DENVER – A portfolio of five 7-Eleven properties in the Denver area has sold to a Northern California buyer in a 1031 Exchange for $12 million. The single-tenant, net-leased properties are under corporate guarantees from 7-Eleven. The seller, a Colorado-based private real estate investment company, was represented by JLL’s Matt Berres and Jason Schmidt.
WEST JORDAN, UTAH – Three Zaxby’s restaurant locations have recently sold in Utah. The franchised fast food chain restaurants included in these sales are situated in West Jordan, Lehi and Cedar City. The transactions were valued at a total of more than $10 million. Zaxby’s has more than 600 locations nationwide. Its first outpost opened in Georgia in 1990. The franchise opened 10 new stores in Utah over the past year, including the three that recently sold. Lance Pendleton of Mountain West Retail and Investment represented the unnamed seller in those three transactions.
LOS ANGELES – LemonPop has leased 5,900 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. LemonPop is an apparel store that serves children and adults of all ages. The center is owned by Primestor Development.
ROWLETT AND FORT WORTH, TEXAS — SHOP Cos. Investment Sales has arranged the sale of two retail properties in the Dallas/Fort Worth area totaling 78,075 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the two different sellers in each transaction. Lakeview Crossing is a 49,693-square-foot retail center located in Rowlett. The property was 72 percent occupied at the time of closing with tenants including Big Lots and Royal Buffet. Lakeview Crossing is located at the northeast quadrant of Lakeview Parkway and Rowlett Road in a retail corridor 20 to 25 minutes northeast of downtown Dallas. Area retailers include Walmart Supercenter, Target, The Home Depot, LA Fitness, CVS, Aldi, Ross, PetSmart and Dollar Tree. SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. A Houston-based limited liability company was the buyer. Shops at Hulen is a 28,382-square-foot shopping center located in Fort Worth. The property is shadow anchored by Walmart Supercenter and at the time of closing was 59 percent occupied to tenants including DaVita Dialysis, Sally Beauty Supply and Eyecrafters. The property is located 10 minutes southwest of downtown Fort Worth just off the corner of Hulen Street and Ledgestone Drive. SHOP Cos. Investment Sales …
COLLEYVILLE, TEXAS — Red House Cajun Seafood Restaurant is coming to Colleyville and will be located in a 7,609-square-foot restaurant building at 5120 Highway 121. Nearby restaurants include Rio Mambo and LaHacienda Ranch. Red House will offer crab, lobster, shrimp and crawfish, as well as fish and traditional gumbo. Mark Boone of Irving-based Realty Capital Management LLC, along with Allison Cornwell, represented the landlord. Greg Blandford with Position Property Group represented the tenant.
In 2014, El Paso, along with the rest of the country, enjoyed a vibrant, active and growing economy, and we anticipate El Paso will continue its solid growth in 2015 and beyond. Similar to the rest of the country, El Paso continued to add jobs across all sectors, resulting in reduced unemployment and increased household income. In addition, a number of factors unique to the region have made El Paso a wonderful place to do business. Fort Bliss, always vital to the El Paso economy, continues its growth. A new 1 million-square-foot medical center, which will employ approximately 4,000 people, will open in 2016. El Paso has experienced substantial additions to its medical sector. Tenet Healthcare Corp. has added a new wing to its Eastside Hospital and recently announced a new hospital to be constructed on the northwest side in conjunction with Texas Tech University Health Sciences Center El Paso. In addition, both Tenet and Hospital Corp. of America (HCA) continue their rapid placement of urgent care, emergency care and other satellite facilities around the city. As many people know, El Paso benefits from economic growth outside its city limits as well. Union Pacific is making huge investments in Santa …
WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.
GAITHERSBURG, MD. — CBRE’s National Retail Investment Group has brokered the $19.5 million sale of Goshen Crossing, a 78,456-square-foot grocery-anchored shopping center in Gaithersburg. Giant Food anchors the center and master ground leases the entire property on a long-term triple-net basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants. The center was fully leased at the time of sale. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE represented the seller, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties. The CBRE team also procured the buyer, a private investor based in New York that acquired the asset as part of a 1031 tax-deferred exchange.
CHATTANOOGA, TENN. — Ziff Properties Inc. has acquired Signal Mountain Shopping Center in Chattanooga for $4.8 million. The 61,284-square-foot center is anchored by a BI-LO grocery. Sharon Bands and Susan Bands of Marcus & Millichap represented the seller. Ziff Properties was self-represented by Christian Chamblee.
STOUGHTON, MASS. — Senate Construction Corp. has completed the renovation of the 73,000-square-foot Stoughton Town Center in Stoughton. The project consisted of a new façade with architectural gables that enhance tenant signage and visibility, minor re-painting of the exterior and new LED lighting throughout the parking area. The construction was completed on behalf of Tri-Town Commons LLC, a joint venture of Winstanley Enterprises LLC and Silvera Asset Group LLC. The project team included Winstanley Construction Management, Winstanley Property Management, Phase Zero Design Inc. as project architect, Alfred Benesch & Co as civil engineer and Amolions Structural Consultants Inc. as structural engineer.