SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.
CHATTANOOGA, TENN. — The Cooper Commercial Investment Group has arranged the $1.9 million sale of a 6,515-square-foot retail center located on Gunbarrel Road in Chattanooga. The center is anchored by FedEx Office and includes other tenants such as T-Mobile, Gigi’s Cupcakes and CPR Cell Phone Repair. Bob Havasi of Cooper Commercial represented the seller, a private investor based in Chattanooga, in the transaction. The buyer was a private investment group based in Chicago.
BETTENDORF, IOWA — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Duck Creek Plaza, a 134,229-square-foot, grocery-anchored shopping center in Bettendorf, for $19.7 million. Inland Western Bettendorf Duck Creek LLC was the seller. A 63,706-square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest, anchors the center. The 92.7 percent-occupied plaza also features a 28,270-square-foot Marshalls store and is located in the Quad Cities region that borders Iowa and Illinois.
DUBUQUE, IOWA — The Cafaro Organization has acquired a large portion of Asbury Plaza, a 700,000-square-foot regional power center in Dubuque, a city in northeast Iowa, for $12 million. The purchase includes more than 136,000 square feet, comprising 16 separate store spaces. Current tenants include Bed Bath & Beyond, Michaels Arts & Crafts, Dress Barn, Famous Footwear, Pier 1 Imports, Petco, Maurices, Sally Beauty Supply, GNC, VIP Nails and Supercuts. Asbury Plaza is located at the intersection of Asbury Road and Highway 32. The property is shadow-anchored by Hy-Vee Supermarket, Kohl’s, AMC Theater and a 114,000-square-foot Blain’s Farm & Fleet currently under construction.
AUSTIN, TEXAS — The investment sales division of Austin-based brokerage Retail Solutions has closed the sale of Corporate Center III, a 33,626-square-foot retail asset in Austin. Located at 8868 Research Boulevard, the property is in close proximity to the major thoroughfares of I-35 and Mopac Expressway. Tenants of the fully occupied facility include Uptown Dance and Gracie Barra Brazilian Jiu Jitsu. Alan Rust of Retail Solutions represented the seller, Park Corporate Center LTD, in the transaction. Jung Yu of E-Executive Realty represented the buyer, ATC Center LLC.
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
PIGEON FORGE, TENN. — Colliers International has arranged the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge. A private investor based in Tennessee purchased the property for approximately $5.2 million, or $13 per square foot. The shopping center, located at 2655 Teaster Lane, includes tenants such as Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Atlanta office, along with Tony Vaughn in the firm’s Nashville office, represented the seller, a subsidiary of Horsham, Pa.-based Capmark Financial Group, in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer.
JACKSONVILLE, FLA. — Franklin Street Real Estate Services has arranged the $1.1 million sale of Lem Turner Shopping Center, a Walmart- and The Home Depot-anchored shopping center located at 3200 Armsdale Road in northwest Jacksonville. Jonathan Graber, Rafeal Wright and Nicolas Prevolos of Franklin Real Estate Services represented the seller, a national investment firm based in the Midwest, in the transaction. The buyer, also a national investment firm based in the Midwest, plans to make capital improvements to the property, which is currently 50 percent leased.
SAUK RAPIDS, MINN. — The Mansour Group has arranged the $10.9 million sale of a Walgreens property in Sauk Rapids, a small city in central Minnesota. Alvin Mansour of The Mansour Group marketed the property on behalf of the seller, a Houston-based developer. A 1031 tax-deferred exchange investor based in California purchased the property. The property is located near a new four-lane bridge that connects the downtown area of Sauk Rapids to St. Cloud.
HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.