VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $2.25 million sale of Metropolitan Plaza, a 21,208-square-foot multi-tenant retail center in Victorville. Pablo Rodriquez and Richard Vincent of Marcus & Millichap worked on behalf of the seller in the transaction. The center was fully occupied at the time of sale.
SAN FRANCISCO — Colliers International has hired Victoria Brodsky to its retail services group. Brodsky, who has participated in the closings of more than $500 million in transactions, will become a member of Julie Taylor’s retail team. Brodsky most recently served as a retail specialist at Cushman & Wakefield in San Francisco.
LITTLE ELM, TEXAS — Victory Real Estate Group, a commercial development and investment firm based in Dallas, has begun construction on a seven-acre tract located on the east side of FM 423, just south of Little Elm Parkway between Eldorado Parkway and FM 720/Main Street. The site will house Victory at Creekside, a mixed-use retail development that will include six pad sites, along with a 6,000-square-foot retail center. Victory anticipates completion of Victory at Creekside by the end of this year. The new retail center is 100 percent leased to tenants such as Fast Lane Car Wash, Jack in the Box, Taco Villa and Kiddie Academy Child Care.
LEWISVILLE, TEXAS — Bright Realty is developing an Aldi-anchored retail project in the Dallas suburb of Lewisville. The 13-acre parcel, owned by Bright Realty, includes a total of seven commercial pad sites to be developed by the company. Aldi is the first retailer to close within the development. The Aldi site, located on the southeast corner of Josey Lane and Windhaven Parkway, spans 1.8 acres. Two other tenants are under contract at two lots totaling 3.9 acres. Aldi plans to begin work on the Lewisville site in the first quarter of 2016. The new Aldi will be near Nebraska Furniture Mart’s Grandscape development and other Bright Realty developments including Crown Centre, a 150-acre office park, and Discovery at The Realm, a 4,000-unit multifamily project, both currently under construction.
SPRING, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $1.4 million sale of a newly constructed net leased O’Reilly Auto Parts store located at 5618 Treaschwig Road in Spring. O’Reilly Auto Parts is the sole occupant of the recently constructed 6,800-square-foot building. The property is shadow anchored by a Kroger grocery anchored center that is located across the street. The O’Reilly Auto Parts is located approximately five miles north of the George Bush Intercontinental Airport. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwestern family partnership who utilized a 1031 exchange. The seller was a national real estate development company. The O’Reilly Auto Parts lease is for 20 years and features a 6 percent rent escalation in years 11 and 16.
CYPRESS, TEXAS — Star Cinema Grill will build a 45,000-square-foot theater at Miramesa Town Center, located at the intersection of West and Fry roads in Cypress, a suburb of Houston. The Houston-based company is under construction on the new theater adjacent to Baybrook Mall, with plans to open its fourth location in Richmond near the intersection of Grand Parkway (Hwy 99) and Westpark Toll Road (FM 1093) in the spring of 2016. The dine-in theater concept provides guests with a full-service restaurant experience delivered seat side. Its menu features dishes paired with a selection of cocktails, local craft beers and wine. Kristen Barker with Wulfe & Co., a commercial retail real estate brokerage and property management firm, represented Star Cinema Grill in the lease transaction. Christie Amezquita and Jeanie Gibbs represented Read King, which will develop the Cypress location as part of the 50-acre, master-planned Miramesa Town Center.
GREENFIELD, MASS. — Integrated Builders has topped off the new Greenfield Toyota and Ford joint car dealership in Greenfield. Located at 1 Main St., the 32,000-square-foot facility will replace the previous dealership located on the site. The facility will offer a combined 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine area. The new facility is slated for completion in November 2016. Integrated Builders is providing construction management services for the project. The project team includes The Curtis Architectural Group, SVE Associates, Flood Consulting and Environmental Design Engineering Inc.
VIRGINIA BEACH, VA. — CBRE|Richmond has arranged the $12 million sale of a Walgreens Pharmacy at 645 First Colonial Road in Virginia Beach. Sequoia Frankford Springs purchased the newly constructed property from Old Brandon First Colonial Associates LLC. Built in June 2015, the 14,200-square-foot, freestanding store is located at the intersection of Laskin and First Colonial roads. Craige Pelouze of CBRE|Richmond represented the seller, Old Brandon First Colonial Associates LLC, in the transaction.
DALLAS, GA. — Marcus & Millichap has brokered the $4.2 million sale of a 17,930-square-foot strip retail center located at the intersection of Seven Hills Boulevard and Cedarcrest Road in Dallas. CVS Health occupies roughly 70 percent of the center and has a 15-year corporate-guaranteed double-net lease for the store. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the seller and procured the buyer, an all-cash 1031 investor, in the transaction. Taylor and McMinn are principals of Marcus & Millichap’s Taylor McMinn Team.
AUGUSTA, GA. — Furniture and specialty home goods retailer Conn’s Inc. has opened its first Georgia store at 270 Bobby Jones Expressway in Augusta. The 50,000-square-foot store has created roughly 30 local jobs. The new location is part of Conn’s national growth strategy to open nearly 20 stores during a 12-month period (February 2015 to February 2016). Conn’s, which has stores in 12 states, will open its 100th location next month. “Augusta is a great community and we are proud that it is the home of our first Georgia store,” said David Trahan, president of Conn’s retail division.
