KATY, TEXAS — Marcus & Millichap has brokered the sale of Cinco Ranch Plaza I, a 20,562-square-foot retail property in the Houston suburb of Katy. Located on 2.2 acres at 24124 Cinco Ranch Blvd., the facility houses medical and professional tenants, including Dentistry by RSE and Alamo Title, in addition to retailers. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the property on behalf of the seller, The Woodlands-based developer The Marcel Group. Hargrove and Miller also secured the buyer, an international private capital investor.
Retail
SAN JOSE, CALIF. – A 122,265-square-foot building in San Jose that is triple-net leased to Home Depot has sold to an unnamed buyer for $15.7 million. The building is located off California State Route 87 at 635 West Capitol Expressway. The seller, an institutional investor, was represented by Mike James of Marcus & Millichap’s Encino office.
WILLIAMSBURG, VA. — Mid-Atlantic Commercial has arranged the sale of a 18.5-acre site at 6401 Richmond Road in Williamsburg. The existing Willamsburg Outlet Mall will be demolished to make way for a new grocery-anchored shopping center. Monty Spencer, Jim Carr and David Clarke of Mid-Atlantic Commercial represented the buyer, Lightfoot Marketplace Shopping Center LLC, in the transaction. The new shopping center, known as Lightfoot Marketplace, will be anchored by Harris Teeter, and Walgreens will be the property’s junior anchor. Lightfoot Marketplace is slated to open in the fall of 2015.
TUPELO, MISS. — Marcus & Millichap has brokered the sale of Vista Ridge, a 160-unit multifamily community located at 699 Nation Hills Drive in Tupelo. Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, a Texas-based limited partnership, and the buyer, a Dallas-based REIT. The buyer assumed an existing 40-year HUD 221(d)(4) loan on the property, which was constructed in 2009. Anne Williams of Marcus & Millichap, the firm’s broker of record for Mississippi, assisted in the transaction. The terms of the sale were undisclosed.
PITTSBURGH, PA. — HFF has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio. The borrower is Pittsburgh-based J.J. Gumberg Co. HFF arranged a fixed-rate loan for three of the properties through CorAmerica Capital LLC and JP Morgan Chase Bank, National Association, and a floating-rate loan for the fourth property through CorAmerica Capital. The portfolio includes the 760,000-square-foot Clearview Mall in Butler, Pa.; the 640,000-square-foot The Waterworks in Pittsburgh; the 130,000-square-foot North Huntingdon Square in North Huntingdon, Pa.; and the 385,000-square-foot Norththowne Hall in Defiance, Ohio. The HFF team was led by Gerard Sansosti and Brandi Wyskocil.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has completed the disposition of Warren Plaza in Spring Lake Heights. The 12,000-square-foot retail property sold for $3.1 million. Located off of Route 35, the property is 100 percent leased. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller. The names of the buyer and seller were not disclosed.
FRISCO, TEXAS — CBRE has brokered the sale of Lebanon Ohio Center, a 29,200-square-foot retail property in Frisco. Located at 4681 Ohio Drive, the unanchored strip shopping center was 90 percent occupied at the time of the sale by tenants including CrossFit Remedy and Arts and Technology Institute. Jennifer Pierson and Beth Pierson of CBRE represented the seller, LandPlan Development Corp., in the transaction. Los Angeles-based Shayan Holdings LLC purchased the asset.
SAN DIEGO — Miramar Square Shopping Center, a 70,959-square-foot retail center in San Diego, has sold to HP Investors LLC for $12.5 million. The center is located at 9212-9292 Miramar Road in the Miramar submarket. Notable tenants include Arizona Tile, Wells Fargo, Pacific Marine Credit Union, Enterprise Car Rental, Subway, Miramar Cash & Carry and Flip Force Gymnastics. HP Investors was represented by Chris Carter of Flocke & Avoyer Commercial Real Estate. The seller was an investment group advised by Doug Arthur and Jim Hamilton of Sentre Partners, as well asCarter, Matt Peckham, Brad Williams and Steve Avoyer of Flocke & Avoyer.
ARLINGTON, VA. — Simon Property Group Inc. plans to update The Fashion Centre at Pentagon City, a 170-store mall in Arlington, with a multi-phase renovation and expansion project. Phase I will include a 50,000-square-foot expansion along Hayes Street, which will include a new entrance, office lobby, valet parking area and two levels of new shops and restaurants with outdoor seating. Other improvements include new elevators and escalators, complete renovation of the property’s common areas and new bathrooms. The design team includes architect Omniplan Architects and general contractor VCC. Simon expects to wrap up the expansion and renovation project in 2015. The Fashion Centre at Pentagon City was built in 1989 and is anchored by Nordstrom and Macy’s.
CHARLOTTE, N.C. — Hill Partners and an unnamed institutional partner have acquired Specialty Shops on the Park, an open-air shopping center in Charlotte’s SouthPark submarket. The property, originally built in 1979, is located across from SouthPark Mall and is surrounded by affluent neighborhoods such as Myers Park, Barclay Downs, Quail Hollow and Foxcroft. The shopping center’s tenants include Talbots, Williams-Sonoma, Brick Top’s, Elizabeth Bruns Jewelers and Toscana Ristorante.