Property Type

Sunflower Metro Buys Sunflower Plaza in Santa Ana for $9.5M

by Amy Works January 3, 2019

SANTA ANA, CALIF. — Sunflower Plaza Co. has completed the sale of Sunflower Plaza, a shopping center located at 3929-3941 S. Bristol St. in Santa Ana. Sunflower Metro LLC, a company owned by former NBA player Josh Childress, acquired the asset for $9.5 million. Built in 1979 and renovated in 2014, the 27,000-square-foot property is subject to a 30-year ground lease. Situated on 2.66 acres, the two-building property is anchored by Bank of the West, The Vitamin Shoppe, Panera Bread, Jersey Mike’s Subs and zpizza. Fouy Ly of Kidder Mathews represented the seller in the deal. Sunflower Plaza Co. is the original developer and this is first time the asset has sold in the last 40 years. Eyzenberg & Co., as financial advisor to Childress Ventures, secured a $7.4 million CMBS loan with a 20-year amortization through Morgan Stanley to fund the acquisition. Jeff Conti and Mila Babenko of Eyzenberg & Co. arranged the financing.

January 3, 2019

Acquisitions Georgia Office Southeast

Areu Bros. Studio Purchases Tyler Perry’s Former Movie Studio in Southwest Atlanta for $18.5M

by Alex Tostado January 3, 2019

ATLANTA — Areu Bros. Studio has purchased an Atlanta movie studio that was formerly used by Tyler Perry. A spokesperson for the seller’s realtor, Atlanta Fine Home Sotheby’s International Realty, said the complex sold for $18.5 million. Miami-based LV Lending provided the undisclosed acquisition financing. The 205,751-square-foot building is situated in southwest Atlanta on 24 acres with an excess 33 acres on the property. Areu Bros. Studio is the first Latino-owned and operated major film and TV studio in the United States. Ozzie Areu was the president of Tyler Perry Studios for 12 years.

January 3, 2019

Acquisitions California Hospitality Western

Andy Investment Co. Sells 102-Room Good Nite Inn Near Los Angeles for $8M

by Amy Works January 3, 2019

WHITTIER, CALIF. — Andy Investment Co. has completed the disposition of Good Nite Inn, a hotel located at 10317 Whittier Blvd. in Whittier. Y&C Pacific acquired the property for $8 million. Situated on a 72,869-square-foot land parcel, the hotel features 102 rooms, a swimming pool and monument signage. Nearby amenities include Starbucks Coffee, Carl’s Jr., Dollar Tree and Wingstop Restaurant. Warren Berzack of Lee & Associates represented the buyer and seller in the transaction.

January 3, 2019

Acquisitions Industrial Southeast Virginia

JLL Arranges Sale of 320,000 SF Industrial Property in Virginia Beach

by Alex Tostado January 3, 2019

VIRGINIA BEACH, VA. — JLL has arranged the $8 million sale of a 320,000-square-foot industrial property located at 1537 Air Rail Ave. in Virginia Beach. The buyer, Lingerfelt CommonWealth Partners, will reposition the 18-acre site for warehouse use. The asset has historically been used as a manufacturing plant since it was first built in 1979. The property is located within Airport Industrial Park, situated about four miles from Norfolk International Airport. Gregg Christoffersen, Kris Kennedy, Charlie Kenning and Kris Bjorson of JLL represented the undisclosed seller in the transaction.

January 3, 2019

Acquisitions Nevada Retail Western

Colliers Arranges $2.4M Sale of 12,159 SF Retail Property in Las Vegas

by Amy Works January 3, 2019

LAS VEGAS — Colliers International has brokered the sale of a retail property, located at 2885 E. Charleston Blvd. in Las Vegas. E-Z Living LLC acquired the asset from El Mercado LLC for $2.4 million. The property features 12,159 square feet of retail space. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

January 3, 2019

Acquisitions Retail Texas

Centurion American Acquires Collin Creek Mall in Plano, Plans $1B Facelift

by Taylor Williams January 3, 2019

PLANO, TEXAS — Metro Dallas-based development firm Centurion America has acquired the majority of the Collin Creek Mall in Plano, with plans to spend $1 billion to convert the 1.1 million-square-foot shopping destination into a mixed-use development. According to Community Impact Newspaper, the company acquired the anchor buildings formerly occupied by Macy’s, Dillard’s and Sears, as well as the interior structure of the mall. John Schupp, Mike Kennedy and Darrell Betts of Avison Young brokered the sale of the mall and the adjacent property formerly occupied by Sears. Once rezoning is approved, construction is slated to begin in summer 2019. The project is expected to be completed in multiple phases with a final completion date tentatively set for 2021. The future of the mall, which has faced declining occupancy in recent years, has been uncertain since Dallas developer Sam Ware’s bid to acquire the property fell through in 2018.

January 3, 2019

The-Shops-at-Chisholm-Trail-Ranch-Fort-Worth

Development Retail Texas

2GR Equity to Develop 215,000 SF Retail Power Center in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Grapevine, Texas-based 2GR Equity, in a joint venture with Paravest Capital and StreetLevel Investments, will develop a 215,000-square-foot retail power center at the corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The center, which will be branded The Shops at Chisholm Trail Ranch, will be situated on 35 acres within the Chisholm Trail Ranch master-planned development. The property is 70 percent preleased to tenants such as Marshalls, Old Navy, Ulta Beauty, Five Below and Sprint. The project is scheduled for completion during the first half of 2020.

January 3, 2019

Development Mixed-Use Texas

Sam Moon Group Nears Completion of Metropark Square Mixed-Use Project in Metro Houston

by Taylor Williams January 3, 2019

SHENANDOAH, TEXAS — Dallas-based developer Sam Moon Group is nearing completion of Metropark Square, a 175,000-square-foot mixed-use project in Shenandoah, about 30 miles north of Houston. The development will feature a 10-screen AMC movie theater, Urban Air Adventure Park, outdoor event space, Dave & Buster’s, Hyatt House hotel and other retail and restaurant options. The movie theater will open in February and Urban Air will open in March. Houston-based NewQuest Properties will handle leasing of the other retail spaces.

January 3, 2019

Industrial Leasing Activity Texas

Logistics Firm Leases 155,038 SF in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Mallory Alexander, a third-party logistics provider, has leased 155,038 square feet at 35/20 Crossroads Distribution Center in Fort Worth. The rail-served property features 32-foot clear heights, 190-foot truck court depths and access to Interstates 35 and 20. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove, in the lease negotiations.

January 3, 2019

Industrial Leasing Activity Texas

Finial Group Negotiates 18,471 SF Industrial Lease Renewal in Houston

by Taylor Williams January 3, 2019

HOUSTON — Houston-based Finial Group has negotiated an 18,471-square-foot industrial lease renewal at Four Seasons Business Park in Houston. Jack Gaffney of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Interwell US LLC, which services the upstream side of the oil and gas industry, was not disclosed.

January 3, 2019

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