DEALS

Riverstone Capital Group has purchased the 43,199-sq.-ft. Shops at Lexington Circle in the Atlanta suburb of Peachtree City.   Anchored by a Sprouts Farmers Market and located on the West Highway 54 retail corridor, the property offered for sale by Mirabeland Investments and Concordia Properties was not on the market long, according to the deal’s broker.  

Citing favorable demographics and a steady income stream, Nazareth Enterprises acquired the Walmart Central Shopping Center in Folsom, California for $39.7 million.    Besides Walmart, the 139,377-sq.-ft. center contains a 24-hour Fitness SuperSport Gym, the 99Cent Store, and Great Clips. It’s shadow-anchored by a Super Walmart.  

A limited partnership has purchased the 110,359-sq.-ft. Southridge Plaza in Fontana, California for $20.7 million.   Anchored by a Rio Ranch Market, the necessity-based center is strong among Hispanic consumers in this town just east of San Bernardino. Other tenants include Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill, and Cricket Wireless.  

Phillips Edison has acquired another grocery-anchored center, this on in Bakersfield, California.   Riverlakes Village is a 92,212-sq.-ft. neighborhood center anchored by Von’s Supermarket and augmented by a classic necessity-based mix of CVS, Verizon Wireless, Bank of America, Supercuts, Steak and Grape’s, and Chipotle.    The center is 97% leased, according to broker CBRE, which did not disclose the sale price.  

Kimco Realty has sold the Ambassador Plaza neighborhood center in Lafayette, Louisiana, to Westwood AC Properties for $5.3 million.   According to Transwestern VP Fred Victor, who brokered the deal for Kimco, the property benefits greatly from being shadow-anchored by an Albertson’s grocery store. Ambassador Plaza boasts a wide variety of dining options, including Subway, Little Caesars, and Fruiti Smoothie.  

The willow is associated with weeping, and the appearance of WillowTree Plaza in Cookeville, Tennessee, is certainly sad by modern standards. But now the center near Tennessee Tech University has a new owner and, soon, will get a new look.   Boca Raton-based Fimiani Partners has purchased the 110,000-sq.-ft. center for $4.2 million and plans to invest in a new roof, a repaved parking lot, and a new paint job for Willow Tree.  

A 40-year-old mall in San Francisco’s East Bay that was put on the auction block has been snatched up by a partnership that pledges to revitalize the “irreplaceable” property.   New owners LGB Real Estate Companies and Aviva Investors see a successful, mixed-use future for the 1.1 million-sq.-ft. retail center.  

Dunhill Partners has acquired The Center at Pearland Parkway in Houston, which houses T.J. Maxx and Ross Dress for Less and is shadow-anchored by an HEB grocery store. Seller Stream Realty Partners did not disclose the sale price.   "Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this under-served community with limited competition," said Stream managing director Mark Sondock.  

Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.   Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.   

One of the most active acquirers in the retail real estate business has made its 292nd purchase in the great State of Texas.    Inland Real Estate Acquisitions announced the purchase of Denton Village in the town of the same name, situated 40 miles north of Dallas. The North Dallas region has been a hotbed of job growth, housing starts, and new retail development.