THE WOODLANDS, TEXAS — Academy Sports + Outdoors is now open in Valley Ranch Town Center, a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. Academy is situated in the 1,400-acre master-planned community of Valley Ranch just north of Kingwood, a development of The Signorelli Co. and is the first of over 85 stores and restaurants expected to open in Valley Ranch Town Center. This is the 95th location for Katy-based Academy Sports + Outdoors, and is expected to employ about 100 people. Houston-based Arch-Con is the contractor for the 63,000-square-foot store.
HURST and SPRING, TEXAS — Disney Investment Group (DIG) has brokered the $16 million sale of three retail properties in Texas. The properties are: Sprouts Crossing in Hurst. The Class A grocery-anchored center totals 60,706 square feet and is anchored by Sprouts. The property was 75 percent occupied at the time of closing. Austin-based EPIC Real Estate Partners purchased Sprouts Crossing; Wellington Place in Hurst. The unanchored shopping center totals 17,327 square feet. Wellington Place is adjacent to Sprouts Crossing and was acquired by the same buyer. EPIC will facilitate a redevelopment and expansion of Sprouts Crossing with the Wellington acquisition; Walgreens in Spring. The single tenant, net leased property is leased to. A private buyer utilizing a 1031 tax-deferred exchange purchased the asset. David Disney and Adam Crockett of DIG represented the sellers and procured the buyers for each property, excluding the seller of Wellington Place.
SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.
WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.
OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.
SAN FERNANDO VALLEY, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at North Hills Vallarta Center in San Fernando Valley. Stinkin Crawfish will occupy 3,750 square feet of space at the 61,000-square-foot neighborhood shopping center. James Rodriguez, Michael Bohorquez and Bradley Pagnone of Colliers Retail Foresight represented the undisclosed landlord in the lease.
BOSTON — Paradigm Properties and Alcion Ventures have completed the sale of 101 Tremont, an office and retail building in downtown Boston. GLL Real Estate Partners acquired the property for an undisclosed price. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction. The 11-story building recently underwent extensive base building and tenant area improvements that transformed the asset into a mixed-use property. At the time of sale, the property was 100 percent leased to three innovative healthcare firms and a variety of on-site retailers, including Beantown Pub, Hollywood Nails, Silvertone and Ziggy’s Coffee Bar.
LONG ISLAND, N.Y. — G&S Investors has completed the sale of ShopRite at Bay Shore, a single-tenant retail property located in Bay Shore on Long Island. A joint venture partnership between Mattone Group and Gartenstein Properties acquired the 60,000-square-foot property for $30 million. Situated on 10 acres at 1905 Sunrise Highway, the property is triple-let leased to ShopRite. Jeffrey Julien and Jose Cruz of HFF represented the seller in the transaction. The asset was purchased free and clear of existing debt.
WHITEHALL, PA. — PH Retail, an affiliate of a Post Brothers, has completed the sale of a restaurant property, located at 2610 MacArthur Road in Whitehall, for an undisclosed price. The 4,815-square-foot property is occupied by Chick-fil-A under a triple-net lease. The name of the buyer was not released. PH Retail originally acquired the property in February 2015 after it had fallen into disrepair following the departure of a prior restaurant. The company led the demolition of the existing structure and secured approvals for the development of the new freestanding Chick-fil-A building.
ALLEN, TEXAS — Capital Pacific has represented the seller of an El Pollo Loco located at 386 E. Stacy Road in Allen. The property was sold for $3.2 million to an all-cash investor from California utilizing a 1031 tax-deferred exchange. The El Pollo Loco is on a 20-year net lease with rent increases every five years.