DALLAS, CEDAR HILL, FORT WORTH AND WAXAHACHIE — NAI Robert Lynn has arranged the sales of four properties totaling 120,722 square feet in Texas. In the first transaction, Taxco Produce acquired an 111,263-square-foot building located at 4202 Dan Morton Drive in Dallas. Matt Elliot of NAI Robert Lynn represented the tenant in the deal. In the second transaction, Tom Heraty of NAI Robert Lynn represented U Need Nails & Tan LLC in the acquisition of a 3,559-square-foot building located at 101 E. Belt Line Road in Cedar Hill. In the third deal, Colt Power of NAI Robert Lynn represented CAP Software in the purchase of a 3,200-square-foot building located at 7250 W. Vickery Blvd. in Fort Worth. Eric Walsh of HGC Commercial represented the undisclosed seller in the transaction. In the final transaction, Tom Heraty of NAI Robert Lynn represented the Rocksteady LLC in the acquisition of a 2,700-square-foot building located at 503 N. Highway 77 in Waxahachie. Sandia Properties represented the undisclosed seller in the deal.
NORWALK, CONN. — Fischer Commercial Real Estate has arranged the sale of a retail property located at 233 E. Ave. in East Norwalk. An entity that owns and operates laundromats acquired the property for $1.1 million. The buyer plans to convert the 7,450-square-foot property into a state-of-the-art laundromat. Alan Fischer of Fischer Commercial Real Estate Inc. represented the seller and procured the buyer.
BEVERLY HILLS, CALIF. — Sterling Organization has purchased a retail building located at 315-319 N. Beverly Drive in Beverly Hills’ Golden Triangle. The property was purchased off-market on behalf of the firm’s institutional fund Sterling Value Add Partners II for $23.5 million. The 4,700-square-foot property is expected to be vacant in the first quarter of 2017. Justin Mendelson of Charles Dunn Company represented the buyer. Darrell Levonian and Brian Jensen of Charles Dunn Company represented the seller, a private investor partnership based in California and Texas.
DOWNEY, CALIF. — A joint venture between Alberta Development Partners and Pacific Coast Capital Partners has completed Phase I and II of Promenade at Downey, a 656,000-square-foot shopping center and entertainment district located in Downey, roughly 12 miles outside Los Angeles. A movie studio and a NASA plant previously occupied the property. The center’s entertainment court will feature educational reading stations and themed elements associated with the space program, as well as a walkway honoring space missions. Retailers opening in Phase I and II of the development include TJ Maxx, HomeGoods, Ulta Beauty, Famous Footwear, Dress Barn, Carter’s, Oshkosh, Five Guys, Chipotle Mexican Grill, Mod Pizza, California Fish Grill, Benihana, 24 Hour Fitness, Floor & Décor, Cinemark, Lazy Dog, Ruby’s Diner, Bar Louie, Skechers, AT&T and Gaucho Grill. Dallas-based Falcon Construction Advisors is building the project.
MADERA, CALIF. — Highpoint Capital Group LLC has acquired Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center located in Madera, for an undisclosed price. Bryan Ley and Justin Kundrak of HFF represented the seller, Weingarten Realty Investors, in the disposition. Peter Smyslowski and John Churchward of HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company. Food 4 Less anchors the center, which is 96 percent leased to tenants including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious.
CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.
REDLANDS, CALIF. — Equitas Investments has completed the disposition of single-tenant retail property located at 1325 Industrial Park Ave. in Redlands. A private investor acquired the 2,324-square-foot property for $1.5 million. Built in 1984, the former Long John Silver’s restaurant will be converted into an Enterprise Rent-A-Car. The company signed a 10-year, corporate-backed, absolute triple-net lease with two five-year options for the property. Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller, while Hai Luong of Maxwell Realty Inc. represented the buyer in the deal.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.
ORLANDO, FLA. — UFC Gym has leased 12,000 square feet of space at Westland Terrace Shopping Center on West Colonial Drive in Orlando. The gym will be situated within the space formerly leased to Petco. Nick Barbato and Eric Portnoy of Equity Investment Services represented the landlord, ESJ Capital Partners, in the lease deal.
As we near the end of 2016, we also mark another strong year for the San Antonio retail market. In fact, the market is strong enough that we can retire the word recovery and replace it with expansion. Expansion, in a nutshell, means that the retail market has not only matched the pre-recession occupancy level of 92 percent, it has exceeded it. San Antonio currently boasts a healthy occupancy rate of 94 percent, even as key vacancies from Sports Authority came onto the market during the past year. The Alamo City is able to maintain the balance due to the fact that vacancy added by the sporting goods retailer was offset by fully leased construction and the backfilling of major retail box spaces. The Weitzman Group currently reviews approximately 45 million square feet of retail inventory in San Antonio centers with 25,000 square feet or more. Like the retail market, San Antonio’s economy also continues to grow, based on solid population and job growth. The metro area market, as of September 2016, reports an unemployment rate of 4.1 percent. This is well below the country’s rate of 4.8 percent, according to the Texas Workforce Commission. The metro area also ranks …