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Tucson Spectrum Shopping Center Sells to DDR for $80 Million

An Ohio-based real estate investment trust has bought Tucson Spectrum, a million-square-foot shopping center on West Irvington Road near Interstate 19.

DDR Tucson Spectrum III LLC and DDR Tucson Spectrum II LLC, divisions of DDR Corp., paid a total of $80 million cash for the property, which was divided into two groups of parcels, Pima County records show.

The open-air shopping center’s major tenants include Harkins Theatres, Target, JCPenney, Home Depot and Food City.

“Tucson Spectrum is 99 percent leased, populated with strong retailers and draws shoppers from a large and growing trade area,” DDR spokesman Marty Richmond said via email.

“As such, the center is perfectly aligned with DDR’s prime portfolio of shopping centers across the country, and we look forward to serving shoppers in Tucson for many years to come.”

The company’s website shows that it is looking for tenants for about 52,000 square feet of space.

Several unbuilt lots are also part of the purchased property, county records show.

The shopping center’s previous owner, Scottsdale-based Barclay Group, filed a $112 million claim against the city government last year to stop the development of a proposed, adjacent Sam’s Club.

To entice the Barclay Group to build Tucson Spectrum, the city had placed a restriction on property it owned to the north of the shopping center that prohibited retail development there until 2017.      ARTICLE LINK

Cushman & Wakefield Negotiates the Sale of 157-Acres in Central Florida and Joint Venture Development Deal with Barclay Group

Cushman & Wakefield announced the sale/joint venture of a 157-acre parcel of land adjacent to The Villages® retirement community in the city of Wildwood, Florida. Philip Glassman, a Director in the Retail Brokerage Group of Cushman & Wakefield’s Tampa office, brokered the $30 million sale/joint venture with the Barclay Group. Cushman & Wakefield has also entered into a co-marketing agreement with the Barclay Group to market the mixed use project.

The Barclay Group is a principal and the developer of the property. The development on the property, slated to begin in the latter part of 2014, will be a mixed-use project that will include retail, residential/senior housing, medical office, office and institutional components.

The property is located at 446A and Buena Vista Boulevard, adjacent to The Villages®, in the City of Wildwood. Based in Palm Harbor, Florida, with offices in Scottsdale, Arizona, the Barclay Group is a full-service commercial real estate firm that develops, leases and manages an array of commercial retail properties, from large power centers to single-tenant buildings.

The Villages® is the largest age-restricted active adult community in Florida, spanning more than 20,000 acres.   Article Link

LA Fitness Expands in Central Texas with New Deals in Round Rock and San Antonio

Venture Commercial Real Estate announced it has completed two new deals in Round Rock and San Antonio for LA Fitness, as the sports club chain continues it expansion into Central Texas.

In Round Rock, LA Fitness has signed a lease and is expected to begin construction in September on a 35,000-square-foot facility in a new development located at the southwest corner of Highway 620 and O’Connor Drive. In San Antonio, LA Fitness has purchased a five-acre land tract in the Military Crossing shopping center, located at Loop 410 and Military Drive. Construction has begun on a 45,000-square-foot club in the second phase of this development, where LA Fitness will join other tenants Academy Sports + Outdoors, Staples and Chase Bank.

John Zikos, Jonathan Cooper, and Chris Booras of Venture Commercial represented LA Fitness in both deals, working with Walt Brown, Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern U.S.

“These two latest deals mark a continued aggressive expansion for LA Fitness into Central Texas, and we look forward to helping them secure more locations in this rapidly growing market,” said Zikos.

The landlord on the Round Rock lease, Barclay Real Estate Services, LLC, was self-represented. Whit Jordan and Thomas Tyng of REATA Real Estate Services represented the landlord in the San Antonio sale.

Founded in 1984, LA Fitness is one of the fastest growing health club chains in the U.S. and presently has more than 500 locations in 24 states and Canada.

Press Release. Dallas, Texas. Written by Sherry Yeaman of Venture Commercial.

LA Fitness to Open Two Memphis Area Centers

After getting into the Memphis market with the purchase of Urban Active in 2012, LA Fitness is starting to flex its muscles.

The California-based fitness center chain is working with Phoenix-based real estate firm Barclay Group now to open two new facilities, one off Route 385 at Winchester Road in Memphis and another off Interstate 40 at U.S. 64 in Lakeland.

Ground work on a building for LA Fitness has already begun on vacant land north of Winchester Road and east of 385, next to the Toys “R” Us and Babies “R” Us store in the Centennial Commons shopping center.

That space is being developed in connection with a soon-to-be-built 22,000-square-foot building for Marshalls, which is moving east down Winchester from a nearby shopping center, as first reported here.

The development appears to be a partnership between Centennial owner Michael Lightman Sr. of Michael Lightman Realty Co. and Barclay Group, neither of which could be immediately reached for comment.

Together, the two parties paid affiliates of Malanie Smith Taylor of Memphis-based TaylorMade Horsemanship nearly $1.5 million for two parcels with more than 41.3 acres combined to the west and north of Centennial, according to public Shelby County Register of Deeds records.

All but $182,125 of that was paid by Barclay Holdings LXII LLC, records show.

The Barclay Group has also approached Lakeland about building a 41,000-square-foot LA Fitness on U.S. 64 east of I-40, a parcel the Register of Deeds shows as owned by an affiliate of multifamily real estate firm Makowsky Ringel Greenberg LLC.

Lakeland officials didn’t immediately return a call or emails seeking more information about the development.

LA Fitness first entered the Memphis market with its purchase of Urban Active in November 2012. The chain currently has three locations in the Nashville area.

Written by Ryan Poe in the Memphis Business Journal.