WOODWAY, TEXAS — Marcus & Millichap has brokered the sale of Woodway Village, a 14,181-square-foot retail property in the Waco suburb of Woodway. Located at 824 Hewitt Drive, the strip shopping center was 68 percent leased at the time of the sale to tenants including Jimmy John’s, Great Clips, Escape Nail Salon, MetroPCS and Rosati’s Pizza. Constructed in 2005, the structure is shadow-anchored by Walmart and in close proximity to Chase Bank, Advance AutoParts, Starbucks Coffee, H-E-B, Subway and many other retailers. Philip Levy marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a limited liability company.
Retail
HONOLULU — KZ DevCo LP has completed construction on a 20,114-square-foot Long’s Drugs in Honolulu. The new store is located at 1030 King Street in the Makiki neighborhood. The project costs totaled more than $25 million, making it one of the most expensive Long’s projects to date. Long’s broke ground in the second half of 2013. It is expected to open for business this June.
BRANDON, FLA. — CBRE has arranged the $2.1 million sale of a former Borders book store in Brandon. The 22,585-square-foot property is located at 2020 Town Center Blvd. The buyer, Florida Medical Clinic, plans to convert the former bookstore into medical offices. CBRE represented the seller, Business Property Lending, in the transaction. Gregory Morgan of Morgan Realty Advisors represented Florida Medical Clinic, which operates more than 30 locations in Hillsborough and Pasco counties.
MONROE, MICH. — Sperry Van Ness has arranged the $5 million sale of a 14,820-square-foot Walgreens property in Monroe. The property is net leased to Walgreens, and the remaining lease term is approximately 15 years. Mike Lamb and Dan Stewart of Sperry Van Ness/Stewart Commercial Group LLC represented the seller, a Naples, Fla.-based retail developer. Sean Lutz and Dan Elliot of Sperry Van Ness Chicago Commercial represented the buyer.
CRAWFORDSVILLE, IND. — Lee & Associates has arranged the lease of a 9,800-square-foot retail building in Crawfordsville, approximately 45 miles northwest of Indianapolis. Planet Fitness will occupy space at the property located at 1660 S. Washington St. Bart Jackson and Scot Courtney of Lee & Associates represented the buyer. Sam Cooper of Lamar Cos. represented the seller, Remainder Outlot LLC.
GAINESVILLE, VA. — The Peterson Cos. has unveiled the newest merchants to join Promenade at Virginia Gateway, the fifth and final phase of the 1.3 million-square-foot Virginia Gateway development in Gainesville. The 300,000-square-foot Promenade will add Charming Charlie (5,900 square feet), LOFT (5,400 square feet), White House Black Market (3,500 square feet), Francesca's Collections (1,400 square feet), Soma Intimates (2,500 square feet), Pinkberry (1,250 square feet), IT'SUGAR (1,800 square feet) and Presley Laurent Salon & Spa (2,500 square feet). The new retailers and eateries will debut at the property's opening on April 26. With the new additions, the lifestyle center is 97 percent leased.
CHARLOTTE, N.C. — H.H. Gregg has signed a 10-year lease to occupy 22,934 square feet at Windsor Square Shopping Center in Charlotte. Other tenants of the 661,156-square-foot shopping center include PetSmart, Sam's Club, Kohls, JC Penney, Ross Dress for Less, Office Depot, DSW Shoes, Lifetime Fitness, Dress Barn, Shoe Carnival, Justice, Rue 21, Vision Works and Outback Steakhouse. Sterling Organization, owner of Windsor Square Shopping Center, will debut the new H.H. Gregg store in September. Jeff McElhinny of Atlantic Retail Properties represented H.H. Gregg in the transaction.
HOUSTON — General contractor Satterfield & Pontikes Construction will break ground this month on a new 32,000-square-foot store in Houston’s Galleria submarket for electronics retailer Micro Center. The $6 million project, which will include showroom, office and storage space, is located on a 3.5-acre site near the intersection of South Rice Boulevard and Westpark Drive. The building will feature concrete tilt-wall panel construction, as well as a 90-foot tower rising through the roof that will display the Micro Center sign. Powers Brown Architects is providing design and architectural services for the property, which is slated for completion within six months.
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.
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.