ANAHEIM, CALIF. – A 0.79-acre site in Anaheim that is net leased to Starbucks has sold to a local real estate investment group for $2.9 million. The property is located at 1200 Harbor Blvd. It is the only drive-thru Starbucks pad in the trade area, and enjoys close proximity to Disneyland, California Adventure and the 91 freeway. The property sold at a cap rate of 3.27. This was the lowest cap rate for a drive-thru retail pad in Southern California, according to CBRE’s Arthur R. Flores, who represented the seller, another locally based real estate investment company, in this transaction. The firm’s Tim and Justin McMahon served as the landlord’s leasing agents at the time of the sale.
GAINESVILLE, FLA. — Knoxville, Tenn.-based Regal Entertainment Group plans to open a new 10-screen, reserved-seating luxury theater at Celebration Pointe in Gainesville. The theater will feature upscale recliners, a lobby with a full-service bar and lounge seating. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses. Phase I of Celebration Pointe is slated to open in fall 2016.
NEW YORK CITY — Eastern Consolidated has arranged the $8 million sale of a retail property located in Brooklyn. Supermarket Farm Country, the current tenant, has purchased the 26,800-square-foot property located at 2203-2225 Linden Blvd. from the Lee Estate. Adelaide Polsinelli and Ben Tapper of Eastern Consolidated represented both parties in the transaction.
NEW YORK CITY — ARM Real Estate Group has brokered the sale of a corner retail building located in the Woodside neighborhood of Queens. The Daniel Group purchased the 9,500-square-foot property for $2.8 million from 5401 Nb LLC. Located at 540-01 Northern Blvd. and built in 1952, the property features three retail spaces: a Chinese restaurant, a convenience store and a carpet shop. The buyer plans to reposition the property once the current leases expire. Anand Melwani of ARM Real Estate Group represented both parties in the transaction.
WEST COVINA, CALIF. – A 37,500-square-foot retail building in West Covina that is leased to 24 Hour Fitness USA has sold to Capital Square Realty Advisors for an undisclosed sum. The building is located at 1530 W. Covina Parkway. The 1.6-acre property includes a three-level, free-standing parking garage. It is designed as a 24 Hour Fitness “Sport” facility. Amenities include cardio equipment, circuit training, a kids club, sauna, steam room and lap pool. Capital Square was represented by TFS Properties, doing business as TaxGuard1031.
DENVER – Lincoln Meadows, a 10,010-square-foot retail property in the Denver submarket of Parker, has sold to Prime Management LLC for $2.1 million. The center is located at 18366 Lincoln Ave. The four-tenant community shopping center is part of a retail development anchored by Lowe’s. Its current tenants include Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Cory Gross of Marcus & Millichap’s Denver office represented both the buyer and the seller, Lee & Park, in this transaction.
BRIDGEPORT, CONN. — Cinépolis USA has signed on to open a luxury 12-screen, 1,200-seat hybrid theater at Steelpointe Harbor, a mixed-use development in Bridgeport. The 50,000-square-foot theater will offer five Cinépolis Luxury Cinemas auditoriums with fully reclining leather seats and in-theater waiter service and dining with a full bar, and seven Cinépolis auditoriums with comfortable seating and access to a gourmet menu and full bar in the lobby. The theater, which is slated to open in 2017, will be the company’s first location in Connecticut. Bridgeport Landing Development LLC, a subsidiary of The RCI Group, is developing Steelpointe Harbor, a two million-square-foot waterfront project. The first phase of the development is slated to open this year and construction on the second phase scheduled to begin in 2016.
TEXARKANA, TEXAS — Marcus & Millichap has arranged sale of a Save-A-Lot grocery retail center, a 37,909-square-foot property in Texarkana. Jason Vitorino and Michael Austry of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. The shopping center is located at 2808 New Boston Road, less than two miles from I-369. Built in 2005, the asset is situated on approximately four acres in Bowie County. The shopping center was 70 percent occupied at the time of sale.
CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its lease that features 9.5 percent rental escalations every five years. This recently constructed property is a relocation of a previous Orscheln store. Orscheln Farm & Home has 172 locations across the United States and supplies agricultural goods for farm, home, ranch and suburban customers.
DULUTH, GA. — Atlanta-based Fuqua Development and The Worthing Cos. have begun construction on Sugarloaf Market, a 31-acre mixed-use development located at the intersection of Sugarloaf Parkway and Peachtree Industrial Boulevard in Duluth, an eastern suburb of Atlanta in Gwinnett County. Upon completion, Sugarloaf Market will feature 75,000 square feet of retail space and 330 upscale apartment residences. Fuqua Development is the master developer of the project and is developing the retail portion, and The Worthing Cos. is developing the residential component, named The Heights at Sugarloaf. Anchored by Sprouts Farmers Market, the retail portion of the development will be leased to Chipotle Mexican Grill, Freddy’s Frozen Custard & Steakburgers, Orangetheory Fitness, Menchie’s Frozen Yogurt, Zoe’s Kitchen, RaceTrac, Waffle House, Panda Express, Banfield Pet Hospital, Supercuts, Luxury Nail, Pie Five Pizza and AT&T. The retailers are expected to open for business in spring 2016. The Heights at Sugarloaf will offer apartment homes featuring high-end finishes, designer-inspired appointments and appliances, along with onsite amenities such as a resort-style swimming pool and deck with Wi-Fi, grilling areas, a fitness club and other lifestyle services. Preliminary site work is currently underway with vertical construction set to commence by July. Pieper O’Brien Herr Architects …