FORT WORTH, TEXAS — Chestnut Development Partners, in a joint venture with Benbrooke Realty Investment Co., has purchased The Shops at Hulen in Fort Worth. This is Chestnut’s second investment in Texas and second joint venture with Benbrooke. The Shops at Hulen is a 28,382-square-foot shopping center that was constructed in 2005. Currently 59 percent leased, it is shadow-anchored by a Walmart Supercenter and located near the South Hulen retail submarket. Southwest Bank of Fort Worth provided debt financing for the acquisition. Tommy Tucker of The Shop Cos. represented the seller. Pretium Property Management will manage the property.
ORLANDO, FLA. — Orlando-based general contractor Williams Co. Southeast is on schedule to complete Phase I of The Crosslands, a $30 million retail center in Orlando. The 427,000-square-foot property will be located at Orange Blossom Trail and Osceola Parkway and is scheduled for a July 30 completion. The development team includes Tupperware Brands Corp., O’Connor Capital Partners, Peter Bergner and ELEVEN18 Architecture.
SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.
DUBLIN, CALIF. — American Realty Advisors has acquired Dublin Place Shopping Center, a 283,506-square-foot retail center in Northern California, for $51.1 million. The center is located at 6920-7202 Amador Plaza Road; 7590 Amador Valley Blvd.; and 7505-7533 Dublin Blvd. in Dublin, just east of the San Francisco Bay. The property is 97 percent occupied. It is anchored by Target, Hobby Lobby, Burlington Coat Factory and Toys R Us. American plans to upgrade the shop buildings in an effort to bring existing below-market-rate rents up to current market rates. The firm may also eventually add more commercial and residential space to the center. Both American and the seller, PFRS Dublin Corporation, represented themselves in this acquisition.
NEWTOWN, WARMINSTER AND NORTH WALES, PA. — HFF has brokered the sale of a three-property self-storage portfolio, totaling 191,000 rentable square feet, in suburban Philadelphia. A partnership between Metro Shelf Storage and LaSalle Investment Management purchased the assets for $29.2 million, or $153 per rentable square foot, from PFG Capital LP. The portfolio includes the 25,568-square-foot Newtown Storage in Newtown; the 89,210-square-foot StorageWORKs! Warminster in Warminster; and the 75,120-square-foot StorageWORKs! North Wales in North Wales. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction.
SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding Burger King property located at 942 West Jericho Turnpike in Smithtown. Situated on 2 acres, the 3,610-square-foot property sold for $2.5 million. The property was formerly occupied by a Wendy’s and sat vacant for many years until a local Burger King franchisee signed a long-term lease for the property. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller in the transaction. The names of buyer and seller were not released.
HUBER HEIGHTS, OHIO — Mid-America Real Estate Corp. has arranged the sale of Waynetown Plaza located in Huber Heights, a suburb of Dayton. Baltimore-based Broad Reach Retail Partners purchased the 192,332-square-foot, grocery-anchored center. Waynetown Plaza is located at the southwest corner of Old Troy Pike (State Route 22) and I-70. Kroger anchors the shopping center. Other tenants include a Buffalo Wild Wings, TGI Friday’s, Chipotle, Burger King and Davita Dialysis. Ben Wineman of Mid-America and Chris Conley of Oberer Realty Services Ltd. represented the seller, a private investment group.
OMAHA, NEB. — Block & Co. Inc. Realtors in Kansas City has arranged a 44,327-square-foot retail lease for Best Buy in Omaha. The electronics store will occupy space at Heritage Plaza Shopping Center at 115 N. 76th St. Other tenants at the shopping center include Buffalo Wild Wings, Chuck E. Cheese’s, Charleston’s Restaurant and Command Center. Best Buy plans to open during the fourth quarter. David Block of Block & Co. negotiated the lease transaction on behalf of the landlord.
GRAPEVINE, TEXAS — Bill Bledsoe of Henry S. Miller Brokerage’s Investments and Land Division represented Classic Chevrolet in the purchase of 11.2 acres in Grapevine. Located off State Highway 121 at Stone Myers Parkway, the land will be used for business expansion. Bledsoe represented the buyer. Bruce Harbour of Harbour Realty represented the seller, a local partnership group.
TULSA, OKLA. — The SRS Southeast Investment Sales team has arranged the sale of a 53,210-square-foot property in Tulsa. The property, which is currently occupied by Virginia College, is located at 5124 S. Peoria Ave. The seller, OK Tulsa South Peoria LLC, sold the property to GPROP LLC for $8.8 million. Virginia College, a wholly owned subsidiary of Education Corp. of America, offers diplomas, associate’s degrees, bachelor’s degrees and master’s degrees. Kyle Stonis and Pierce Mayson in the SRS Atlanta office and Josh Burmeister with JLL represented the seller in the transaction. Chris Anderson with The Grant Group represented the buyer in the transaction.