HUNTSVILLE, ALA. — GBT Realty Corp. has signed Sprouts Farmers Market as part of the $16 million Phase II of Strong Station, a neighborhood retail center in Huntsville. The property is located at the intersection of US Highway 72 and Nance Road. Phase II, which spans 95,000 square feet, is nearly 96 percent leased to Sprouts, Hobby Lobby and Another Broken Egg. Phase I, which opened in 2012, includes Academy Sports + Outdoors. Phase II is currently under construction.
HOUSTON — The third Verizon Destination Store in the United States has opened at BLVD Place in Houston. The store is four times the size of a typical Verizon store and is designed to showcase Verizon’s newest devices. The two-story Houston store spans 12,224 square feet, with consumer products on the first floor and business products located on the second floor. BLVD Place is a mixed-use project under development in Houston’s uptown district. The project includes a Whole Foods Market, Frost Bank’s Houston headquarters, shops and restaurants, office space and high-rise residences.
CLEVELAND — Cooper Commercial Investment Group has arranged the $5.3 million sale of a Walgreens located at 4071 Lee Road in Cleveland. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group in Cleveland represented the seller, a privately owned investment group out of New York. A Florida-based private investor purchased the property. The building was sold at 94 percent of its original list price, representing a 6.9 percent capitalization rate. Walgreens is on a 20-year, corporately guaranteed, triple-net-lease with approximately seven years of original term remaining. The freestanding building was built in 2002.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Jack in the Box, a 3,189-square-foot, net-leased restaurant property located in Odessa. Jason Vitorino, Jared Aubrey and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, an out-of-state limited liability company. The agents negotiated a new lease between the buyer, seller and new franchisee. Jack in the Box is located at 2672 N. County Road, just south of Kermit Highway. The property was built in 2009 and sits on half an acre.
GLENDALE, ARIZ. – A 3,033-square-foot building in Glendale that is net leased to Raising Cane’s has sold to an unnamed buyer for $3.5 million. The building is located at 7930 West Bell Road. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office.
OCEANSIDE, CALIF. – A free-standing building in Oceanside that is triple-net leased to Jiffy Lube Plus has sold to Cali Oceanside LLC for $2.9 million. The building is located at 4106 Oceanside Blvd. It is situated at the base of Ocean Ranch, North County’s largest business park. The buyer was represented by Randi Cali of Coldwell Banker Commercial NRT. The seller, Roberts Investment Group, was represented by CBRE’s Matt Pourcho and Melissa Foster Scofield.
LOUISVILLE, KY. — Louisville-based PRG Investments has brokered the sale of three restaurants in Kentucky and South Carolina. PRG brokered the sale-leaseback of two Raising Cane restaurants in central Kentucky: 551 Keene Center Drive in Nicholasville and 2555 Nicholasville Road in Lexington. Fred Sutterlin and Reed Weinberg of PRG represented the buyer, an individual investor based in Louisville, in the transaction. David Graves of Cypress Property Group represented the seller. Sutterlin also brokered the franchise sale-leaseback of a Dunkin’ Donuts located at 754 Folly Road in Charleston, S.C. on behalf of the buyer, a private investor based in Louisville.
NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of K2 Plaza, a 9,600-square-foot retail property located in Round Rock. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Gus Lagos and Nik Kapetanakis of the firm’s Houston office represented the buyer, also a partnership. K2 Plaza is located at 399 W. Louis Henna Blvd. in Round Rock, a quarter-mile west of I-35. The property was built in 2001 on one acre.
BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.
