OPELIKA, ALA. — The Shopping Center Group has arranged the 30,000-square-foot lease of Ollie's Bargain Outlet at Pepperell Corners, a shopping center in Opelika, seven miles east of Auburn. The location is the first Ollie's Bargain Outlet store in Alabama. Jonathan Lindsey and Ray Jones of The Shopping Center Group represented Ollie's in its lease transaction with Atlanta-based RCG Ventures, owner of Pepperell Corners. Other retailers include Goody's, CATO, CitiTrends, Shoe Show and Dollar General. The store is expected to open this summer. Ollie's plans to open 35 stores in Alabama, according to The Shopping Center Group.
Retail
KANSAS CITY, MO. — Block & Co. Inc. has arranged the more than $2 million sale of State Line Commons shopping center, a fully occupied, 13,710-square-foot retail property in Kansas City. State Line Investors LLC, a group of local real estate investors, purchased the property. Located on the northeast corner of 81st Street & State Line Road, the shopping center is currently home to Subway, AT&T Wireless, T Loft and four other retailers. David Block and Phil Peck of Block & Co. Inc. represented the buyer in the transaction.
LOS ANGELES – A 20,727-square-foot building in Beverly Hills that is leased to high-end fashion retailers Tom Ford and Bally has received $120.2 million in financing. The three-story trophy building is located at 338-342 Rodeo Drive. Financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock. ECA Capital will use a portion of the loan proceeds to reposition the asset. Financing was originated by Ronnie Gul of Mesa West and arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.
CERRITOS, CALIF. — CenterCal Properties has purchased Cerritos Best Plaza, a 357,220-square-foot, open-air shopping center, for $61.8 million. The plaza is located at the corner of 183rd & Gridley in Cerritos. It is currently 85 percent leased. Notable tenants at the center include Burlington Coat Factory, Big Lots, Guitar Center and Easy Life Furniture. CenterCal was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. Deborah Collins of The Collins Co. represented the unnamed seller.
SPARKS, NEV. — Sparks Galleria Shopping Center, a 213,900-square-foot commercial center, has sold to Pine Tree Commercial Realty, LLC, for $26.2 million. The center is located at 101 Los Altos Parkway in Sparks’ Spanish Springs master-planned community. It was built in 2006 and is shadow anchored by Costco and Home Depot. Pine Tree plans to redevelop and expand the center with 120,000 square feet of additional retail space. Acquisition funding was provided by Prime Financial and arranged by Bill Barry of Draper & Kramer.
THE WOODLANDS, TEXAS — Crust Pizza Co., a restaurant concept developed in The Woodlands, will open at Creekside Park Village Center, a mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The pizzeria will occupy a 2,500-square-foot space along the complex’s Village Green, which includes a tree-lined park, walkways and water feature. The new location will be Crust Pizza’s third in The Woodlands. Opening is slated for this fall. Mark Raines of CBRE represented Crust Pizza in the lease negotiations, while Rip Reynolds of The Howard Hughes Corporation represented The Woodlands Development Company.
BROOKLYN PARK, MD. — The Greeysteel Co. has arranged the sale of Arundel Village Plaza, a 54,480-square-foot retail center in Brooklyn Park, five miles south of Baltimore. The property sold for $6.5 million. The property was 88 percent occupied at the time of sale by Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and The State of Maryland Department of Health & Mental Hygiene. Gil Neuman of Greeysteel led the retail division to represent the seller, BTR Capital Group, and procure the buyer, Oak Tree Management.
FORT MYERS, FLA. — Stevens Construction has begun the renovation of a 16,097-square-foot retail property located at 7381 College Parkway in Fort Myers. Physician’s Primary Care and Blue Moon Pizza will lease space at the property. Architect Burt Hill/Pollock Krieg Architects Inc. designed the renovated space for Physician’s Primary Care, and Sheeley Architects designed Blue Moon Pizza’s restaurant space, which includes a 1,410-square-foot covered patio.
HUNTINGTON, IND. — Block & Co. Inc. Relators has sold a 12,841-square-foot retail strip center in Huntington, located about 36 miles southwest of Fort Wayne, Ind. BND Commercial represented the buyers, locally-based group. The Walmart Supercenter shadow-anchored center is located at 234 Havenstein Road and is centered in the area's primary retail corridor. Block & Co. Realtors investment group, which includes two partnerships, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC, sold the property. David Block and Max DiCarlo of Block & Co. Realtors represented the seller in the transaction, along with Al Stovall of NAI Harding Dahm.
STOW, OHIO —The Cooper Commercial Investment Group has arranged the sale of a Burger King property in Stow, located about 35 miles south of Cleveland. Dan Cooper, president and broker at Cooper Commercial Investment Group, represented the seller, a private investment group based in Canton, Ohio. Carrols Corp., which operates more than 570 restaurants under the Burger King brand in 13 states, purchased the property for $704,000.