MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.
LAGRANGE, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built store located at 2100 Vernon St. in LaGrange, about 68 miles southwest of Atlanta via I-85. The 2,500-square-foot store is net-leased to Starbucks, which has 10 years of term remaining on the lease. A local investment firm purchased the store from an unnamed developer for an undisclosed price. “Despite the surplus of Starbucks inventory on the market and limited buyer pool, we were able to source a local 1031 cash buyer and trade close to list price,” says Don McMinn of the Taylor McMinn Retail Group, who represented the seller in the transaction. Delivered earlier this year, the Starbucks store is an outparcel to a Publix-anchored shopping center that also features a Chick-fil-A outparcel. The Taylor McMinn Retail Group arranged the sales of both the Publix and Chick-fil-A locations previously.
ESCONDIDO, CALIF. — Cavalier Investments, a Colorado-based investor, has completed the disposition of Citrus Strip Center, a retail property in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. Located at 2315-41 E. Valley Parkway, the 27,310-square-foot retail center features 16 suites and two kiosks that are occupied by restaurants, professional services, beauty and fitness retailers, and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.
DENVILLE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the sale of an 8,800-square-foot retail building in the Northern New Jersey community of Denville. The owner, Orkin’s Premier Properties LLC, sold the building to Spark Properties LLC for an undisclosed price. Lew Finkelstein, C.J. Huter, Marc Palestina and Roy Paret of Goldstein Group represented both parties in the transaction.
ESCONDIDO, CALIF. — Marcus & Millichap has brokered the sale of Escondido Commons, a retail property in the San Diego suburb of Escondido. Garry Hanafin of The Hanafin Family Trust sold the asset to Bobby Hrdina of STNC Properties LLC for $1.6 million. Located at 145-49 S. Orange St. and 412-20 W. 2nd Ave., Escondido Commons offers 8,388 square feet of space in 12 retail suites spread across three adjacent buildings and two parking lots. At the time of closing, the asset was fully leased to nine tenants. Nick Totah of Marcus & Millichap represented the seller and procured the buyer in the deal.
FORT MYERS, FLA. — Cushman & Wakefield has arranged the sale of Market Square, a 118,583-square-foot shopping center located in Fort Myers. An affiliate of Centro Corp., a Florida-based shopping center owner and operator, purchased the asset for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction. Built in 1993, Market Square was fully leased at the time of sale to tenants including DSW, Total Wine and More and American Signature Furniture. The center is shadow-anchored by Super Target.
CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest cap rate for a McDonald’s property sold on a national basis this year according to CoStar Group.
MASSILLON, OHIO — Axiom Realty has acquired Amherst Shopping Center, a 98,305-square-foot property in Massillon near Canton. The purchase price and seller were undisclosed. The center was 64 percent occupied at the time of sale. Jonah Warsaw and Jacob Baruch of Legacy Realty Group Advisors brokered the sale. Axiom is finalizing lease negotiations with a national fitness user that will bring occupancy up to 81 percent. Marc’s, a discount grocery and drug store chain with 60 locations in Ohio, has anchored the property since 1995.
CHICAGO — SweatHouz, an infrared-sauna and cold-plunge wellness and recovery concept, has signed leases to open three locations in Chicago’s Old Town, West Loop and Lakeview East neighborhoods. The new locations range from 2,000 to 2,700 square feet and mark the company’s entrance into the state. SweatHouz plans to open 30 locations in metro Chicago. Anthony Ciaravino of Cushman & Wakefield represented the tenant in the leases at 1435 N. Wells St., 917 W. Madison St. and 3101 N. Clark St. Landlords were not provided.
SAN DIEGO — Decron Properties has acquired Mira Mesa Market West Shopping Center in San Diego’s Mira Mesa submarket from Stockbridge Capital Group for $99 million. The acquisition included the assumption of the existing financing with New York Life Insurance Co., which allowed for the assumption of a below-market interest rate of 3.5 percent fixed for the remaining loan term. Built in 2000, the fully leased Mira Mesa Market West features 238,747 square feet of retail space. Current tenants include The Home Depot, Smart & Final, CVS/pharmacy, Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks Coffee, Jersey Mike’s Subs, Verizon Wireless, PNC and Lazy Dog restaurant. The property is situated on 20.2 acres at 10604 Westview Parkway. This is the first acquisition since 2008 for Decron, which owns and manages approximately 600,000 square feet of additional retail assets and nearly 10,000 multifamily units in California, Washington and Arizona.