PLANO, TEXAS — The Woodmont Co. has completed the sale of a newly constructed 14,500-square-foot retail property occupied by Walgreens in Plano, a suburb of Dallas. Brad Cruickshank and Randy Bell of The Woodmont Co. represented the seller, Plano Spring Creek Partners, in the transaction. The buyer, a California-based private investor, was represented by Patrick McCaughey and Ted Gallagher of Cassidy Turley/Terranomics. The property traded at a 5.3 percent cap rate. It is situated on 1.4 acres of land at 6324 Custer Road. and is an outparcel to the Custer Creek Shopping Center.
Retail
MANOR, TEXAS — Hunington Properties Inc. has arranged he sale of the Shops at Shadow Glen, a 15,438-square-foot shopping center in Manor. The project sits on 2.5 acres at the northwest corner of the intersection of Shadow Glen Boulevard and Highway 290. Edward A. Benton and Hunington Properties sold the property on behalf of a Houston developer. The buyer was a local investor from Austin. Hunington Properties will continue to manage and lease the property.
MIAMI — A joint venture between Duncan Hillsley Capital and Pebb Capital has partnered with Canyon Capital Realty Advisors to acquire the retail component of Downtown Dadeland, a 127,000-square-foot retail and dining destination in Miami across Kendall Drive from Dadeland Mall. The investors purchased the asset for $38.9 million. The new ownership has selected Continental Real Estate Cos. to lease and manage the property. Completed in 2009, Downtown Dadeland is 71 percent leased to tenants such as West Elm, Chil’s Bar & Grill, Men’s Wearhouse and Panera Bread.
LAKE ORION, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 2,200-square-foot retail space at 16 W. Flint St. in Lake Orion, approximately 40 miles north of Detroit. The landlord, Luc Enterprises LLC, leased the space to Shadrach, Meshach & ABeanToGo Inc. The tenant is expanding from its first coffee shop in Goodrich and opening another store at this location. Larry Schultz of Friedman represented the landlord in this transaction.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a 9,062-square-foot retail property in Garland. Terms of the sale were not released. Blake Burnett with Marcus & Millichap marketed the property on behalf of the seller, LNR Texas Partners LLC. The listing was sold in conjunction with Auction.com to the highest bidder, an out-of-state investment group. The property is located at 3315 N. George Bush Highway and sits on 2.4 acres. It is an outparcel to Kohl’s and Home Depot in north Garland.
WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners has arranged the $13.9 million sale of Lumina Commons, an 84,000-square-foot grocery-anchored shopping center in Wilmington. The center’s tenant roster includes Harris Teeter, West Marine, Jersey Mikes, The Seasoned Gourmet, Crest Fitness and David’s Deli. Nicholas Silivanch of Coldwell Banker Commercial Sun Coast Partners represented the buyer, Phillips Edison-ARC Shopping Center REIT Inc., in the transaction.
WEST PALM BEACH, FLA. — Jamestown has purchased Village Commons, a 169,118-square-foot, Class A shopping center located at 701-971 Village Blvd. in West Palm Beach. The Publix-anchored shopping center was 92 percent leased at the time of the sale to tenants such as Panera Bread, Cold Stone Creamery, Massage Envy, Edible Arrangements, Weight Watchers and Duffy’s Sports Grill. Jamestown plans to implement a $4.5 million capital improvement program that will expand Publix to 45,600 square feet as part of a new 20-year lease.
ZEPHYRHILLS, FLA. — RCG Ventures has purchased Merchants Square, a 74,837-square-foot shopping located at the intersection of Gall Boulevard and Pretty Pond Road in Zephyrhills, a suburb of Tampa Bay. The property is anchored by Hobby Lobby, Hibbett Sporting Goods and Anytime Fitness. Anthony Blanco of The Shopping Center Group represented the unnamed seller in the transaction. RCG Ventures was represented internally by Scott Tarbet.
LOCKPORT AND TULLY, N.Y. — NorthMarq Capital has arranged financing totaling $1 million for two Dollar General stores in Lockport and Tully. The stores offer a combined total of 16,250 square feet of retail space. The 10-year loan features a 25-year amortization schedule. Scott DeVinney of NorthMarq Capital’s Rochester, N.Y., office arranged the financing for the borrower through NorthMarq’s relationship with a regional bank.
APPLE VALLEY, MINN. — Baceline Investments LLC has sold a 25,500-square-foot, multi-tenant retail center in Apple Valley to Wellington Management Inc. for $4.6 million. The Denver-based boutique real estate investment and management company purchased the property in 2009 for $3.16 million. Pinnacle Ridge Retail Centers, south of downtown Minneapolis, was acquired as part of Baceline’s No Debt Real Estate Fund III. The purchase also included a 1.24-acre land lease to Discount Tire. Other tenants at the property include T-Mobile and Anytime Fitness. Baceline’s strategic model is to purchase cash-flowing real estate without the use of debt in America’s Heartland, an approach that David Puchi, principal of Baceline Investments, says continues to yield rewards for investors.