LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.
Retail
LOS ANGELES — In-N-Out Burger and Tilly’s have joined the tenant roster at the newly constructed Shoppes at Westlake Village. The 240,000-square-foot, open-air retail center is located on Russell Ranch Road in the Los Angeles submarket of Westlake Village. Other notable tenants that have recently signed onto the center include Target, Total Woman Gym + Spa, Hook Burger, Gallery Seafood and Chop House, Bowl of Heaven, All Tressed Up, Carriere, Kirk Jewelers, Olio e Limone and Jeannine’s. The center is now 80 percent leased. The landlord, Selleck Development, was represented by Stephanie Skrbin and Mike Tingus of Lee & Associates-LA North/Ventura.
FALMOUTH, MASS. — Cambridge Capital Advisors has brokered the sale-leaseback of Inner Harbor Marketplace at 77 Scranton Ave. in Falmouth. Scranton Holdings Corp. sold the 35,000-square-foot shopping center for $9.4 million to Falmouth Retail LLC. The shopping center is anchored by a Windfall Market, which executed a new 15-year triple-net lease upon close of escrow. Additionally, West Marine, which has occupied the center since 1994, exercised a 5-year lease option. Michael Scanio of Cambridge Capital Advisors represented both the seller and buyer in the transaction.
IRVING, TEXAS — CBRE has brokered the sale of Market Square, a 46,979-square-foot strip shopping center in the Las Colinas community of Irving. The unanchored property, located at 5401-5465 N. MacArthur Blvd., was 96 percent occupied at the time of the purchase by tenants including FedEx Office, Sal’s Italian Restaurant, Boston Market and Pizza Hut. Jennifer Pierson and Beth Pierson of CBRE represented the seller, Ritter Management Inc., in the transaction. Carlisle Interests purchased the asset.
SAN DIEGO – A 7,500-square-foot retail building in the San Diego submarket of El Cajon has sold to Cindy C. Kasai Separate Property Trust and Pai Ho Wey Separate Property Trust for $2.6 million. The building is located at 1025 Fletcher Parkway within the Wild West Village shopping. It is currently occupied by CoCo’s Bakery & Restaurant, which has 9.5 years remaining on its lease. The buyers were represented by John R. Wertz of Colliers International. The seller, Barsky Family Limited Partnership, was represented by Justin Earley of Capital Real Estate Ventures.
LOS ANGELES – A 36,000–square-foot Wal-Mart Neighborhood Market has opened at Thousand Oaks Marketplace. The retail center is located on the northeast corner of Ventu Park Road and Highway 101 in the Los Angeles submarket of Thousand Oaks. Wal-Mart Neighborhood Market is designed as a smaller footprint with a pharmacy, health and beauty products, affordable groceries and merchandise. Thousand Oaks Marketplace is owned by NewMark Merrill Companies.
MANSFIELD, OHIO — Marcus & Millichap has brokered the $1.7 million sale of a Chipotle Mexican Grill restaurant in Mansfield. The 2,240-square-foot property is located at 2470 O'Possum Run Road. The asset sold based on a 5.45 percent cap rate. The property is on a long-term, absolute triple-net lease with Chipotle Corp. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company as well as the undisclosed buyer.
CHICAGO — Marcus & Millichap has arranged the $4 million sale of a 10,236-square-foot retail property in Chicago. James Court | Lincoln Park is located at 1315-1325 W. Diversey Parkway. The property is fully leased to three tenants, including Athletico, Jenny Craig and Lincoln Park Family Physicians. All three tenants occupy space on a net-lease basis. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, a developer. Mendoza, Weisenbeck and Sharko also represented the buyer, a private investor.
CARROLLTON, GA. — The SRS Investment Sales team in Atlanta has brokered the sale of First Tuesday Mall, a 180,145-square-foot shopping center located at 1004 Veterans Memorial Highway in Carrollton. The property’s tenant roster includes Food Depot, Citi Trends, Farmers Home Furniture and Fred’s Super Dollar. The asset sold for approximately $4.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller, Mimms Enterprises, in the transaction. The buyer, RCG Ventures, was represented in-house by Scott Tarbet.
ELLSWORTH, WIS. —The Boulder Group has arranged the $2.3 million sale of a 32,100-square-foot, single-tenant, net-leased retail building in Ellsworth. The property is located at 598 West Lucas Lane. Shopko Hometown is the sole occupant of the building. The retailer has 10 years remaining on the lease, which features three five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer. The buyer was a private investor from Wisconsin completing a 1031 tax-deferred exchange. Shopko is a privately held company with annual sales of approximately $3 billion. The retail brand operates approximately 330 stores located in 21 states.