DEALS

GBT Realty purchased 11.7 acres of land in Kemah, Texas, with plans to build a 79,000-sq.-ft. shopping center, reported mySA, a San Antonio news site. Purchase price was $2.1 million.   According to GBT, the center is 92% leased. Committed tenants include Petco, Marshalls, Ross Dress for Less, and Ulta.    Located south of Houston on Trinity Bay, Kemah has just 2,000 residents, but draws tourists with a boardwalk and entertainment district containing carnival rides, restaurants, and shops.

A 50,000-sq.-ft. former Rite Aid store in what was not long ago a rough-and-tumble area of the South Bronx has sold for $17.5 million.   The buyer, an affiliate of ABCAPSTONE plans to redevelop the building — now occupied by a Salvation Army Family Store — into as much as 100,000 sq. ft. of retail space.  

Mid-America Real Estate has been tapped to handle the marketing and leasing of the Macy’s building being redeveloped in downtown Minneapolis.   Located on the corner of South 7th and Nicollet Mall, the landmark store that was originally Dayton’s will tie together its street and skyway levels and fill them with entertainment providers, a food hall, and traditional retailers new to the market. 601w Companies and United Properties are the developers.  

Despite the rash of recent store closings, leasing activity is strong at malls and shopping centers as retailers take advantage of favorable terms.   That’s the take of Mizuho Securities analysts following conversations with major broker organizations at the International Council of Shopping Centers RECon Show in Las Vegas last week.   

CBRE has widened its footprint in South Florida by buying the business assets of the Brenner Real Estate Group, which has offices in Fort Lauderdale, Boca Raton, and Melbourne.   Founded by Scott Brenner in 1987, the company provides leasing brokerage, investment sales, and property management services through more than 20 associates.  

Dollar Tree is making headway on its strategic move into the nation’s most densely populated state.   The value chain has executed five leases at locations in New Jersey, the largest a 12,230-sq.-ft. inline space at Plainfield Plaza, a grocery-anchored center in Plainfield, according to R.J. Brunelli, Dollar Tree’s real estate representative in the state.   Other locations:   Toms River: 10,200-sq.-ft. freestanding space on Route 37

Washington Prime Group and O’Connor Capital Partner announced the formation of a joint venture partnership in seven open-air retail centers. WPG will be the controlling partner with a 51% stake.   The seven properties are:   • Arbor Hills in Ann Arbor, Michigan;  • Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve in Oklahoma City;  • Gateway Center in Austin, Texas;  • Palms Crossing in McAllen, Texas;

Inland Real Estate Acquisitions has purchased an 85-unit residential property with ground floor retail in Vernon Hills, Illinois.   Constructed in 2010, The Commons at Town Center is a six-story structure consisting of 85 multifamily units and 10,609-sq.-ft of retail space. Current tenants are Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry, and Giuseppe’s Pizza Restaurant.