BURLESON, TEXAS — Kroger has purchased 13.35 acres at the Burleson Common Shopping Center at Highway 174 and FM 731 in Burleson. The grocer plans to build a 114,000-square-foot store, joining Premiere Cinemas as the anchor tenant at Burleson Commons. Other tenants in the area include Target, The Home Depot, Office Depot and CVS/pharmacy. Cullinan Properties and Burleson Commons LP sold the site to Kroger.
Retail
LAKE FOREST, CALIF. — Foothill Center, a 19,400-square-foot shopping center in the South Orange County submarket of Lake Forest, has sold to a China-based investor for $7.6 million. The non-anchored retail strip center is located at 20641-20671 Lake Forest Drive, just north of Interstate 5 and Highway 241. The center is 95 percent occupied. Notable tenants include Baja Fresh, Enterprise Rent-A-Car and Wasabi Sushi. The buyer represented itself in this transaction, while the seller, The Mayfield Trust, was represented by Matthew Mousavi and Patrick Luther of Faris Lee Investments.
DUBLIN, OHIO – CASTO has completed the redevelopment of Sawmill Square Shopping Center in Dublin, a suburb of Columbus. The Sawmill Square redevelopment included the addition of a 171,684-square-foot Walmart Supercenter, which shadow anchors the 39,000-square-foot retail center as well as McAlister’s Deli, Sally Beauty Supply and GameStop. In addition, Sawmill Square has a renovated façade, new signage and total replacement of common areas including parking areas, landscaping and site lighting. Exisiting retailers at the center include Z Salon, The UPS Store, Thai Orchid, Huntington Bank, Skyline Chili, Burger King, Goodyear and PNC Bank. The center was originally developed in 1982. John Miller of State Street Capital Realty is the leasing agent for the property.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Parks Plaza at Westheimer Lakes North, a 32,680-square-foot retail property located at 6734 Westheimer Lakes North Drive in Katy. The asset sold for $8 million. Watt Harrison, an associate, and James Bell, vice president of investments in Marcus & Millichap’s Houston office, represented the seller and procured the buyers.
LAS VEGAS — Partners Capital has acquired Crossroads at Sunset ShoppingCenter, a 165,000-square-foot retail center in the Las Vegas submarket of Henderson, for an undisclosed sum. The center is located at the southwestern intersection of Sunset Road and Stephanie Street. Crossroads is anchored by Sports Authority, Toys R Us, O'Reilly Auto Parts and Wells Fargo. It is situated near the Galleria at Sunset mall and Sunset Station casino. Partners Capital and its affiliates took possession of the center after purchasing its debt from a special servicer in an all-cash, 10-day transaction. In the past five years, Partners has also acquired Charleston Festival, Stone Canyon Professional Park, Bonita Plaza and Mall Ring, an outparcel of the Galleria at Sunset, all in the Las Vegas area.
LILBURN, GA. — HFF has closed the sale of and arranged acquisition financing for Lilburn Corners, a 105,161-square-foot Publix-anchored shopping center at 375 Rockbridge Road N.W. in Lilburn, a northeastern suburb of Atlanta. The asset is 92.4 percent leased to tenants such as H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. BDB Realty LLC purchased the asset from Philips Edison & Co. for $11.2 million. Jim Hamilton and Richard Reid of HFF represented the seller in the transaction. HFF also arranged $8.6 million in acquisition financing on behalf of the buyer. Chip Sykes of HFF arranged the 10-year loan with a fixed interest rate through Jefferies LoanCore.
LORTON, VA. — The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center in Lorton, located 18 miles southwest of Washington, D.C., for $13.8 million. The Lorton Station Town Center, which occupies the ground-floor area above the Virginia Railway Express commuter train station, was sold by Regency Centers. It is fully leased to 19 local, regional and national tenants, including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. It is part of a mixed-use project with more than 170,000 square feet of office and commercial space, and nearly 1,200 single-family homes, townhomes, condominiums and apartments. Cantor Commercial Real Estate financed the acquisition.
TAMARAC, FLA. — CBRE has brokered the sale of Marketplace at Tamarac, a 67,202-square-foot retail center located at 6801-6997 W. Commercial Blvd. in Tamarac in Broward County. Marketplace at Tamarac LLC purchased the property from Joge Investments Inc. for approximately $10.6 million. Joge Investments is an affiliate of Janoura Realty and Management Inc. The property is fully leased to tenants such as Floors Direct, Sherwin Williams and Tamarac Preschool Academy. David Donnellan and Todd Weintraub of CBRE represented the seller in the transaction.
MAYFIELD HEIGHTS, OHIO — Goodman Real Estate Services Group has brokered the $47 million sale of a 371,748-square-foot shopping center in Mayfield Heights, a suburb of Cleveland. Golden Gate Shopping Center is located at 1625 Golden Gate Plaza. Tenants include Marshalls, Golf Galaxy, h.h. Gregg, PetSmart, Jo-Ann Fabric and Craft, OfficeMax, Cost Plus World Market and K&G Menswear.Hornig Capital Partners LLC, a New York -based privately held real estate investment company, purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners. Kyle Hartung and Jim Becker of Goodman Real Estate Services Group, and Jacob Fedder of CBRE, represented the seller, Forest City Enterprises and an undisclosed partner.
AURORA, ILL. — The Boulder Group has arranged $1.4 million sale of a single-tenant, net-leased Tuffy Auto Service Center in Aurora, a suburb of Chicago. The property is located at 3190 N. Aurora Road. Tuffy is the sole occupant of the 3,900-square-foot retail building, built in 2007. There are more than 13 years of primary lease term remaining, which expires in November 2027. The lease features 10 percent rental escalations every five years. Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corp., which also owns about 170 Car-X Tire and Auto stores. There are more that 235 Tuffy locations in 20 states across the eastern United States. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private real estate investor, and the undisclosed buyer, who purchased the property in a 1031 tax-deferred exchange.