airlines Center and the southern area of Victory Park. On Victory Park Lane, the existing raised medians and streetlights will be removed, the sidewalks will be widened to accommodate large outdoor patios, and additional raised crosswalks will be added.
Click here to read more about the redevelopment of Victory Park.
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