MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $1.6 million sale of a 9,600-square-foot retail property in Maplewood, a suburb of St. Paul. The shopping center, anchored by AutoZone, is located at 2420 White Bear Ave. The property was fully occupied by two tenants at the time of sale. Sean Doyle and Cory Villaume of Marcus & Millichap represented the seller, a limited liability company. Doyle and Villaume also represented the buyer, another limited liability company.
Retail
WASHINGTON, ILL. — The Boulder Group has arranged the $1.2 million sale of a single tenant PNC Bank ground lease in Washington, a suburb of Peoria. The property is located at 1996 Freedom Pkwy. PNC Bank is the sole occupant of the 3,501-square-foot building, which is situated on a 1.3-acre outparcel. There are more than 14 years remaining on the ground lease, which expires in December 2028. The lease includes 14 percent rental escalations every five years throughout the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based individual. A private investor from the West Coast purchased the property.
NEW YORK CITY — A joint venture between Witkoff Group, Winthrop Realty Trust, New Valley LLC, Maefield Development and Ian Schrager Company has named CBRE Group as the exclusive leasing agent for the retail portion of 20 Times Square. The 76,000-square-foot retail component features 200 linear feet of wraparound frontage at the corner of 47th Street and Seventh Avenue and a 25-foot tall glass storefront, as well as flexible floor sizes ranging from 10,700 to 14,700 square feet. The retail space will be one component of 20 Times Square, a mixed-use development that will include a 425-room Times Square EDITION hotel and 40,000 square feet of dining, entertainment and event space. Stephen Siegel, Andrew Goldberg and Susan Kurland of CBRE will oversee the leasing efforts for the property.
LAS VEGAS – A 60,105-square-foot portion of Spring Valley Town Center in Las Vegas has sold to First Allied Corporation for $11.5 million. The 267,000-square-foot center is located at 6775 and 6847 W. Flamingo Road, and 4122 and 4260 S. Rainbow Blvd. The center is 92 percent occupied. Notable tenants within the acquired portion of the center include the UPS Store, 7 Eleven, GNC and Fatburger. Additional tenants not involved in the sale include La Bonita Supermarkets, Lee’s Discount Liquor and Bank of America. The all-cash buyer represented itself in this transaction. David Jewkes of Integris Realty Services acted as court-appointed receiver on behalf of the loan servicer, Five Mile Capital. The receivership sale was executed by Robert Moore, Lisa Brady and Katie Brase of Faris Lee Investments’ Las Vegas office.
PHOENIX — Walmart Shops at Laveen Village, a 47,098-square-foot neighborhood shopping center in Phoenix, has sold to Eleven Investments LLC for $7.1 million. The center is located at 3525 W. Southern Ave. It was 77 percent leased at the time of sale. Notable tenants include Walmart Supercenter, Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The seller, Pacific West Land LLC, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
MYRTLE BEACH, S.C. — A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater. The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.
RICHMOND, VA. — Reynolds Development has begun construction on a new 19,000-square-foot retail building at The Shoppes at Reynolds Crossing, located at the corner of Glenside and Forest avenues in Richmond. The property is 70 percent pre-leased to retailers such as Starbucks Coffee, Chipotle Mexican Grill, Jersey Mike’s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works. Freeman & Morgan Architects designed the retail center, and Park Sterling Bank provided construction financing. David Crawford of CBRE | Richmond is representing the landlord in all leasing transactions. The retail center is scheduled to open in the first quarter of 2015.
MIDDLETOWN, CONN. — Cronheim Mortgage has arranged a $10 million permanent loan for Middletown Plaza Shopping Center on Washington Street in Middletown. Big Lots, Petco, Staples, Dress Barn, RadioShack, GNC and Workout World occupy the 149,981-square-foot property. The 10-year financing was secured with a bank, which offered a 10-year fixed rate, flexible prepayment and some first-year interest-only terms. David Turley and Janet Proscia of Cronheim Mortgage secured the financing for the borrower.
CARROLLTON, TEXAS — Structure Commercial has brokered the sale of Carrollton Town Center, a 154,000-square-foot shopping center in the Dallas/Fort Worth suburb of Carrollton. Located on the corner of President George Bush Turnpike and Old Denton Road, the property is undergoing redevelopment, including the incorporation of common areas, and will be anchored by a new 50,000-square-foot location of Asian supermarket 99 Ranch Market. Eric Deuillet of Structure Commercial represented both the seller, Trinity/Denton II Ltd., and the buyer, New Quest Properties.
PASADENA, TEXAS — Hunington Properties has arranged a 42,310-square-foot retail lease in the Houston suburb of Pasadena for Hispanic grocer Bravo Ranch Supermercado. The new store will open at Fairmount Junction Shopping Center, in space formerly occupied by Kroger, in September. Located at the intersection of Fairmount Parkway and South Shaver Street, the 117,013-square-foot property houses other tenants including Family Dollar, Eyecare Masters and One Stop Tax Service. Rafael Melara of Hunington Properties represented both the tenant and the unnamed landlord in the negotiations. The location will be the brand’s second in the Houston metro area.