BAYTOWN, TEXAS — Coldwell Banker Commercial United Realtors has arranged the sale of an 118,000-square-foot retail center located at 1801 N. Pruett St. in Baytown, just east of Houston. Donna Winfrey-Varner of Coldwell Banker represented the unnamed seller. A national investment group represented the buyer.
Retail
LEXINGTON, KY. — Wheeler REIT has assumed a contract previously entered into by Wheeler Interests LLC to acquire Bryan Station, a 67,177-square-foot retail center in Lexington, for roughly $6.1 million. Wheeler REIT expects to acquire the asset using a combination of cash and debt. The property is fully leased to tenants such as Planet Fitness, Shoe Carnival, Rent-A-Center and Cato Fashion. The retail center, built in 1995, is shadow-anchored by Kroger.
COLUMBUS — CASTO has completed redevelopment of an hhgregg store in northwest Columbus. Located on Sawmill Road just north of I-161/Dublin-Granville Road, the 36,851-square-foot store is adjacent to a new REI store projected to open this November. The redesigned hhgregg store opened to the public on Thursday, Sept. 18. Indianapolis-based hhgregg is an appliance retailer with 228 stores in 20 states. CASTO is a fully integrated real estate firm that specializes in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks.
BOCA RATON, FLA. — Marcus & Millichap has brokered the $11.1 million sale of Addison Court Shoppes, a 16,860-square-foot shopping center with a Bank of America outparcel in Boca Raton. The property’s address is 17940 N. Military Trail. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a limited liability company based in Boca Raton. The shopping center’s tenant roster also includes Starbucks Coffee, Offerdahl’s, a salon, a drycleaner and Kee Grill.
WARREN, MICH. —Colliers International has arranged the retail lease of 2,006 square-feet in Warren. Firehouse Subs will occupy space at 32900 Dequindre Road. Barry Landau of Colliers International represented the landlord, Universal Mall Properties LLC. Landau has represented the landlord in much of its retail space leasing. Firehouse Subs is expanding throughout the metro Detroit area. This location joins 17 others throughout the state.
HEWLETT, N.Y. — Woodmere, N.Y.-based Basser Kaufman has acquired the Peninsula Shopping Center in Hewlett. Shelly Horne of HST Realty sold the property for an undisclosed price. Located at the intersection of Peninsula Boulevard and Mill Road, the 70,000-square-foot neighborhood shopping center is anchored by a Foodtown Supermarket and many long-term tenants. The property was originally constructed in 1959.
DOVER, OHIO — Landmark Commercial Real Estate Services Inc. has arranged the sale of the Heritage Square Shopping Center in Dover. A Florida-based private investment fund purchased the 181,732-square-foot property for an undisclosed price. Giant Eagle anchors the shopping center. Kevin Baker, Daniel Dukes and Scott Lander of Landmark represented the seller, Phillips Edison & Co. Fund III.
LAKE OSWEGO, ORE. – Albertsons has purchased the ground lease at its Lake Oswego store for $5.3 million. The grocer occupies a 40,019-square-foot retail space. It is located at 16199 Boones Ferry Road. Albertsons has occupied this space for 55 years. The sellers, Denny Allen and Adele Reget, were represented by Denis O’Neill of NAI Norris, Beggs & Simpson.
NEOGA, ILL. — Marcus & Millichap has brokered the $1 million sale of a 9,014-square-foot Dollar General store in Neoga, a city in central Illinois. The net-leased property is located at 1050 U.S. Route 45. The building is a 2011 construction, build-to-suit for Dollar General. Gino Lollio of Marcus & Millichap’s Chicago Downtown office represented the seller, a private investor. The buyer was undisclosed.
HOUSTON — Rice Management Co. and Trademark Property Co. have acquired a three-building, 193,000-square-foot retail property portfolio in Rice Village, collectively named the Village Arcade. Trademark and Rice plan to revitalize the properties by upgrading the merchandising mix, facades and site amenities. The Rice Village district dates to the 1930s. Rice Management Co. has responsibility for the Rice University endowment to oversee asset and property management, leasing and repositioning of the Village Arcade properties. The buildings currently feature 50 stores and restaurants including Ann Taylor, Athleta, Banana Republica, Chico’s and Gap.