Mid-America brokers sale of Milwaukee MSA center
Milwaukee — Mid-America Real Estate Corporation’s investment sales team has brokered the final sales phase of The Shoppes of Nagawaukee in Delafield, Wis. This was the third transaction consummated on behalf of the seller, Told Development, for this shopping center since 2012.
Ramco-Gershenson Properties Trust purchased the first phase, which is anchored by Kohl’s and encompasses 137,000 sq. ft., for $15.1 million. Ramco-Gershenson also purchased the second phase for $22.7 million. It spans 106,000 sq. ft. and features anchor tenants Marshall’s and Sports Authority.
The third and final phase totals over 57,000 sq. ft. and includes Best Buy, Famous Footwear, Panera Bread, Noodles & Co., Scottrade and Qdoba. Wangard Partners Inc. purchased the third phase for $13.75 million.
In all, the three phases of the shopping center totaled over 276,000 sq. ft. and sold for more than $51 million.
CBRE completes sale Frisco, Texas shopping center
Dallas — Shayan Holdings has purchased the 29,200-sq.-ft. Lebanon Ohio Center, an unanchored strip retail complex, in Frisco, Texas. The seller was LandPlan Development Corporation. The price was not disclosed.
The center is currently 90% occupied. Tenants include CrossFit Remedy and Arts and Technology Institute. CBRE’s Dallas office represented the seller in the transaction and conducted the financial analysis.
Vornado to spin off shopping centers
New York — Vornado Realty Trust plans to spin off nearly 16.1 million sq. ft. of shopping center assets into a new publicly traded REIT by the end of 2014, leaving the company with a largely office-centric portfolio, according to SNL Real Estate.
The move will simplify Vornado’s investment strategy and enable the company to focus on the ownership of office assets in the Washington, D.C., and New York City regions, including the high-value Manhattan office over retail assets.
The plan calls for Vornado to spin off 81 shopping centers and four regional malls totaling approximately 16.1 million sq. ft. About 69% of the retail sq. ft. being spun off is in New York and New Jersey. Another 12.6% is in Pennsylvania. Two of the regional malls are in Puerto Rico.
According to Vornado, the sq. ft. in the spin off portfolio is 95.5% occupied. The average base rent is $18.75 per square foot.