GRAND PRAIRIE, TEXAS — McRoberts & Co. has brokered the sale of a 75,127-square-foot tract in the Dallas suburb of Grand Prairie. The buyer, QuikTrip Corp., will construct a 5,900-square-foot store at the site, which is located at the northeast corner of Interstate 30 and Beltline Road. David Tarrant of McRoberts & Co. represented the seller, 1111 Beltline. QuikTrip Corp. was internally represented.
YORBA LINDA, CALIF. – A 46,449-square-foot property in Yorba Linda that is net leased to Best Buy has sold to a Midwest-based corporation for $6.6 million. The retail building is located at 23000 Savi Ranch Parkway near Costco, Kohl’s, HomeDepot, Target and Dick’s Sporting Goods. Best Buy has four years remaining on its current lease, with three, five-year renewal options. The seller, a high-net-worth individual from the Midwest, was represented by Randy Blankstein and Jimmy Goodman of The Boulder Group.
ATLANTA — Deutsche Asset & Wealth Management has acquired the Shops Around Lenox, a 120,000-square-foot retail center located adjacent to Lenox Mall in Atlanta’s Buckhead submarket. Deutsche purchased the property from a joint venture between Alex Brown Realty Inc. and Heather Weatherholtz Properties for approximately $71.8 million, according to Atlanta Business Chronicle. The seller purchased the retail center in 2009 and invested approximately $20 million to reposition the asset. Tenants of Shops Around Lenox include Crate and Barrel, Paper Source, lululemon athletica, Cosabella and Suit Supply.
CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.
FORT WORTH, TEXAS — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.
LOS ANGELES — Kennedy Wilson has purchased Victory Plaza, a 132,995-square-foot retail center in Los Angeles. The acquisition also included an adjacent 2.4-acre site that is zoned for multifamily. The plaza is located on Victory Boulevard near Coldwater Canyon Avenue. Kennedy Wilson purchased the debt on the properties this past December from an Irish financial institution for $30 million. It invested $12 million of equity into the transaction, while Pacific Western Bank provided $18 million of financing. The company obtained the title to the properties via foreclosure subsequent to its debt purchase.
INDIANAPOLIS — The Silver Group has arranged the $22.6 million sale of a single-tenant property leased to CarMax Inc. in northern Indianapolis. CarMax, a publicly traded, Fortune 500 company, is under a 21-year lease for the 16-acre site, located at 9750 N. Gray Road. A partnership purchased the property. Barry Silver and Greg Cunha of The Silver Group arranged the sale.
CARPENTERSVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a 7,500-square-foot AutoZone property in Carpentersville. The property sold to a cash buyer based in California. AutoZone has operated at the location for more than four years and recently signed an 11-year lease. Jordan Kaufman and Daniel Waszak at Quantum Real Estate Advisors Inc. represented the seller, a Chicago-based investor. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer.
LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.
GRESHAM, ORE. — Furniture Connexion has signed a 22,108-square-foot lease at Burnside Commons in Gresham. The family operated furniture retailer will open a new showroom at the center, which is located at1776 NW Fairview Drive. Furniture Connexion was represented by the Stalick Company. The landlord, FMK Properties – Burnside, LLC, was represented by Jack Gallagher and Chris Schneider of NAI Norris, Beggs & Simpson.