HOUSTON — Houston-based Baker Katz has arranged the lease of a 40,000-square-foot Dave & Buster’s in Houston. The property is located in the Baybrook Mall expansion project and will be the third Dave & Buster’s location in the Houston area. Jamie Weaver and Jason Baker of Baker Katz, along with Ross McCook and Larry Leon of Venture Commercial, represented the tenant. Greg Sullivan represented the landlord. Dave & Buster’s was founded in Dallas in 1982.
Retail
MISSOURI CITY, TEXAS — Bellomy & Co. has brokered the sale of Bankers Mini Storage in Missouri City. The 479-unit facility includes 92,733 square feet of rentable space. The property has climate-controlled, non-climate, boat and RV storage units. Bankers Mini Storage is located on FM 1092 about 18 miles southwest of Houston. Bill Bellomy, Michael Johnson and John Owens marketed the property on behalf of a Houston-based family partnership. The same group also procured the buyer, a Corpus Christi-based storage operator.
PINEHURST, N.C. — Argus Development Group LLC, a Charlotte-based developer, has broken ground on PineCroft, a 98,220-square-foot shopping center located at the intersection of U.S. Highway 211 and Main Street in Pinehurst. PineCroft will be anchored by a 76,000-square-foot Harris Teeter and includes 22,200 square feet of specialty shops along with four outparcels. The center is scheduled for completion in fall 2015. The design team includes project architect One on One Design, project engineer BBM Associates and general contractor Montgomery Development. Stanford Garnett of Argus Development Group will handle the leasing for PineCroft.
LATHAM, N.Y. — CBRE/New England’s Debt & Structured Financing team, on behalf of Realty Financial Advisors and Grossman Development Group, has secured $45 million in construction first mortgage financing for The Shoppes at Latham Circle. Located at 800 New Loudon Road in Latham, the 370,000-square-foot shopping center will be anchored by a 188,000-square-foot Walmart Supercenter and will offer a mix of lifestyle tenants, including restaurants and fitness. Grossman Development Group is developing the center, which is owned by Realty Financial Advisors. Additionally, CBRE/Grossman Retail Advisors is handling the leasing of the center. Kyle Juszczyszyn, Carlos Febres-Mazzei and Taylor Shepard of CBRE/NE Debt & Structured Finance negotiated the transaction for the owner.
SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $2.2 million sale of an 18,900-square-foot Goodyear building in Columbus, Ohio. The property, located at 124 E. Spring St., sold at a 7.1 percent capitalization rate and at 99 percent of list price. This hard-corner location was the first Goodyear store opened in the United States. The tire retailer recently extended its absolute triple net lease for 10 years with a mid-term rental increase, instead of exercising its five-year option. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment group. Colby Moore of Cassidy Turley represented the buyer, a California-based private investor.
HANOVER PARK, ILL. — Mid-America Real Estate Corp. has arranged the $700,000 sale of Church Street Station, a 5,897-square-foot, multi-tenant retail building in Hanover Park, a northwestern suburb of Chicago. A private investor purchased the property located at the northwest corner of U.S. Route 20 and Barrington Road. Church Street Station features retailers Subway and Lily Nails. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, a court-appointed receiver.
JENSEN BEACH, FLA. — CBRE has arranged the $17.3 million sale of Marketplace Square, a 173,292-square-foot retail center located at 3255 N.W. Federal Highway in Jensen Beach. Leon Capital Group purchased the asset from Kimco Realty Corp. The property is 73 percent leased to 20 tenants, including Hobby Lobby, Bank of America, KFC and Sonic. Dennis Carson and Casey Rosen of CBRE represented Kimco in the transaction.
WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 14,800-square-foot net-leased property in Worcester. The property, which is occupied by Walgreens, sold for $8.2 million. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office secured and represented the buyer, a limited liability company, in the transaction.
CHICAGO — Mid-America Real Estate has arranged the lease of 3,139 square feet of space for SARAR. The Turkish fashion company signed a lease at 111 W. Washington Street in Chicago. This will be SARAR’s third location in Illinois. It’s first two locations opened in Aurora, Ill., in 2004 and Rosemont, Ill., in 2013. The new location is expected to open this fall. Michael Wexler of Mid-America represented SARAR in the transaction. Danielle Rudas and John Vance of Stone Real Estate represented the landlord. SARAR was founded in Turkey in 1944. Beginning as a tailor’s workshop, the company has grown internationally across five continents and 49 different countries.