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.
Retail
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.
OXNARD, CALIF. – A 48,168-square-foot building in Oxnard that is net leased to Best Buy has sold to an Orange County buyer for $11.2 million. The building is located at 2300 North Rose Ave. Mark Thiel of Marcus & Millichap’s San Diego office represented both the buyer and seller, a Southern California investment group, in this transaction.
WHEAT RIDGE, COLO. – An 11,470-square-foot building in Wheat Ridge that used to house Furr’s Family Dining has sold to a local buyer for $1.8 million. The building is located at 4900 Kipling Street. Furr’s vacated the building and filed for Chapter 11 bankruptcy earlier this year. The sale was executed by Justin Krieger of Pinnacle Real Estate Advisors.
OLNEY, MD. — Finmarc Management Inc. has sold Silo Inn Shopping Center, a 28,072-square-foot neighborhood retail center in Olney, about 20 miles north of Washington, D.C. Finmarc sold the center to Taylor Georgia LLC for approximately $17.4 million. The property, located at 16800 Georgia Ave., is fully leased to tenants such as Roots Market, Wells Fargo, Starbucks Coffee, a pet supply store, hair and nail salon and boutique restaurant.
ATLANTA — Outlet center specialists Lisa Quier Wagner and David Hinkle have joined Avison Young as principals. In their new roles, the two will focus on outlet-center strategic direction, marketing and management, as well as leasing guidance and tenant advisory expertise. Wagner and Hinkle bring 50 years of combined commercial real estate experience to Avison Young. Wagner and Hinkle most recently served as partners of the Outlet Resource Group, a specialty retail consultancy firm which they co-owned and co-founded. Additionally, Jacquelin Young has joined Avison Young as a marketing implementer working with Wagner. Young has 20 years of experience in shopping center and outlet marketing and management and will apply that marketing expertise to the team's outlet center clients.
INDIANAPOLIS — S. L. Nusbaum Realty Co. has been named the exclusive management representative for Raceway Market Shoppes, a 26,088-square-foot retail center in Indianapolis. The property is located at 9210 Rockville Road. Tenants include Outback Steakhouse, McAlister’s Deli, AT&T Mobile, Sport Clips, Subway, Five Guys Burgers and Fries and Davita Total Renal Care. S.L. Nusbaum Realty manages, develops and provides brokerage services to shopping center projects, apartment communities, office and industrial properties. The company is based in Norfolk, Va.
CLEVELAND, OHIO — Cooper Commercial Investment Group has arranged the $2 million sale of a grocery-anchored shopping center in Cleveland. The sale also included a buildable outparcel. Village Green Shopping Center is located near the main intersection of Euclid Avenue and Green Road. The 46,301-square-foot retail center is 95 percent occupied and is anchored by a Save-a-Lot grocery store. The sale represented 90 percent of the list price and a 9.89 percent capitalization rate. Dan Cooper of the Cooper Commercial Investment Group and Kyle Hartung of Goodman Real Estate Services Group LLC represented the seller, a Cleveland-based private investment group. A Florida-based private investment group purchased the property.
HOUSTON — Real estate investment trust Hartman Short Term Income Properties XIX has signed Fitness Connection to a 46,133-square-foot lease at Fondren Road Plaza in Houston. The health club will join current tenants at the shopping center including Pizza Hut and H&R Block. The property is located at the intersection of Fondren Road and Bissonnett Street, in proximity to U.S. Route 59. Sherman Hinkleman of The Retail Connection represented the tenant in the negotiations for the 10-year lease. Locally based Hartman was represented internally by Jennifer Rabon. Fitness Connection operates more than 25 locations in Texas, Nevada and North Carolina.
LOS ANGELES – A five-property retail portfolio that is based in Downtown Los Angeles’ Fashion District has received a $22-million recapitalization. The borrower was a locally based real estate investment consortium. Financing was composed of individual loans ranging in size from $1.1 million to $8.35 million. The loans were funded by three different off-shore lenders. The second-trust deed mortgage loan had a three-year term at 4.5 percent. The remaining permanent loans each featured seven-year terms, with fixed interest rates of 4 percent for five years. The loans were secured by Quantum Capital Partners. The team was led by Jonathan Hakakha. Quantum was tasked with finding and structuring the appropriate debt on each asset that would best meet the individual partnerships’ specific requirements.