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.
Retail
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.
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.