Retail

Venture Arranges LA Fitness Deals in North, Central Texas

by Haisten Willis July 21, 2015

SACHSE AND SAN ANTONIO, TEXAS — Venture Commercial Real Estate has represented Fitness International LLC in deals for two new LA Fitness clubs in Sachse and San Antonio. Venture’s John Zikos, Jonathan Cooper and Cheryl Hill represented LA Fitness in both deals, working with Walt Brown Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern United States. In north Texas, LA Fitness has signed a lease and will soon begin construction on a 37,000-square-foot facility that will anchor the Woodbridge Gate development located on the southwest corner of Highway 78 and Woodbridge Parkway in Sachse. David Watson of Direct Property Services Inc. represented the landlord. The Sachse club is expected to open in early 2016. In central Texas, LA Fitness has acquired a five-acre tract of land and has begun construction on a prototype facility in the newest phase of the Potranco Village development, located on the northeast corner of Potranco Road and Loop 1604 in San Antonio. Wade McGinnis represented the seller, Barshop & Oles Co. The Potranco Village club is expected to open in late 2015. Founded in 1984, LA Fitness has more than 650 locations in the U.S. and Canada.

July 21, 2015

Pierson Arranges Sale of Retail Building in Wichita Falls

by Haisten Willis July 21, 2015

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Home Zone, a 37,500-square-foot, single-tenant retail building located in Wichita Falls. PRA represented the seller, BR Acquisitions, in the sale. A Texas buyer purchased the asset for an undisclosed price. Located at 3921 Fairway Blvd., Home Zone is situated along US Highway 82, one of several highways leading into Wichita Falls. Home Zone, with 15 locations throughout Texas, Oklahoma, and Louisiana, is a wholesale furniture manufacturer and outlet store, which provides home furnishings directly to various retailers as well as individual customers. Jennifer Pierson and Beth Pierson of Pierson Retail Advisors in Dallas arranged the sale.

July 21, 2015

Massachusetts Northeast Retail

Cushman & Wakefield Brokers Sale of Highlands Plaza in Massachusetts

by Amy Works July 21, 2015

EASTON, MASS. — Cushman & Wakefield has brokered the sale of Highlands Plaza, a retail property in Easton. Ohio-based Phillips Edison & Co. acquired the 112,869-square-foot property for an undisclosed price. At the time of acquisition, the Hannaford-anchored shopping center was 94 percent occupied. Robert Griffin, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller, Boston-based Samuels & Associates.

July 21, 2015

Loans New York Northeast Retail

Madison Realty Capital Provides $9M Loan for Acquisition, Construction of Retail Property

by Amy Works July 21, 2015

NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.

July 21, 2015

New York Northeast Retail

Picone Construction Begins Renovation of Early Childhood Center in Buffalo

by Amy Works July 21, 2015

BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.

July 21, 2015

Connecticut Northeast Retail

Cumberland Farms Buys 1.3-Acre Land Parcel in Connecticut

by Amy Works July 21, 2015

ROCKY HILL, CONN. — Cumberland Farms has acquired a 1.3-acre land parcel at the corner of Cromwell Avenue and France Street in Rocky Hill. The property was acquired from Rue de France LLC and 741 Cromwell Ave. LLC, both subsidiaries of Wethersfield, Conn.-based New England Realty Properties, for an undisclosed price. Massachusetts-based Cumberland Farms is a convenience store chain that operates 600 stores in 11 states. The stores offer any-size coffee for 99 cents, competitively priced gasoline, freshly prepared hot sandwiches, a shake machine and no-fee ATMs.

July 21, 2015

California Retail Western

KZ Buys Concord Terminal Shopping Center for $7.2M

by Nellie Day July 21, 2015

CONCORD, CALIF. — KZ Companies has purchased Concord Terminal Shopping Center, a 41,400-square-foot shopping center near Walnut Creek, for $7.2 million. The center is located at 2677 and 2689 Clayton Road. It is occupied by CVS Pharmacy and Big 5 Sporting Goods. Concord Terminal was built in 1963. Kevin Van Voorhis, Henry Englehardt and Deborah Perry of Collier’s International represented the sellers, Logan Survivor’s Trust and Logan Non-Exempt Marital Trust.

July 21, 2015

California Retail Western

Former Bank of America Building Changes Hands in Los Gatos

by Nellie Day July 21, 2015

LOS GATOS, CALIF. — A 6,452-square-foot, mixed-use property in Los Gatos that was formerly occupied by Bank of America has sold to an unidentified personal trust for $4.5 million. The space is located at 2 North Santa Cruz Ave. It was built in 1932. J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office represented the buyer.

July 21, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $18.8M Sale of Self Storage Facility in Florida

by John Nelson July 21, 2015

HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $18.8 million sale of Emerald Hills Extra Closet Self Storage, a 1,970-unit self storage facility in Hollywood. The 128,797-square-foot facility sold for roughly $146 per square foot. The property is situated on approximately 7.4 acres at 3090 Sheridan St. near I-95. The sales price is the highest paid for a single self storage property in Florida to date, according to Marcus & Millichap. Constructed in 1991 and expanded in 1998, the Emerald Hills facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

July 21, 2015

North Carolina Retail Southeast

Avison Young Brokers $6.3M Sale of Office Depot-Anchored Center in North Carolina

by John Nelson July 21, 2015

HIGH POINT, N.C. — Avison Young has arranged the $6.3 million sale of Eastchester Shopping Center, a 63,306-square-foot shopping center anchored by Office Depot in High Point. The center is located at 274 Eastchester Drive. AJ Belt III and David Duckworth of Avison Young’s Fort Lauderdale, Fla., office represented the seller, MS Eastchester LLC, in the transaction. Verris Capital purchased the property. Tenants of the center include Dollar Tree, Plato’s Closet, Hooters and Dunkin’ Donuts.

July 21, 2015

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