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Deals

  • Arby’s signs multiple franchise agreements

    Atlanta - Arby's Restaurant Group Inc. (ARG), franchisor of Arby’s, has signed development agreements with new and existing franchisees. ARG recently sold 14 company-operated restaurants in Tampa, Fla., to Mosaic Investments Inc., a fully integrated investment firm based in Atlanta. In addition to remodeling existing locations slated to commence at the end of 2014, Mosaic has committed to build 13 new Arby's restaurants in the Tampa area during the next nine years.

  • JLL brokers sale of Market Square in Akron, Ohio

    Atlanta — JLL has announced the closing of the sale of Market Square at Montrose on behalf of LaSalle Investment Management to HP Realty LLC. Purchased for $32.5 million, the 510,231-sq.-ft. retail center hosts anchors Home Depot, J.C. Penney, Levin Furniture, Dick’s Sporting Goods, Regal Cinemas, Toys “R” Us and Cost Plus World Market.

    “Akron and similar cities are back in favor with investors,” commented Kris Cooper, a JLL managing director.

  • Five Below to Wards Crossing West in Lynchburg, Va.

    Lynchburg, Va. — Five Below has signed a 7,732-sq.-ft. lease at Wards Crossing West shopping center in Lynchburg, Va. It will be Five Below’s first store in the Lynchburg trade area.

    Divaris Real Estate’s Richmond office represented Five Below in the transaction. DRE is the exclusive representative for Five Below in southwest Virginia.

  • Vornado to spin off shopping centers

    New YorkVornado Realty Trust plans to spin off nearly 16.1 million sq. ft. of shopping center assets into a new publicly traded REIT by the end of 2014, leaving the company with a largely office-centric portfolio, according to SNL Real Estate.

    The move will simplify Vornado’s investment strategy and enable the company to focus on the ownership of office assets in the Washington, D.C., and New York City regions, including the high-value Manhattan office over retail assets.

  • Aveda Salon headed to Sierra Vista

    Sierra Vista, Ariz. — The Realm Salon, an approved Aveda Salon, is opening a new 1,500-sq.-ft. full-service salon in Indian Hills Plaza in Sierra Vista, Ariz. The new salon plans to open by June 1.

    First West Properties Corporation represented the tenant in the transaction. Commercial Retail Advisors represented the landlord, Indian Hills Investors.

     

  • Inland’s IREIT acquires Texas and Florida centers

    Oak Brook, Ill. — Inland Real Estate Income Trust has acquired two shopping centers in Texas, and Florida, in separate transactions: Mansfield Pointe Shopping Center in Mansfield, Texas, and North Hills Square Shopping Center in Coral Springs, Fla.

    IREIT acquired the 148,529-sq.-ft. Mansfield Pointe for $28.4 million and the 63,829-sq.-ft. North Hills Square Shopping Center for $11.05 million.

  • Brunelli promotes Nick Deluca to sales associate

    Old Bridge, N.J. — Retail leasing specialists R.J. Brunelli & Co. has announced the promotion of Nick DeLuca to sales associate.

  • Mid-America brokers sale of Milwaukee MSA center

    MilwaukeeMid-America Real Estate Corporation’s investment sales team has brokered the final sales phase of The Shoppes of Nagawaukee in Delafield, Wis. This was the third transaction consummated on behalf of the seller, Told Development, for this shopping center since 2012.

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