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.
Retail
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.
ARVADA, COLO. — Arvada West Town Center, an 83,278-square-foot retail center, has received $10.5 in refinancing. The 12-building center is located at 14405-14715 W. 64thAve. in Arvada. Notable tenants include Auto Zone, T-Mobile, Wendy’s and Big O Tires. The loan features a 15-year term and 25-year amortization schedule. The loan was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office.
BURLINGTON, MASS. — KeyPoint Partners LLC has completed the sale of eight properties totaling 440,000 square feet located throughout the New England region for more than $30 million. The properties include shopping centers, mixed-use and single-tenant buildings in Massachusetts, Rhode Island, New Hampshire and Connecticut. The sold properties include Shaw’s Plaza, a 121,660-square-foot shopping center in Providence, R.I.; Colony Mill Marketplace, a 112,000-square-foot mixed-use property in Keene, N.H.; The Center at Keene, a 100,000-square-foot mixed-use property also in Keene; and a 6,889-square-foot Advance Auto Parts in Groton, Conn. The properties in Massachusetts include Norfolk Commons, a new development anchored by a 14,409-square-foot freestanding Walgreens in Norfolk; Lakeview Shopping Center, a 36,250-square-foot neighborhood shopping center in Dracut; a 5,610-square-foot building fully leased to Sleepy’s and Supercuts in Salem; and 8 Brookside Road, a 40,000-square-foot industrial facility in Westford.
NEW YORK CITY — Petco and Santander Bank have signed long-term leases at Jackson Heights Shopping Center in Queens. Petco signed a new lease for 13,500 square feet, which includes 11,000 square feet on the ground floor and 2,500 square feet in the basement of the stand-alone building within the shopping center. Santander Bank, formerly known as Sovereign Bank, will relocate from the ground-floor location it has occupied for the last 20 years to the opposite end-cap retail unit, taking approximately 4,000 square feet. Bill Bergman of Muss Development LLC represented the building’s owner in the Petco transaction. Brian Schuster of Ripco represented the tenant. Bergman and Stan Markowitz of Muss represented the building’s owner in the Santander Bank transaction. Dean Rosenzweig and Jeremy Scholder of CBRE represented the tenant. The 130,267-square-foot Jackson Heights Shopping Center features 24 retail stores and nine offices and is located at 31st Avenue.
SAN DIEGO – A 9,490-square-foot retail building on San Diego’s Coronado Island that is leased to Walgreens has sold to a private California investor for $7.7 million. The building is located at 925 Orange Ave. Walgreens’ agreement features a long-term lease with built-in rental increases and a future landlord recapture right. The institutional seller was represented by Dan Riley and Ben Cherney of CBRE's Private Capital Group – Los Angeles Retail Team. The team also worked with CBRE’s Bill Durslag and Reg Kobzi on this all-cash transaction.