Shopping Centers Today

DEC 2018

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

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12 S C T / D E C E M B E R 2 0 1 8 T H E C O M M O N A R E A T R A N S AC T I O N S A limited-liability company tied to Bernard Arnault, CEO of Louis Vuitton's parent company,recently bought acquired a two-story building at 468 N. Rodeo Drive,, from a family trust. ƒe property measures 12,170 square feet on the ground floorand 10,100 square feet on the second. Brooks Brothersleased the property for 15 years before vacating in August. A private investment group sold a property that is fully leased to Panera Bread,BancorpSouthand Red Wing Shoes to a 1031 Exchange investor. Panera Bread andBancorpSouthhave over seven years remaining on their leases, and Red Wing Shoes recently signed a new 've-year lease. Red Wing Shoes' rent esca- lates annually, and Panera Bread's rent escalates in 2020 and in each renewal option period. ƒe property consists of two adjacent buildings: a 2,500-square-foot single- tenant building fully leased to Red Wing Shoes and a 7,500-square-foot building fully leased to Panera Bread and Bancorp South. ƒe property was built in 2015. Q D E A L B A R O M E T E R A L O O K AT S O M E R E C E N T R E TA I L P R O P E R T Y T R A N S A C T I O N S $65.6 million Stockbridge, a San Francisco– based investment rm, acquired Edinger Plaza (155,300•square feet), in Huntington Beach, Calif. The seller was Watt Cos., which built the center in 1976 $45 million A California private investment rm acquired Clovis (Calif.) Commons (326,600•square feet) from New York City–based Brixmor Property Group. Anchors include Best Buy, Ofce Depot and•T.J.Maxx $28 million Round Hill Square Shopping Center, in Zephyr Cove, Nev., was acquired by a partnership of Davidson Retail and Round Hill SC. The seller, based in Purchase, N.Y., is identied as ROIC Zephyr Cove LLC. $20 million The 60,000- square-foot, Publix-anchored Pebblebrooke Center, in• Naples, Fla., was sold by Metro Commercial to an LLC $16.2 million Larken Associates acquired The Village Shoppes at Hawke Pointe (81,420•square feet) and the Hunterdon Medical ofce building (25,000 feet), in Washington, N.J., from Asbury Farms $15.1 million A Miami-based private fund acquired a 90,350-square- foot property in Medina, Ohio, net-leased to Giant Eagle,•from a Chicago-based private REIT WHAT $245 MILLION BUYS IN BEVERLY HILLS, CALIF. WHAT $4.2 MILLION BUYS IN BARTLETT, TENN. 12 S C T / D E C E M B E R 2 0 1 8 $19.2million East Gate Alliance acquired the•90,100-square- foot, LA Fitness– anchored Marketplace Shopping Center, in St. Petersburg, Fla., from Regency Centers A PRIME CORNER HIGH-STREET STORE WITH FLAGSHIP STATUS A FULLY-LEASED NET-LEASE PROPERTY

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