Shopping Centers Today

AUG 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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T H E C O M M O N A R E A T R A N S AC T I O N S P hoenix-based investor Treg Bradley purchased a 13,841- square-foot property in Gilbert, Ariz., with a long-term lease to Dierks Bentley's Whiskey Row, for $8.1 million. Cushman & Wake- field represented the seller, Phoenix- based Gilbert/Vaughn Partners, in the transaction, and Conflux Real Estate stood in for the buyer. Dierks Bentley's Whiskey Row is a restaurant and bar. This particular site is only one of four successful loca- tions, the others being in Nashville, Tenn.; Scottsdale, Ariz.; and Tempe, Ariz. Country singer Dierks Bentley teamed up with Riot Hospitality in 2013 to create Whiskey Row. The hospitality company operates several other restaurants, under the Bottled Blonde, El Hefe, Farm & Craft and Hand Cut banners. The property, built in 2017, is located in Gilbert's popular Heritage District, which has become a magnet for consumers seeking upscale dining and nightlife. "This is a great investment for Treg Bradley, as Whiskey Row will be a long-term, successful tenant in Gilbert for years to come," said Chris Hollenbeck, a Cushman & Wakefield managing director. "Gilbert's Heritage District continues to get stronger and stronger as new tenants and restaurants continue to open." n $5.2 million HAO Investment Co. bought the 30,000-square- foot Cordova (Tenn.) Village from Cordova TN, LLC. Tenants at the 92 percent– occupied shopping center include Domino's Pizza and Subway D E A L B A R O M E T E R W H O ' S P A Y I N G H O W M U C H F O R W H A T $58.5 million Kimco Realty sold Broadway Plaza, a 356,300-square-foot shopping center in Chula Vista, Calif., to Protea Properties. Walmart and Costco anchor the property. Other tenants include Chase, GameStop and Panda Express $28 million Snowmass Mall Investment Group bought an 80,000-square-foot portion of the open- air Snowmass Mall, in Aspen, Colo., from a subsidiary of Related Cos $21.9 million ShopOne Centers REIT bought Trails Shopping Center, a 135,300-square- foot, Publix- anchored property in Ormond Beach, Fla., from Sabal Financial Group and Slate Trails Holdings $18.3 million North Lauderdale Associates bought Gleason Place, a 129,000-square- foot shopping center in Lake City, Fla., occupied by Dick's Sporting Goods and Hobby Lobby. Hutton was the seller $13.7 million LBX Investments bought Alafaya Commons, a 130,800-square- foot center in Orlando, Fla., with Academy Sports & Outdoors and Youfit Health Clubs as co-anchors. The seller was Regency Centers $9.1 million Unison Realty Partners acquired Oyster Point Square, an 89,100-square-foot shopping center in Newport News, Va., anchored by Food Lion and Family Dollar. The seller was Oyster Point Square, LLC Investors are willing to pay top dollar for restaurant properties Hungry for deals 8 S C T / A U G U S T 2 0 1 8 EUROPE'S URW TO SELL MORE NONCORE PROPERTIES l Unibail-Rodamco-Westfield plans to sell off noncore properties to help reduce debt incurred in the recent $15 billion acquisition of Westfield by Unibail-Rodamco. The Paris-based company now has 102 shopping malls, 13 office properties and 10 convention centers, valued at a combined €62 billion (roughly $72 billion), across Europe and the U.S. The company will sell off slightly more than $3.5 billion worth of retail and office assets from the Unibail-Rodamco portfolio, said CEO Christophe Cuvillier, speaking to The Wall Street Journal. Then, in the fall, the company will assess which of its 35 Westfield malls could be sold. Sales remain strong at the higher- end malls, which account for much of the Unibail-Rodamco-Westfield port- folio, Cuvillier says. About 85 percent of Westfield's assets are flagship malls, and the rest are smaller regional assets, he told the newspaper. "Some of those can be improved and turned into flagship assets," said Cuvillier. "Some can be extended, and some will be sold." n

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