HARRISBURG, N.C. — Aston Properties has plans to develop Caldwell Crossing, an 85,000-square-foot shopping center in Harrisburg, a suburb of Charlotte. The Harris Teeter-anchored center will be located on the corner of Caldwell Road and Highway 49. Aston Properties plans to deliver the center in late fall 2015. Lauren Hansen of Aston Properties will handle leasing the remaining 26,000 square feet of small shop space and two outparcel stores. The design team for the project includes engineer Jeff Orsborn of Orsborn Engineering and architect Childrey Robinson.
Retail
KISSIMMEE, FLA. — HFF has arranged the sale of The LOOP, a 434,909-square-foot power center in Kissimmee. The asset is located on approximately 57 acres at the northwest corner of the intersection of Osceola Parkway and John Young Parkway. The property was built in 2005 and is currently 99 percent leased to 43 tenants, including Regal Cinema, Kohl’s, Sports Authority, Michael’s, Petco and CVS/pharmacy. AEW Capital Management LP sold the asset on behalf of its institutional clients to MetLife. Danny Finkle, Brad Peterson, Luis Castillo and Kim Flores of HFF represented the sellers in the transaction.
MECHANICSVILLE, VA. — Morgan Property Group LLC (MPG) has sold its recently developed freestanding Walgreens at the intersection of Mechanicsville Turnpike and Lee Davis Road in Mechanicsville, a suburb of Richmond, for $10.5 million. MPG sold the property to Pinak A. Mehta LLC and Nikki P. Mehta LLC. Dean Zang of Marcus & Millichap represented the seller in the transaction. Craig Pelouze of CBRE represented the buyers.
PEORIA, ARIZ. – Fletcher Heights Marketplace, a 26,658-square-foot shopping center in Peoria, has sold to Eleven Investments LLC for $3.1 million. The Class B neighborhood retail shopping center is located at 20783 N. 83rd Ave. Fletcher Heights is currently 75 percent occupied. Some of the newer tenants include Delex Realty, Planet Beach Spa and Farmers Insurance. The LLC represented itself in this transaction, while the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace LLC, was represented by Daniel Ortega and Larry Ortega of Colliers International.
WEST HARTFORD, CONN. — HFF has brokered the sale of Boulevard Shops, a shopping center located at 463 Prospect Ave. in West Hartford. Englewood Cliffs, N.J.-based Lerner Properties purchased the 24,600-square-foot property for $10 million. Situated on 1.82 acres, the property is 93.5 percent occupied by a variety of tenants, including CVS/pharmacy, The UPS Store, H&R Block, Sprint and Santander Bank. HFF’s Boston retail investment sales team marketed the property for the seller, HPE Boulevard LLC, an affiliate of Hirschfield Properties LLC.
CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
LAS VEGAS — The Shops at Warm Springs, a 15,760-square-foot retail building in Las Vegas, has sold to an unnamed buyer for $3 million. The building is located at 7150 S. Durango Drive. It is occupied by Cricket Wireless, Title Max, Stacks & Yolks, Volcano Grill, Quick Draw Tattoo and Beyond Nails & Spa. The buyer was represented by Adam Malan of the Equity Group. The seller, PWDAF Warm Springs and Durango LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.
GRAND PRAIRIE, TEXAS — NAI’s retail division has arranged the sale of the 148,272-square-foot Emerald Square shopping center at 2985 S. Highway 360 in Grand Prairie. Mike Smith of the NAI Robert Lynn Retail Division represented TriMarsh Properties, which plans a redevelopment of the area. Planned upgrades include a remodeled exterior façade and new LED signage. The property sits near Highway 20, providing close access to Arlington, Dallas and Fort Worth.
KENOVA AND CHARLES TOWN, W.VA. AND ABBEVILLE, LA. — Marcus & Millichap has arranged the $14.6 million sale of three CVS/pharmacy stores in West Virginia and Louisiana. The stores are located in Kenova and Charles Town, W.Va., and Abbeville, La. CVS has at least 23 years left remaining on its initial lease at all three stores. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the sale of all three assets.
WESTFIELD, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 240-244 North Avenue West in Westfield. The three-story 10,563-square-foot building sold for $4.7 million. Citibank, Visage and Qtrade occupy the property. David Thurston of Marcus & Millichap’s New Jersey office marketed the asset on behalf of the seller, a limited liability company, and represented the buyer in the transaction.