DALLAS — Lee & Associates has arranged an 18,624-square-foot industrial lease in Dallas for Mechanic’s Time Savers Inc., a manufacturer of magnetic tool systems. The tenant will occupy space within a property located at 10715 N. Stemmons Freeway, in proximity to I-35. Ken Wesson, Adam Graham and Scott Alexander of Lee & Associates represented the landlord, Eastgroup Properties, in the negotiations. Ben Armstrong of RE/MAX North Associates represented Mechanic’s Time Savers.
Property Type
LAS VEGAS – A 60,105-square-foot portion of Spring Valley Town Center in Las Vegas has sold to First Allied Corporation for $11.5 million. The 267,000-square-foot center is located at 6775 and 6847 W. Flamingo Road, and 4122 and 4260 S. Rainbow Blvd. The center is 92 percent occupied. Notable tenants within the acquired portion of the center include the UPS Store, 7 Eleven, GNC and Fatburger. Additional tenants not involved in the sale include La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America. The all-cash buyer represented itself in this transaction. David Jewkes of Integris Realty Services acted as court-appointed receiver on behalf of the loan servicer, Five Mile Capital. The receivership sale was executed by Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments’ Las Vegas office.
PANORAMA CITY, CALIF. – The 30-unit Ventura Canyon Villas apartment complex in Panorama City has sold to a private LLC for $8 million. The community is located at 7901 Ventura Canyon Ave., near the Kaiser Permanente Medical Center. Rick Raymundo and Chris Birdsall of Marcus & Millichap represented the buyer in this transaction. Raymundo also represented the seller, the original developer.
PHOENIX — Walmart Shops at Laveen Village, a 47,098-square-foot neighborhood shopping center in Phoenix, has sold to Eleven Investments LLC for $7.1 million. The center is located at 3525 W. Southern Ave. It was 77 percent leased at the time of sale. Notable tenants include Walmart Supercenter, Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The seller, Pacific West Land LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SAN DIEGO – Acushnet Company has signed a five-year lease renewal for a 163,310-square-foot office and R&D building in San Diego. The lease is valued at $9.6 million. The building is located at 2819 Loker Ave. The golf balls and accessories manufacturer has occupied the facility since 1999. Acushnet was represented by CBRE’s Lannie Allee and Roger Carlson. The landlord, Canoga-Ricon Loker Industrial LLC, was represented by Aric Starck of Cassidy Turley’s Carlsbad office.
SAN DIEGO – A 6,577-square-foot office space in San Diego has sold to Linfield Investments LP for $2 million. The space is located at 2870 5th Ave. The LP was represented by Dan O’Donnel of Coldwell Banker Commercial Lyle & Associates. The seller, Old Fire Station No. 3 Building LLC, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of Cassidy Turley.
MYRTLE BEACH, S.C. — A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater. The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.
RICHMOND, VA. — Reynolds Development has begun construction on a new 19,000-square-foot retail building at The Shoppes at Reynolds Crossing, located at the corner of Glenside and Forest avenues in Richmond. The property is 70 percent pre-leased to retailers such as Starbucks Coffee, Chipotle Mexican Grill, Jersey Mike’s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works. Freeman & Morgan Architects designed the retail center, and Park Sterling Bank provided construction financing. David Crawford of CBRE | Richmond is representing the landlord in all leasing transactions. The retail center is scheduled to open in the first quarter of 2015.
CELEBRATION, FLA. — Marcus & Millichap has brokered the $25.7 million sale of 200 Celebration Place, a nine-story, 166,131-square-foot office building in Celebration, about 20 miles southwest of Orlando. The asset is fully leased to Walt Disney Parks and Resorts U.S. Inc. The property is within five minutes of the entrance to Walt Disney World Resort. Douglas Mandel and Ray Turchi of Marcus & Millichap represented both the buyer and seller, which are both institutional investors, in the transaction. Disney’s triple-net lease runs through June 2017.
LOUISVILLE, KY. — PRG Investments has arranged the sale of Kingston Park Apartments, a Class C, 622-unit apartment community located at 100 E. Southland Blvd. in Louisville. The property, built in 1948, was formerly known as the Americana Apartments. The buyer, a Louisville-based investment partnership, is planning significant capital improvements to the multifamily community. Red Weinberg and Fred Sutterlin of PRG Investments represented the seller, an unnamed bank, in the transaction.