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Deals

  • JLL brokers sale of Atlanta’s Powers Ferry Plaza

    Atlanta — Jones Lang LaSalle has closed the sale of Powers Ferry Plaza on behalf of Equity One. An Atlanta-based private investor purchased the 86,401-sq.-ft. shopping center anchored by Micro Center.

    The property is strategically located on approximately 10.7 acres along Powers Ferry Road near the intersection of Powers Ferry Road and Delk Road, a little more than 12 miles northwest of downtown Atlanta.

     

  • Price Check for Centers

    Here’s something you may not have heard in a while: Competition from multiple buyers is causing a spike in the price of many shopping centers. This isn’t a minor bubble, either — it has become apparent to me that the extremely competitive nature of the current market has led to some dramatic overpricing. From my perspective, many of the price tags on power centers and grocery-anchored neighborhood centers (and, to a lesser extent, traditional malls and unanchored strip centers) are getting out of touch with reality.

  • River Crossing adds a dollar store

    Tucson, Ariz. — Gordon’s Dollar Plus Store has signed a lease for a 2,586-sq.-ft. apace at River Crossing in Tucson. Gordon’s Dollar Plus Store is licensed by Discount Dollar Store Services of Las Vegas. Plans call for the new store to open in mid-December.

    Commercial Retail Advisors represented the landlord, La Cholla and River Road Associates in the transaction. DDSS Real Estate represented the tenant.

  • Mid-America doubles a client’s investment in one year

    Crest Hill, Ill. — Mid-America Real Estate Corp.’s Net Lease Investment Group recently brokered the sale of a two-tenant 88,000-sq.-ft. retail building leased to Big Lots and Home Owners Bargain Outlet in Crest Hill, Ill. A private investor in California purchased the property from a local Chicago area investor for $2.25 million.

    Major retailers surrounding the property include Jewel/Osco, Ultra Foods, Food 4 Less and TJ Maxx.

  • Walgreens opens new Gulfport, Miss., store

    Covington, La. — Walgreens has opened a new full-service drugstore in Gulfport, Miss., at the intersection of Pass Road and Interstate 49. The 13,650-sq.-ft. store has a drive-thru window and full service pharmacy and may serve as a catalyst for retail development in the corridor. Stirling Properties provided development services, including lease negotiation, financing and project management for the third party owner of the property.

  • DSW signs inks 20,000-sq.-ft. deal in Tempe, Ariz.

    Phoenix — DSW Designer Shoe Warehouse has taken 20,000 sq. ft. at Tempe Marketplace in Tempe, Ariz., according the CBRE, which represented DSW in the negotiations. Vestar represented Tempe Marketplace.

    Developed by Vestar in 2007, Tempe Marketplace is an interactive shopping, dining and entertainment destination featuring 1.3 million sq. ft. of retail space. The tenant list now includes DSW plus Target, Cost Plus World Market, Old Navy, J.C. Penney, Gap and Best Buy. It is also the first Arizona location for Dave & Busters.

     

  • SL Green buys out prime lease at 650 Fifth Avenue

    New York — SL Green Realty Corp. and partner Jeff Sutton have entered into an agreement to buy out the lease of retailers Juicy Couture at 650 Fifth Avenue. The transaction will enable the leasehold owners to combine Juicy Couture’s existing basement, grade-level and second floor retail space with additional vacant space on the third floor and accelerate the partnership’s ability to reposition the building’s premier retail corner location.

  • JLL brokers sale of four grocery-anchored centers

    Atlanta — Jones Lang LaSalle has closed the sale of a portfolio of four grocery-anchored centers on behalf of Regency Partners II. Publix Supermarkets acquired the properties for $37.5 million.

    The portfolio of shopping center includes:

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