Retail

M&M Arranges Sale of 9,801 SF Net-Leased Property in Rio Grande Valley

by Haisten Willis February 11, 2015

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Advanced Auto Parts, a 9,801-square-foot, net-leased property located in Brownsville. Jason Vitorino and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Hank Wolfer, an investment specialist in the firm’s Seattle office, procured the buyer, a trust group based in Kansas. Advanced Auto Parts is located at 3740 International Blvd. in Brownsville, less than 1.5 miles from US Highway 77. Constructed in 2004 on 2.2 acres, the property is surrounded by tenants including Walmart, The Home Depot, GameStop, State Farm, CVS, Dairy Queen, Sally Beauty Supply, Subway and RadioShack. At the time of listing, Advanced Auto Parts had approximately five years remaining on its 15-year, corporately guaranteed net lease.

February 11, 2015

CBRE Brokers $7.5M Sale of Shopping Center in Metro Atlanta

by John Nelson February 11, 2015

SUWANEE, GA. — CBRE has brokered the $7.5 million sale of Suwanee Depot, a 68,409-square-foot shopping center in Suwanee, a northern suburb of Atlanta in Gwinnett County. The shopping center is 91 percent leased to a 20,000-square-foot Office Depot, 22,000-square-foot Georgia Fitness, Jackson Hewitt, Lenny’s Subs, Sylvan Learning and a mix of local service and restaurant tenants. Craig Taylor of CBRE’s Atlanta office represented the sellers, Atlanta-based Columbia Properties and New York-based Red Starr. Taylor brokered the sale in conjunction with Auction.com. The buyer was Mahesh Marjani.

February 11, 2015

Florida Retail Southeast

Mattoni Group Acquires Ground-Floor Retail Space at 1010 Brickell in Miami

by John Nelson February 11, 2015

MIAMI — Miami-based Mattoni Group has purchased more than 11,000 square feet of retail space at 1010 Brickell, a 50-floor, 387-unit condominium project in Miami’s Brickell district. Mattoni purchased all the ground-floor commercial units and is planning to lease those spaces to major retailers. 1010 Brickell’s developers, 13th Floor Investments and Key International Development, plan to complete the property in fall 2017. The development is positioned near the Tenth Street Metromover station on the Brickell Loop.

February 11, 2015

California Retail Western

University Square Plaza in San Luis Obispo Receives Seven New Tenants

by Nellie Day February 10, 2015

SAN LUIS OBISPO, CALIF. – University Square Plaza in San Luis Obispo has received seven new tenants. The new tenants include Rite Aid, Lassen’s Natural Food & Vitamin, Popeye’s Louisiana Kitchen, Domino’s Pizza, The Pita Pit, Supercuts and a 5,000-square-foot microbrewery/restaurant that has yet to be named. University Square Plaza is located on the corner of Santa Rosa Road and Foothill Boulevard. It is currently undergoing a remodel that should be complete this spring or summer. Clarice Clarke and Steve Leider of Lee & Associates – Central Coast handle the center’s leasing efforts.

February 10, 2015

California Retail Western

Lucille’s, Wokcano to Open at Westfield MainPlace in Santa Ana

by Nellie Day February 10, 2015

SANTA ANA, CALIF. – Lucille’s Smokehouse Bar-B-Que and Wokcano will soon open at Westfield MainPlace in Santa Ana. Lucille’s will occupy a 10,000-square-foot space, while Wokcano will absorb 5,000 square feet. The restaurants are slated to open late this summer or early fall. Westfield MainPlace is currently undergoing a massive renovation. Panini Café, Dog Haus and Blaze Pizza have all recently opened at the center.

February 10, 2015

Midwest Nebraska Retail

Investors Realty Arranges $16.8M Sale of Centro Plaza in Lincoln, Neb.

by Danielle Everson February 10, 2015

LINCOLN, NEB. — Investors Realty Inc. has brokered the $16.8 million sale of Centro Plaza shopping center, a 115,495-square-foot retail property in Lincoln. The property is located at the intersection of 48th and Vine streets. The shopping center is currently occupied by TJ Maxx. Michaels, Designer Shoe Warehouse and Beauty Brands have executed leases and plan to occupy the space at the property. The buyer plans an extensive renovation of the property. Ember Grummons of Investors Realty represented the buyer, an affiliate of St. Louis-based Integris Ventures.

February 10, 2015

Retail Texas

CBRE Arranges Sale of McKinney Retail Center in Metro Dallas

by Haisten Willis February 10, 2015

MCKINNEY, TEXAS — CBRE Capital Markets’ investment properties team has arranged the sale of Shops at Eagle Point in McKinney. An out-of-state investor purchased the 14-acre site, which consists of two retail centers and four pad sites. Dallas-based developer Uptown Custer Partners LP was the seller. Shops at Eagle Point is shadow-anchored by Walmart at the southwest corner of North Custer Road and Highway 380. The property is 81.8 percent occupied by Subway, Leslie’s Pool Supplies, Mooyah Burgers – Fries – Shakes, Great Clips and Eagle Point Dental Care. Jennifer Pierson, Cameron Deptula and Beth Pierson of CBRE’s Dallas office represented the seller. Gary Tobias of Quine & Associates represented the buyer.

February 10, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 36,560 SF Retail Center in New Jersey

by Amy Works February 10, 2015

SEWELL, N.J. — Marcus & Millichap has brokered the sale of Cherry Tree Crossing, a retail property in Sewell. A private investor sold the 36,560-square-foot property to an undisclosed buyer for $2.8 million. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller and buyer in the deal.

February 10, 2015

Midwest Minnesota Retail

JV Inland Real Estate Corp., PGGM Acquire Shopping Center for $26.3M

by Danielle Everson February 9, 2015

LAKEVILLE, MINN. — Inland Real Estate Corp. in a joint venture with Dutch pension fund advisor PGGM has acquired Argonne Village, a 113,000-square-foot neighborhood shopping center, located in Lakeville, a suburb of Minneapolis, for $26.3 million in cash. Argonne Village is anchored by a 71,800-square-foot Cub Foods grocery store with a mix of co-tenants that include Dollar Tree, Taco Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips and others. The 100-percent-leased center is approximately 20 miles south of Minneapolis. The Class-A property is located off of County Road 50 and I-35W.

February 9, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $1.2M Sale of Retail Property in New Jersey

by Amy Works February 9, 2015

HOLMDEL, N.J. — Marcus & Millichap has brokered the sale of a retail property in Holmdel. The 2,000-square-foot property, which is net leased to Sun National Bank, sold for $1.2 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller and buyer, both private investors, in the 1031 exchange.

February 9, 2015

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