Starbucks joins Fisherman’s Wharf in Jupiter, Fla.
Aventura, Fla. — Starbucks has signed a long-term lease at The Shops at Fisherman’s Wharf in Jupiter, Fla., according to the property’s owner, Elion Partners. Avison Young represented Starbucks in the transaction. Atlantic Retail Properties represented Elion Partners.
The news comes a few weeks following the announcement that The Fresh Market will anchor the center.
Elion Partners acquired the property in August 2013 and undertook a multimillion-dollar redevelopment plan. The improvements included the construction of a new 20,900-sq.-ft. building for The Fresh Market, renovations to the two existing buildings, significant sidewalk upgrades and new parking.
When complete, the center will resemble a European village with a pedestrian-friendly setting. The center’s existing retailers have remained open throughout the remodeling period.
Atlantic Retail Properties is handling the retail leasing, and Transwestern is the property management firm.
Mid-America brokers sale of Park Ridge, Ill., center
Oakbrook Terrace, Ill. — Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of The Shops of Uptown in Park Ridge, Ill. Phillips Edison-ARC REIT purchased the 70,402-sq.-ft. center for $27 million.
Trader Joe’s anchors the center, which also hosts Jos. A. Bank, Chico’s, LensCrafters Optique, Houlihan’s, Jason’s Deli and Noodles & Company.
Mid-America represented the seller, a joint venture of Benchmark Opportunity Partners LLC, formerly known as P.O’B Montgomery, and Long Wharf Real Estate Partners.
CBRE closes sale of West Star Plaza in Phoenix
Phoenix — CBRE has completed the sale of West Start Plaza, a 9,300-sq.-ft. retail building on N. 893rd Ave. in Phoenix. Fully leased at the time of sale, the building commanded a price of $725,000. CBRE represented the seller, Robert J. Tufts, trustee of the Robert J. Tufts Revocable Living Trust of Salem, Ore. Patriot Commercial Properties represented the buyer, Arhtom Investments LLC.
West Star Plaza features a tenant roll with a mix of local tenants, a Little Caesar’s Pizza and DolEx Money Transfer. Located in West Phoenix, West Star benefits from a mix of residential, shopping and entertainment options within minutes of the property, including Desert Sky Mall and Ak-Chin Pavilion.