MCKINNEY, TEXAS — Encore Retail LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has acquired land to develop a 20-acre Class A neighborhood retail development in the master-planned community of Craig Ranch. The development is part of a 2,200-acre business, retail and residential community which will be located near the city limit lines of McKinney and Frisco. The project will be known as Marketplace at Craig Ranch and will be anchored by a grocer with inline retail space as well as five outparcel pad sites along Custer and Stacy roads.
ANCHORAGE, AK — JL Properties has acquired Glenn Square, a 182,451-square-foot shopping center in Anchorage, for $25.5 million. The property is located at 3090 Mountain View Drive. Notable tenants at the center include Bass Pro Shops, Bed Bath & Beyond, Michael’s and PetCo. The center was built in 2006. Capital Pacific represented both the buyer and seller, Kimco, in this transaction.
FLAGSTAFF, ARIZ. — Rosenthal & Rosenthal has acquired a retail property in Flagstaff that is leased to Whole Foods for $11.6 million. The property is located at 320 S. Cambridge Lane within the Aspen Place at the Sawmill development. The space is situated near Northern Arizona University, at the corner of Butler Avenue and Lone Tree Road. Other notable tenants at Aspen Place at the Sawmill include REI, Chico’s, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle. Rosenthal & Rosenthal purchased the property through its affiliate Broadway Tenth/Flagstaff LLC. The seller, Sawmill NF LLC, an affiliate of The Aspen Group, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
PALMDALE, CALIF. — An investment group led by Progression Real Estate Investments has acquired the leasehold-interest in Sierra Commons, a shopping center in Palmdale, for $18.3 million. The center is located at 39626 10th Street. The property is 90 percent occupied. Notable tenants at Sierra Commons include Ashley Furniture, Michaels, BevMo!, the Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005. The seller, Grae Palmdale Landlord LLC, was represented by Patrick G. Kent and William B. Asher of Hanley Investment Group.
VERNON HILLS, ILL. — Entre Commercial Realty LLC has arranged the sale of a 47,650-square-foot industrial facility in Vernon Hills. Europa International purchased the property located at 225 Corporate Woods for an undisclosed sales price. The eyewear and sunwear manufacturer is relocating and expanding from its current location in Buffalo Grove. In addition, the company’s manufacturing facility in California is also moving to the new Vernon Hills site. Brian Bocci of Entre represented Europa in the transaction. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CBRE represented the undisclosed seller.
CHICAGO — Baum Realty Group LLC has brokered the $3.4 million sale of a mixed-use property in Chicago’s Bucktown/Wicker Park neighborhood. The 8,368-square-foot building is located at 1747- 1749 N. Damen Ave. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the buyer, Repak Real Estate Acquisition LLC. The seller was undisclosed.
MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.
CALIFORNIA, MD. — Finmarc Management has purchased Wildewood Shopping Center, a 292,000-square-foot regional shopping center located in California in St. Mary’s County, for $28.4 million. The shopping center was 95 percent leased at the time of sale to tenants such as Bed Bath & Beyond, DSW Shoe Warehouse, Outback Steakhouse, JC Penney and Belk. Sandra Hunt of Scheer Partners represented the seller, SJS Wildewood LP based in New Jersey, in the transaction.
GAINESVILLE, GA. — The Griffin Fund, a private real estate investment firm, has acquired Edgewater on Lanier, a 180-unit multifamily community in Gainesville, for $8.4 million. The apartment property is located on Old Thompson Bridge Road on the shores of Lake Lanier. The Griffin Fund is planning a $2 million renovation plan for the property, including adding new gazebos, a barbecue area, lookout terrace, lakefront park, playground, fitness center, business center and dog park. The company also plans to refurbish the exterior of the property and upgrade the interiors with new flooring and new appliances for the kitchen area. The Griffin Fund has selected Stonemark Management to manage the apartment property.
CAMARILLO, CALIF. – Santa Rosa Plaza, a 58,940-square-foot retail property in Camarillo, has received a $5.5-million refinance. The plaza is located at 5800 Santa Rosa Road. Notable tenants include CVS and Bank of America. The center was originally developed in 1980. The new permanent, non-recourse loan features a 15-year fixed-rate term with a 30-year amortization schedule. It was arranged by Ted Willis of Pacific Southwest Realty Services through a life insurance company. The funds were used to pay off a maturing CMBS loan with a higher interest rate.