PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.
MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.
MINNEAPOLIS — Saks Fifth Avenue OFF 5TH has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center. The new store is slated to open in April 2016. Saks Fifth Avenue OFF 5TH will occupy ground-floor space and more than 16,000 square feet on the skyway level. The space anchors the 250,000-square-foot retail portion of Minneapolis City Center. The store is located near the main entrance of the center, at 6th St. and Nicollet Mall. Minneapolis City Center is the two-story retail portion of the 1.6 million-square-foot mixed-use property owned by Shorenstein Properties at 33 S. Sixth St. Shorenstein acquired Minneapolis City Center in 2012 and has made several improvements including repositioning and re-tenanting the retail space.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property located in Round Rock. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Robb Johnson of the firm’s San Diego office procured the buyer, an out-of-state private investor. The transaction was part of a 1031 exchange. The buyer sold a manufactured home community asset on the West Coast and acquired three single-tenant, long-term, net-leased properties. Chad O’Connor of Marcus & Millichap Capital Corporation’s San Diego office arranged financing. Christian Brothers Automotive is located at 413 Louis Henna Blvd., just southeast of the I-35 and State Highway 45 interchange.
KENOSHA, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged a 1,100-square-foot retail lease in Kenosha. Remax Leading Egde has leased space within Southport Plaza located 7200 Green Bay Road. Teresa Shemitis of Mid-America represented the landlord and Tony Colvin of Mid-America represented the tenant in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a commercial property located at 340 Wythe Ave. in the Williamsburg neighborhood of Brooklyn. The 8,633-square-foot property sold for $7.5 million. The property site is zoned M3-1, which allows for approximately 17,266 gross buildable square feet of commercial development, including office or retail space. Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG represented the seller in the deal.
ST. CLOUD, FLA. – The SRS Southeast Investment Sales team has brokered the $7.7 million sale of Canoe Creek Plaza, a 61,333-square-foot neighborhood shopping center in St. Cloud. The Winn Dixie-anchored property is located at 3318 Canoe Creek Road, which is situated just north of the intersection of Canoe Creek and Old Canoe Creek roads. The seller, Miller Group Development, sold the property to Canoe Creek SC LLC, an affiliate of Tricon Development. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer did not have brokerage representation.
COLUMBUS — IKEA plans to open a 354,000-square-foot store in Columbus in the summer of 2017. The proposed store and its 1,200 parking spaces would be built on 33 acres at the Polaris Centers of Commerce development, approximately 15 miles north of downtown Columbus. The property is located at the northeastern corner of I-71 and Gemini Place. IKEA Columbus will feature nearly 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. During the construction phase, more than 500 jobs will be created and approximately 300 employees are expected to work at the new store once it opens.
FORT WORTH — Marcus & Millichap has arranged the sale of Pollo Tropical, a 3,722-square-foot net-leased property located in Fort Worth. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Another agent based in the firm’s San Diego office procured the buyer, a private investor. Pollo Tropical is located at 8900 Tehama Ridge Pkwy., off I-35 West and North Tarrant Parkway. Built in 2014, the asset has 20-year ground lease on a pad site in front of Costco Wholesale.
CHICAGO — Akara Partners plans to develop a two-building, 270,202-square-foot apartment complex at 500 N. Milwaukee in Chicago’s River West Neighborhood Fulton River District near the West Loop. Following demolition of an existing vacant building on the site, Akara will proceed with construction of 227 apartment units, 14,000 square feet of street-level retail space and 102 parking spaces at the northwest corner of Milwaukee and Grand avenues. The design by Pappageorge Haymes Ltd. includes a four-story building on the corner totaling 55,074 square feet and a 14-story building on the other side of Green Street totaling 215,128 square feet. BMO Harris Bank is providing construction financing for the development and Goldman Sachs serves as the equity partner. CA Residential is Akara’s development partner and Tishman Construction is the general contractor. The development is scheduled for completion in 2016.
