EFFINGHAM, S.C. — Quantum Real Estate Advisors Inc. has arranged the sale of a freestanding Dollar General in Effingham. The 9,002-square-foot store sold for approximately $1.2 million. Jordan Kaufman and Dan Waszak of Quantum Real Estate Advisors represented the seller, a private, South Carolina-based developer and investor. The buyer, a private individual from Florida, purchased the asset in a 1031 tax-deferred exchange.
Retail
MADISON HEIGHTS, MICH. — Colliers International Detroit has arranged the lease of a 1,357-square-foot retail space in Universal Mall to T-Mobile. The wireless carrier will occupy space in the mall, which is located at 28532 Dequindre Road in Madison Heights, a northern suburb of Detroit. Barry Landau of Colliers represented the landlord, Universal Mall Properties LLC, and the tenant, T-Mobile, in the lease transaction.
DALLAS — HFF has arranged a $34 million loan for the refinancing of the retail portion of West Village, a mixed-use development in the Uptown District of Dallas. Completed in 2002, West Village includes 123,938 square feet of retail space, which was 98 percent leased at the time of the loan closing by tenants including Ann Taylor Loft, Tommy Bahama, Q Custom Clothiers, Gap and Starbucks. Located in close proximity to U.S. Highway 75, the complex also includes 179 apartments. John Rose of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture of Phoenix Property Co. and Urban Partners. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, provided the refinancing.
GONZALES, TEXAS — Action Properties will redevelop a 60,000-square-foot facility in the Central Texas city of Gonzales into a shopping center named Gonzales Marketplace. The property, previously operated as a Walmart, is located at 1620 E. Sarah Dewitt Drive. Bealls will anchor the new center, and other tenants will include Dollar Tree, Hibbett Sports, AT&T and furniture store Aaron's. Completion of the redevelopment is scheduled for this August. Action Properties' portfolio now includes 27 properties in 10 states.
LA VERNE, CALIF. — Broiler Express has acquired a 3,518-square-foot retail property in La Verne for $2.7 million. The space is located at 919 Foothill Blvd. Broiler Express was represented by Fred Encinas and Vicky Espinosa of NAI Capital’s Ontario office. The seller was La Verne Denn Inc.
MIAMI — HFF has brokered the $10.1 million sale of Eureka Plaza, a 66,142-square-foot grocery-anchored shopping center in Miami. The property is located at 18300 S.W. 137th Ave., south of Miami’s central business district. A 52,450-square-foot Winn Dixie anchors the shopping center. Other retailers include Pollo Tropical and McDonald’s. Danny Finkle and Luis Castillo of HFF represented the seller, EDENS, in the transaction. The buyer was Eureka Plaza Group LLC.
PLAINFIELD, ILL. — The Boulder Group has completed the $2.4 million sale of a single-tenant property leased to La Petite Academy in Plainfield. The childcare facility is located at 2345 S. Route 59, approximately 37 miles southwest of Chicago. La Petite Academy has more than five years remaining on its triple-net lease, which features a 9 percent rental escalation in November 2014. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor, in the transaction. The buyer was a high-net-worth individual located in the Midwest. The children’s learning center is the sole occupant of the 9,960-square-foot retail building, which is located on a 44,867-square-foot parcel. Learning Care Group Inc., the second largest for profit childcare provider in North America, owns La Petite Academy.
GARDEN CITY, N.Y. — ULTA Beauty, the national retailer of prestige and mass beauty products, including cosmetics, fragrance, hair care and more, has signed a lease for a 11,400-square-foot space in the Mall at Bay Plaza. The 780,000-square-foot mall is under construction now and will open third quarter of 2014. This will be ULTA's first location in the Bronx. Sabre Real Estate Group arranged the lease.
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of Marcel Crossing II, a 27,128-square-foot shopping center in The Woodlands. Located at 8000 McBeth Way, the property houses tenants including Vedas Med Spa, Boni’s Dance Studio, Kumon and The Breakfast Place. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, locally based developer Marcel Group. Hargrove and Miller also secured the buyer, an out-of-state limited liability company.
WYLIE, TEXAS — Bright Realty has brokered the sale of Harvest Plaza, a 20,050-square-foot retail property in the far northeast Dallas suburb of Wylie. The asset is situated on more than three acres at 2014 State Highway 78. Tim McNutt and Britton Lankford of Bright Realty represented the unnamed seller in the transaction, while the buyer, DuWest Realty, was internally represented by Will Walters.