RED Legacy and DRA Advisors acquire The Streets of Brentwood
Brentwood, Calif. — RED Legacy and a fund managed by DRA Advisors have acquired The Streets of Brentwood, a 350,000-sq.-ft. lifestyle center on 60 acres in the Greater San Francisco Bay Area.
Tenants include a 14-screen Rave Imax Brentwood 14+ImaxTheater, DSW, REI, Loft, Banana Republic, Victoria’s Secret, BJ’s Restaurant & Brewhouse, Ulta and more. In addition, Charming Charlie will open a 7,500-sq.-ft. store in November.
RED Legacy is responsible for the day-to-day leasing and onsite management at the center. In addition, RED Legacy will be leading the development and construction activities for the second phase of the project which will include the addition of more than 150,000 sq. ft. of leasable area.
The ownership group will execute a variety of near-term enhancements including lighting upgrades, more convenient parking, enhanced signage, improved public spaces, and more efficient traffic flow. RED Legacy is working closely with existing tenants and is actively marketing the center to potential new tenants.
Inland Diversified Real Estate Trust acquires $71.4 million in grocery properties
Oak Brook, Ill. — Inland Diversified Real Estate Trust announced the acquisition of six triple-net leased grocery properties in two separate portfolio acquisitions, with a total combined purchase price of approximately $71.4 million.
The acquisitions include three grocery stores in Missouri that are fully leased to Schnuck Markets, purchased for approximately $22.6 million in a sale-leaseback transaction. Additionally, three Pathmark grocery stores located in Delaware, Pennsylvania and New York were acquired for approximately $48.8 million.
“These acquisitions further strengthen our portfolio of necessity-based grocery properties, which as an asset class have traditionally performed very well across all economic cycles,” said Barry Lazarus, president and COO of Inland Diversified.
La Mia Toscana to open at Cottonwood Plaza
Tucson, Ariz. — Commercial Retail Advisors said that La Mia Toscana Italian Restaurant has signed a lease for a 3,210-sq.-ft. restaurant in the Cottonwood Plaza Shopping Center in, Tucson, Ariz.
La Mia Toscana is expected to open in first quarter 2013.