Forest City Enterprises Inc. acquired 100 percent interest in the Mall at Robinson in Pittsburgh, Pa. from its partner Zamagias Properties and sold its 50 percent interest in the Plaza at Robinson Town Center, an adjacent specialty/strip center, to Zamagias. The transaction brought Forest City net cash proceeds of $7.75 million.
“This is another example of our strategy of focusing on core assets, such as regional malls, and exiting non-core assets, including specialty retail centers outside of the New York City metropolitan area,” said Forest City President and CEO David J. LaRue in a statement.
ScanlanKemperBard, Wayzata Investment Partners Buy CityCenter in Phoenix
City North Associates LLC, a partnership formed by ScanlanKemperBard and a fund managed by Wayzata Investment Partners LLC, purchased CityCenter of CityNorth, a 630,000-sq.-ft. mixed-use project in Phoenix.
The property was completed in 2008. It includes approximately 175,000 sq. ft. of retail space, 330,000 sq. ft. of class-A office space, 99 condominium rental units and five acres of undeveloped land.
Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick, Bryan Ley, Jim Batjer and Mark Wintner, of HFF, represented the seller in the transaction. Chris Krewson and Mike Garlick, of Lee & Associates, represented the buyer.
Other Notable Deals
Telfair Corp. bought Stagecoach Plaza, a 25,475-sq.-ft. retail property in Santa Clarita, Calif., from AMDG Alliance LLC for $8.5 million. The price works out to $350 per sq. ft. The closing cap rate was 7.2 percent. The property is 89 percent occupied. Tenants include Starbucks, Subway, Wells Fargo and Panda Express. Matt Mousavi and Jeff Conover, of Faris Lee Investments, represented the seller in the transaction. Voit Co. represented the buyer.
The Shopping Center Group negotiated the sale of the Shoppes of Palm Valley, a 42,900-sq.-ft. neighborhood shopping center in Ponte Vedra Beach, Fla., for $8.4 million. The property was completed in 2005. It is 82 percent leased, to tenants including Publix, Napoli’s Italian Restaurant, DryClean USA and Wells Fargo.
Cole Capital bought a 21,018-sq.-ft. Fresh Market grocery store in Winston Salem, N.C. from Mount Tabor Place II LLC for $4.64 million. Sean Patrick and Jason Powell, of Ackerman & Co., represented the seller in the deal.
ST Residential sold an 18,537-sq.-ft. retail portion of The Brookwood, an 18-story condo tower in Atlanta, Ga., for an undisclosed price. The retail part of the property is currently 46 percent leased. Joe Montgomery, Tony D’Ambrosio and Coleman Morris, of Colliers International, represented ST Residential in the transaction.