LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
Property Type
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of three multifamily properties totaling 295 units in Corpus Christi. The complexes include the 96-unit Woodlake Apartments at 1901 Rodd Field Road; the 89-unit Bluff Manor Apartments at 2360 Waldron Road; and the 110-unit Country Estate Apartments at 3720 Brookside Drive. Jeff Smith of Marcus & Millichap marketed the assets on behalf of the seller, a limited liability company, and also procured the buyer, another limited liability company.
SAN ANTONIO — Transwestern has brokered the sale of Texas Center for Athletes, a 128,347-square-foot medical office building in San Antonio. Located at 21 Spurs Lane within the South Texas Medical Center, the four-story, Class A property was 98 percent leased at the time of the sale. Built in 2006, the facility includes a surgery center, pharmacy, therapeutic spa and on-site deli. Alan Grilliette and Russell Noll of Transwestern represented the seller, Sports SA Holdings LP, in the transaction. A subsidiary of Senior Housing Property Trust acquired the asset and retained Transwestern to lease the building.
ARLINGTON, TEXAS — Bob Moore Construction has completed a new 57,000-square-foot industrial facility in Arlington for Dura-Tech Processes Inc., a provider of wear- and corrosion-resistant plating for the manufacturing and material handling industries. The property features a custom-engineered containment system, extended catwalk to provide access to elevated equipment, interior loading dock, backup generator and employee locker room. Bob Moore Construction served as general contractor on the project, and Alliance Architects worked as the architect.
DALLAS — Mercer Co. has brokered the sale of a 37,530-square-foot industrial property in Dallas. Located at 9136 Viscount Row, the distribution facility features two dock-high doors and is in proximity to Loop 12 and State Highway 183. Jeremy Mercer of Mercer Co. represented the seller, Eric Hohn, in the transaction. Alfred Goh of KC Cheah & Pacific Realty represented the buyer, FL Shih Investment Corp.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Mountain Grove at Citrus Plaza, a 670,000-square-foot retail, dining and entertainment district in Redlands. The project will be located at the intersection San Bernardino Avenue and Citrus Plaza Drive, just off the 210 Freeway. The first phase will include 468,000 square feet. The completed project will feature tenants like Nordstrom Rack, buybuy Baby, T.J. Maxx/HomeGoods, Hobby Lobby, h.h. gregg, Tilly’s and 24-Hour Fitness. Mountain Grove is the sister project to Citrus Plaza. The two centers will eventually offer a total of 1.2 million square feet of retail, hospitality and entertainment uses. Mountain Grove is scheduled to open next summer.
DENVER – A joint venture between Griffis Residential and PCCP LLC has acquired the 288-unit City Lights apartments in Denver for $40.8 million. The Class A community is located at 325 N. Sable Blvd. in the Aurora submarket, near the Fitzsimons Medical Campus. The apartment complex has been renamed Griffis Fitzsimons South. Griffis will also manage the community. This is the joint venture’s fifth transaction.
LAHAINA, HI — The Outlets of Maui has undergone a $28-million redevelopment. The 10-building, 147,000-square-foot center received new storefronts, expanded walkway overhangs, outdoor seating areas, and significant improvements to common areas and site signage. It is located on 12 acres at 900 Front Street. The outlet center is currently 91 percent leased to tenants like Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. It also includes restaurants like Hard Rock Café and Ruth’s Chris Steak House. Notable Hawaiian retailers, including Hilo Hattie, ABC Stores and Warren & Annabelle’s, also reside at the center. Watt Advisors, the commercial investment arm of Watt Companies, joined with local development partners in April 2013 to convert the aging, traditional shopping center into Maui’s first outlet center. The Outlets of Maui is one of only two outlet centers in Hawaii. Watt and its partners plan to add 50,000 square feet to the center by the end of next year.
SAN DIEGO — Drawbridge Acquisitions LLC has acquired Via del Campo Court, a 188,072-square-foot corporate office campus in the San Diego submarket of Rancho Bernardo for $26 million. The two-building campus is located at 16710 and 16750 Via del Campo Court, just north of the I-15 and SR-56 intersection. Via del Campo is fully leased to Northrop Grumman through 2016. Drawbridge represented itself in this transaction, while the seller, WAM Via del Campo LP, c/o WAM Development Group, was represented by Rick Reeder and Brian Driscoll of Cassidy Turley’s San Diego office.