REAL ESTATE

CBRE brokers retail center sale in Katy, Texas

BY Michael Fickes

KATY, Texas —CBRE’s National Retail Investment Group has closed on the sale of Highland Knolls Shopping Center in Katy, Texas, to Revesco Properties. The 87,469-sq.-ft. grocery-anchored shopping center is 94.6% occupied.

A 62,389-sq.-ft. Randall’s has anchored the center since it opened in 1999 and has 11 years remaining on its lease. Randall’s represents 71% of the property’s total gross leasable area for a 70:30 anchor-to-shop space ratio.

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REAL ESTATE

Regency buys class-A center in D.C. metro area

BY Michael Fickes

SILVER SPRING, Md. —Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.

A 9,306-sq.-ft. Trader Joe’s anchors the neighborhood center alongside Starbucks, Chico’s and AT&T. The center benefits from strong visibility and accessibility with more than 62,000 vehicles per day passing on Route 29, a major north-south thoroughfare linking the D.C. and Baltimore metro areas.

About 166,782 people live inside the three-mile ring. Average household income is $100,000. Nearly one million square feet of office, medical, flex and industrial space and support a daytime population of 145,716.

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REAL ESTATE

Regency to build new Miami center

BY Michael Fickes

MIAMI —Regency Centers Corp.has announced the development of Fontainebleau Square, a 320,339-sq.-ft. grocery anchored community center, the company’s first ground-up retail development in Dade County.

Fontainebleau Square has signed Publix Sabor (45,600 sq. ft.) and Target (139,751 sq. ft.) as anchors. Construction starts this month, with anchor openings expected as early as October 2014.

Located 10 miles west of downtown Miami, at 102nd Ave. and West Flagler Street, a primary artery running from the Florida Turnpike to Palmetto Highway and Miami, the center will count 50,000 passing vehicles per day.

The urban infill location features a 360-degree trade area in one of Dade County’s densest markets — twice the density of the market’s average. About 180,000 people, including 40,000 students at nearby Florida International University, live in the area, and the daytime population rises 249,000.

“Retailer interest is high as Fontainebleau Square brings together the key components for success — an infill location with high barriers to entry and market-dominant anchors,” said Josh Spooner, VP, investments for Regency. “In fact, the center is already 86% leased and committed.”

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S.Canila says:
Sep-02-2013 10:35 am

Great
That's really great news for all the Miami localities specially the west of downtown Miami. http://www.thertastore.com

S.Canila says:
Sep-02-2013 10:35 am

That's really great news for all the Miami localities specially the west of downtown Miami. http://www.thertastore.com

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