PINE BUSH, N.Y. — Marcus & Millichap has arranged the sale of Valley Supreme Plaza, a retail building located at 2412 State Route 52 in Pine Bush. A private investor acquired the 50,800-square-foot retail property from an individual/personal trust for $5.8 million. Alan Cafiero, Ben Sgambati, Matt Leszyk and Anthony Asencio of Marcus & Millichap represented the seller, while Scott Plasky and Scott Edelstein of Marcus & Millichap represented the buyer in the deal.
HILLSBORO, TEXAS — Dallas-based retail investment advisory firm STRIVE has arranged the sale of Hillsboro Shopping Center, a 43,528-square-foot retail center located off Interstate 35 and Corsicana Highway in Hillsboro, roughly midway between Waco and Fort Worth. The center houses tenants such as Dirt Cheap, Dollar Tree and Hibbett Sports. Will Merritt of STRIVE represented the seller, a Texas-based investment firm, in the transaction. The buyer and other terms of sale were not released.
LEWISVILLE, TEXAS — Bright Realty has sold Castle Hills Commons, a 7,727-square-foot, Class A retail property located along State Highway 121 in the northern Dallas suburb of Lewisville. Built in 2016 and situated near the 1.8 million-square-foot Nebraska Furniture Mart, the property is anchored by Starbucks and houses tenants such as Planet Sub, Great Expressions Dental Care and F45 Training. An undisclosed private investor purchased the asset, which was 100 percent leased at the time of sale.
PALM BEACH GARDENS, FLA. — HFF has arranged the $25 million sale of LA Fitness Plaza, a 105,453-square-foot fitness- and food-anchored shopping center in the South Florida city of Palm Beach Gardens. Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores of HFF represented the seller, an institutional investor of Barings Real Estate Advisers. Fondo Atlas acquired the retail center. Located at 7100 Fairway Drive, LA Fitness Plaza is situated near the entrance of the PGA National Resort & Spa.
WATERFORD TOWNSHIP, MICH. — Gerdom Realty & Investment has brokered the sale of a 230,500-square-foot former Sears building at Summit Place Mall in Waterford Township, about 30 miles north of Detroit. The sales price was not disclosed. The building is positioned on 22.5 acres of land on Telegraph Road. Tjader Gerdom and Mike Murphy of Gerdom Realty, along with Nicholas Kanich of Cushman & Wakefield, represented the undisclosed seller. New ownership is looking to redevelop the property and offer pad site opportunities, according to a news release.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Chapel Ridge Retail Center in Lee’s Summit for $3 million. The 35,000-square-foot shopping center is located at 3680 Akin Drive. The property is 90 percent occupied by tenants including Total Body Fitness, Allstate Insurance, Foxy Nails, Quilter’s Station, KC Salt Mines and Jimmy John’s. William Glasgow of Block & Co. negotiated the sale on behalf of the seller, Rocky Top Holdings LLC. VAAP Chapel Ridge LLC purchased the property. Block & Co. will continue to handle leasing efforts for the new owners.
CORONA DEL MAR, CALIF. — MSM Global Ventures has acquired Corona del Mar Shopping Center, a 33,404-square-foot retail center in the Southern California community of Corona del Mar. The sales price was not disclosed, but the Orange County Register reports the asset sold for $23 million. The historically grocery-anchored property was anchored by discount grocer Smart and Final at the time of sale.
PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.
PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.
SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired City Base Landing, a 200,000-square-foot shopping center located at the intersection of Interstate 37 and SE Military Drive in San Antonio. Built in 2005 and shadow-anchored by Walmart and Sam’s Club, the center houses more than 40 tenants, including Best Buy, Office Depot, Chick-fil-A, AT&T and Chili’s. With this transaction, Mimco’s portfolio of shopping centers in San Antonio now totals more than 1.5 million square feet.
