ROANOKE, TEXAS — Cinemark Holdings Inc. has closed on its purchase of 10 acres of land in Roanoke, located at the junction of Highways 170 and 140. The site will be the location of a new 14-screen, all-digital movie theater. The new theater will showcase the company's new Cinemark NextGen design, which features wall-to-wall, ceiling-to-floor screens; enhanced sound systems; and 4K digital projection powered by Barco projectors. Cinemark XD, the company's exclusive large-screen format, will be utilized in the theater, which is slated to open in spring 2015. In addition, the theater will also feature a Cotton Patch Cafe restaurant.
Property Type
TUALATIN, ORE. — Timberland Town Center, a 90,000-square-foot center, is set to break ground soon in Tualatin. The $30-million development will be located at N.W. 118th Ave. It is scheduled to open in fall 2014. Oregon-based grocer Market of Choice will anchor the center. The new development is part of the Timberland Master Plan, which will eventually include additional housing, a middle school and a community garden. The center is being developed by Gramor Development and designed by LRS Architects. Leasing will be handled by New & Neville Real Estate Services.
HONOLULU — Bloomingdale's has announced its plans to enter the Hawaiian market. It will open a 167,000-square-foot, three-level store at the Ala Moana Center in Honolulu in fall 2015. The new store will be located in a portion of Ala Moana that is set to undergo a significant redevelopment, which will commence in 2014. Macy’s, Bloomingdale's parent company, already has an outpost at the center. Ala Moana is owned by General Growth Properties.
VALLEJO, CALIF. – The 156-unit Austin Creek Apartments in Vallejo has sold to DE Village Austin Creek, LLC for $15.3 million. The community is located at 55 Valle Vista Ave. just north of Berkeley. The acquisition allowed the buyer to complete a 1031 Exchange. John Gallagher of TRI Commercial/CORFAC International represented both the buyer and the seller, Austin Creek Apartments, L.P., in this transaction.
CHANDLER, ARIZ. – A 222,086-square-foot building in Chandler that is home to Avnet Global Solutions has sold to Griffin Capital Essential Asset REIT for $32.5 million. The facility is located at 6700 W. Morelos Place. Avnet’s 10-year lease at the facility commenced in 2008. As part of the newest acquisition, Avnet has agreed to extend its lease through 2018. Both the buyer and the seller, Fort Properties, was represented by Christopher E. Toci of Cushman & Wakefield of Arizona.
LAKEWOOD, COLO. – A 13,852-square-foot medical office building in Lakewood has sold to Advanced Property Services for $4.3 million. The building is located at 1750 Pierce Street. It is leased to a national dialysis company that has resided at the center since 1998. Advanced Property Services was represented by Sam Leger and Tim Finholm of Unique Properties, Inc – TCN Worldwide. The seller, YPSI ANN ASSOCIATES, LP, was represented by Scott Shwayder, Marc Lippitt and John Sheflin, also from Unique.
SAN JOSE, CALIF. – InvenSense Inc. has leased 130,000 square feet of space at a Class A office building in San Jose. The 228,000-square-foot building is located at 1745 Technology Drive. It will serve as the company’s new corporate headquarters. InvenSensewas represented by Jim McPhee and John Fennell of Cushman & Wakefield. The landlord, Equity Office, was represented by CBRE’s Rob Shannon, Christian Marent and Bob Steinbock.
VERO BEACH, FLA. — CB Richard Ellis (CBRE) has brokered the sale of South Vero Square, a 147,417-square-foot neighborhood retail center located in Vero Beach, for $7.8 million. Constructed in 1989, the center is situated at the corner of U.S. Highway 1 and Oslo Road. Its anchor tenant is Publix, and its outparcel tenants include Wendy’s, McDonald’s and Seacoast National Bank. Occupancy was 61.5 percent at the time of the sale. The CBRE team of David Donnellan, Todd Weintraub, Casey Rosen and Dennis Carson represented the seller, Florida-based Vero Beach Shopping Center Associates LP. The buyer was Indian River Holdings LLC.
ST. PETERSBURG, FLA. — Marcus & Millichap has completed the sale of a 144-unit multifamily community located in St. Petersburg for $6.9 million. Gateway Apartments was built in 1986 and is situated at 2000 Gandy Blvd. It comprises 11 one- and two-story buildings containing all one-bedroom units. Amenities include an on-site laundry facility, a basketball court, a boat storage area, a picnic area and a swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, which were undisclosed Florida investors.
HILLSBOROUGH, N.C. — Ziff Properties has acquired the small-shop retail portion of the Hampton Pointe shopping center in Hillsborough. The Class A property totals 38,253 square feet and is located at 525 Hampton Pointe Blvd. It was 81 percent occupied at the time of closing. Shadow anchors for the property include Walmart Supercenter and The Home Depot. The sale also included a pad site that can accommodate 35,000 square feet of future retail development. Christian Chamblee and Michael Pigg provided in-house representation for Ziff. Andrew Margulies of Marcus & Millichap represented the seller, Tribek Properties, who first developed the property in 2004.