PEORIA, ARIZ. – Sprouts has announced it will open a new 30,117-square-foot location at Lake Pleasant Towne Center in Peoria. The new outpost will debut next spring. Lake Pleasant Towne Center is located at the northwest corner of Happy Valley Road and Lake Pleasant Parkway. It is owned by Vestar.
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TEMPE, ARIZ. – The Elliot’s Crossing apartment complex in Tempe has received $16.7 million in financing. The community is located at7250 S. Kyrene Road. The seven-year Freddie Mac loan was provided to Real Estate Opportunity Capital Fund II LP by Alex Buecking and James Endrizzi of KeyBank Real Estate Capital.
LAS VEGAS — KCD Martin LLC has purchased 20 condo units at The Martin in Las Vegas. The 372-unitresidential tower is located at 4471 Dean Martin Drive. The Martin was originally part of the three-building Panorama Towers complex that was completed as Las Vegas’ condo market collapsed in 2009. This tower was rebranded as The Martin. The seller, iStar Financial, foreclosed on The Martin and took over its daily operations in 2009 after it provided the original construction loan. The operations were managed by its subsidiary, iStar Residential. The 20 units have never been occupied. They were the last remaining developer-owned units. KCD plans to resell them to foreign investors. The acquisition was financed with a $4-million short-term loan. Bridge financing was provided by Felix Gutnikovof Thorofare Capital. The loan was placed with Thorofare’s third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.
OXNARD, CALIF. – A 20,740-square-foot office building in Oxnard has sold to Brinkmanent LLC for $3.2 million. The building is located at 1555 West 5th Street. The space was 97 percent leased at the time of sale. The California Department of Probation occupies about 55 percent of the space. Brinkmanent was represented by Larry Margo of Berkshire Hathaway. The seller, PAC II Venture LP, was represented by John Battle and John Ochoa of Lee & Associates-LA North/Ventura.
DENVER — Bank of America has leased 7,869 square feet of space at Fillmore Place in Denver. Colorado’s first-ever Bank of America retail branch is located at 100 Fillmore Street. It will function as a flagship location. Lululemon, Sur la Table and Jonathan Adler are other notable tenants at Fillmore Place. The bank was represented by CBRE’s Jon Weisiger. The landlord, Realty Management Group, was represented by Stuart Zall of the Zall Company.
GALVESTON, TEXAS — Hunt Cos. and Texas A&M at Galveston have entered into agreements for the design, development and construction of a proposed 612-bed, $45 million on-campus Maritime Academy Cadet Residence Hall. This is the first project Hunt and Texas A&M have developed together. Hunt is serving as the master developer, while Hunt affiliate Moss & Associates will operate as the design-build contractor for the residence hall. Construction is slated for completion in the fall of 2015.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of United Dialysis Center, a 7,420-square-foot office property in Greenville. Terms of the sale were not released. Geoff Ficke and Chris Adams with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the 1031 tax-deferred exchange buyer. United Dialysis Center is located at 4309 Ridgecrest Road in Greenville, just south of U.S. Highway 380 and adjacent to Hunt Regional Healthcare Hospital. The property is 100 percent occupied.
PLANO, TEXAS — The Woodmont Co. has completed the sale of a newly constructed 14,500-square-foot retail property occupied by Walgreens in Plano, a suburb of Dallas. Brad Cruickshank and Randy Bell of The Woodmont Co. represented the seller, Plano Spring Creek Partners, in the transaction. The buyer, a California-based private investor, was represented by Patrick McCaughey and Ted Gallagher of Cassidy Turley/Terranomics. The property traded at a 5.3 percent cap rate. It is situated on 1.4 acres of land at 6324 Custer Road. and is an outparcel to the Custer Creek Shopping Center.
MANOR, TEXAS — Hunington Properties Inc. has arranged he sale of the Shops at Shadow Glen, a 15,438-square-foot shopping center in Manor. The project sits on 2.5 acres at the northwest corner of the intersection of Shadow Glen Boulevard and Highway 290. Edward A. Benton and Hunington Properties sold the property on behalf of a Houston developer. The buyer was a local investor from Austin. Hunington Properties will continue to manage and lease the property.
MIAMI — A joint venture between Duncan Hillsley Capital and Pebb Capital has partnered with Canyon Capital Realty Advisors to acquire the retail component of Downtown Dadeland, a 127,000-square-foot retail and dining destination in Miami across Kendall Drive from Dadeland Mall. The investors purchased the asset for $38.9 million. The new ownership has selected Continental Real Estate Cos. to lease and manage the property. Completed in 2009, Downtown Dadeland is 71 percent leased to tenants such as West Elm, Chil’s Bar & Grill, Men’s Wearhouse and Panera Bread.