RMC wins new leasing assignments in South Florida
Tampa, Fla. — RMC Property Group has earned two exclusive leasing assignments on Florida’s southern West Coast.
First is Fountain Court, a 180,420-sq.-ft. community shopping center in Bradenton’s Highway 64 retail corridor near the beaches and Anna Maria Island. Anchor tenants include Bealls Department Store and Planet Fitness.
Next comes Page Plaza, a 95,414-sq.-ft. community shopping center in the Fort Myers Highway 41 corridor — just across from Page Field. Dollar Tree, Advance Auto Parts and Hhgregg anchor the property, which is adjacent to a Sam’s Club.
Sitt Asset Management owns and manages both properties. Sitt is a family-owned real estate investment firm with a portfolio of office buildings, shopping centers, strip malls and residential developments.
Brixton Capital buys Moreno Valley, Calif., center
Los Angeles — Brixton Capital has acquired TownGate Center in Moreno Valley, Calif., for $41,971,000, a 6.9% cap rate, according to CBRE, which represented both the buyer and seller in the transaction. The seller was a partnership between Walton Street, a private equity firm, and Fritz Duda Co.
The CBRE marketing system distributed more than 460 offering memoranda to investors and brokers. The managed bid offer process generated more than nine offers. The purchase price mirrored CBRE’s pricing guidance to the seller.
TJMaxx/Home Goods, Ross Dress for Less and Regency Theatres anchor the 285,775-sq.-ft. community shopping center. The tenant line-up also includes BevMo!, Ulta, Dollar Tree, Planet Fitness and Chipotle.
"TownGate Center provides an excellent balance of income stability from new 10-year leases with national and regional credit tenants, a below replacement cost purchase opportunity, some very low in-place rents, and the ability to significantly increase income over a 5-10-year hold period as the economy continues to recover,” said Philip D. Voorhees, CBRE senior VP.
Jersey Mike’s opens at Kohl’s Plaza in Holmdel, N.J.
Purchase, N.Y. — Jersey Mike’s Subs has opened a new shop at Kohl’s Plaza in Holmdel, N.J. Kohl’s and Stein Mart anchor the 184,575-sq.-ft. shopping center owned and managed by National Realty & Development Corp.
The tenant line-up also includes 7-Eleven, Harmon Stores, Avenue, Wells Fargo and the Bayshore Academy of Dance.