ROCKWALL, TEXAS — Marcus & Millichap has arranged the sale of The Towers Self Storage, a 123,619-square-foot self-storage facility located in Rockwall, a suburb of Dallas. Brandon Karr and Danny Cunningham of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Karr also represented the buyer, a limited liability company. The Towers Self Storage is located at 159 Riding Club Road. The facility contains 191 climate-controlled units, 160 drive-up units, 58 interior units, 90 warehouse units, seven office spaces and 25 boat/RV spaces. The property also features roll-up doors, 36 cameras, keypad entry, perimeter fencing and lighting.
FRISCO, TEXAS — HFF has arranged the sale of Eldorado Market Place, a 162,331-square-foot grocery-anchored retail center in Frisco, a suburb north of Dallas. HFF marketed the property on behalf of the seller, WD Eldorado & Tollway LP, an affiliate of Duggan Realty Advisors LLC and Waitt Investments. An affiliate of Fidelis Realty Partners LTD purchased the asset for an undisclosed amount. Eldorado Market Place is located at the northwest corner of the Eldorado Parkway and the Dallas North Tollway. The property was built in 2008 and is 99 percent leased to 35 tenants including Market Street, PetSmart, RE/MAX, The UPS Store and AT&T. Doug Hazelbaker and Ryan Shore of HFF represented the seller.
ANN ARBOR, MICH. — Gerdom Realty & Investment has arranged the lease of a 2,600-square-foot space in Ann Arbor. Coralville, Iowa-based Pancheros Mexican Grill will occupy space within Pittsfield Place, a new shopping center located at Ann Arbor-Saline Road. Versa Cos. developed the property. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented Pancheros in the transaction. This will be the second Pancheros in Ann Arbor. The new location is expected to open in the first quarter of 2015.
BALTIMORE CITY, MD. — The Greysteel Co.’s Mid-Atlantic retail investment sales team has brokered the $12.3 million sale of Belair Edison Crossing, a grocery-anchored shopping center located at 2401 Belair Road in Baltimore City. The 204,000-square-foot asset was fully leased at the time of the sale to tenants such as Food Depot, Dollar General, Forman Mills, Maxway, B. Green Cash and Carry and the Social Security Administration. Gil Neuman of Greysteel led the team that represented the seller, 2401 Belair LLC, and procured the buyer, Belair Edison Investors LLC.
MERIDEN, CONN. — O,R&L Commercial has brokered the sale of 75 South Colony Street in Meriden. Efrain Valentin of Valentin Karate School purchased the 15,641-square-foot property for an undisclosed price. The buyer plans to fully renovate the property and use it as the headquarters for Valentin Karate. Frank Hird and Tim McMahon of O,R&L Commercial represented the seller, The Record-Journal Company, in the transaction. John Murphy of John J. Murphy Law Offices also represented the seller and Neil Ivers represented the buyer. The financing was provided by Ion Bank of Naugatuck and Community Investment Corp. was the SBA lender.
LOS ANGELES — Shoe Palace has opened four new stores within the Los Angeles area. The new stores include a 4,460-square-foot store at 7721-7725 Melrose Ave., which was leased from 499 Canon LLC; a 4,945-square-foot space at 214 Santa Monica Blvd. in Santa Monica, leased from Schrober Investments; a 14,800-square-foot store at 6351-6353 Pacific Blvd. in Huntington Park that was purchased from Fine Discounts; and a new store on Van Nuys Boulevard in Panorama City that is currently in escrow. It is scheduled to open by the end of the year. The combined sales and lease transactions for all four properties total more than $8 million. Shoe Palace is owned and operated by the Mersho family. The retailer was represented by Irwin Hyman and Jesse Paster of NAI Capital’s Encino office.
IRVINE, CALIF. — Lincoln Property Company has purchased Michelson Marketplace, a 32,560-square-foot shopping center within the Irvine Business Center. Though the final selling price was not disclosed, the publicly listed asking price was $13 million. The marketplace is located at 2222 and 2272 Michelson Drive. It is 90 percent occupied. Lincoln plans to renovate the 29-year-old shopping center. Lincoln Property represented itself in this transaction, while the private seller was represented by Michelle Schierberl, Donald Ellis, Jereme Snyder and Mark Joens of Colliers.
MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.
VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.
ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.