MONROE, MICH. — Sperry Van Ness has arranged the $5 million sale of a 14,820-square-foot Walgreens property in Monroe. The property is net leased to Walgreens, and the remaining lease term is approximately 15 years. Mike Lamb and Dan Stewart of Sperry Van Ness/Stewart Commercial Group LLC represented the seller, a Naples, Fla.-based retail developer. Sean Lutz and Dan Elliot of Sperry Van Ness Chicago Commercial represented the buyer.
Retail
CRAWFORDSVILLE, IND. — Lee & Associates has arranged the lease of a 9,800-square-foot retail building in Crawfordsville, approximately 45 miles northwest of Indianapolis. Planet Fitness will occupy space at the property located at 1660 S. Washington St. Bart Jackson and Scot Courtney of Lee & Associates represented the buyer. Sam Cooper of Lamar Cos. represented the seller, Remainder Outlot LLC.
GAINESVILLE, VA. — The Peterson Cos. has unveiled the newest merchants to join Promenade at Virginia Gateway, the fifth and final phase of the 1.3 million-square-foot Virginia Gateway development in Gainesville. The 300,000-square-foot Promenade will add Charming Charlie (5,900 square feet), LOFT (5,400 square feet), White House Black Market (3,500 square feet), Francesca's Collections (1,400 square feet), Soma Intimates (2,500 square feet), Pinkberry (1,250 square feet), IT'SUGAR (1,800 square feet) and Presley Laurent Salon & Spa (2,500 square feet). The new retailers and eateries will debut at the property's opening on April 26. With the new additions, the lifestyle center is 97 percent leased.
CHARLOTTE, N.C. — H.H. Gregg has signed a 10-year lease to occupy 22,934 square feet at Windsor Square Shopping Center in Charlotte. Other tenants of the 661,156-square-foot shopping center include PetSmart, Sam's Club, Kohls, JC Penney, Ross Dress for Less, Office Depot, DSW Shoes, Lifetime Fitness, Dress Barn, Shoe Carnival, Justice, Rue 21, Vision Works and Outback Steakhouse. Sterling Organization, owner of Windsor Square Shopping Center, will debut the new H.H. Gregg store in September. Jeff McElhinny of Atlantic Retail Properties represented H.H. Gregg in the transaction.
HOUSTON — General contractor Satterfield & Pontikes Construction will break ground this month on a new 32,000-square-foot store in Houston’s Galleria submarket for electronics retailer Micro Center. The $6 million project, which will include showroom, office and storage space, is located on a 3.5-acre site near the intersection of South Rice Boulevard and Westpark Drive. The building will feature concrete tilt-wall panel construction, as well as a 90-foot tower rising through the roof that will display the Micro Center sign. Powers Brown Architects is providing design and architectural services for the property, which is slated for completion within six months.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Cinco Ranch Plaza I, a 20,562-square-foot retail property in the Houston suburb of Katy. Located on 2.2 acres at 24124 Cinco Ranch Blvd., the facility houses medical and professional tenants, including Dentistry by RSE and Alamo Title, in addition to retailers. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the property on behalf of the seller, The Woodlands-based developer The Marcel Group. Hargrove and Miller also secured the buyer, an international private capital investor.
SAN JOSE, CALIF. – A 122,265-square-foot building in San Jose that is triple-net leased to Home Depot has sold to an unnamed buyer for $15.7 million. The building is located off California State Route 87 at 635 West Capitol Expressway. The seller, an institutional investor, was represented by Mike James of Marcus & Millichap’s Encino office.
WILLIAMSBURG, VA. — Mid-Atlantic Commercial has arranged the sale of a 18.5-acre site at 6401 Richmond Road in Williamsburg. The existing Willamsburg Outlet Mall will be demolished to make way for a new grocery-anchored shopping center. Monty Spencer, Jim Carr and David Clarke of Mid-Atlantic Commercial represented the buyer, Lightfoot Marketplace Shopping Center LLC, in the transaction. The new shopping center, known as Lightfoot Marketplace, will be anchored by Harris Teeter, and Walgreens will be the property’s junior anchor. Lightfoot Marketplace is slated to open in the fall of 2015.
TUPELO, MISS. — Marcus & Millichap has brokered the sale of Vista Ridge, a 160-unit multifamily community located at 699 Nation Hills Drive in Tupelo. Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, a Texas-based limited partnership, and the buyer, a Dallas-based REIT. The buyer assumed an existing 40-year HUD 221(d)(4) loan on the property, which was constructed in 2009. Anne Williams of Marcus & Millichap, the firm’s broker of record for Mississippi, assisted in the transaction. The terms of the sale were undisclosed.
PITTSBURGH, PA. — HFF has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio. The borrower is Pittsburgh-based J.J. Gumberg Co. HFF arranged a fixed-rate loan for three of the properties through CorAmerica Capital LLC and JP Morgan Chase Bank, National Association, and a floating-rate loan for the fourth property through CorAmerica Capital. The portfolio includes the 760,000-square-foot Clearview Mall in Butler, Pa.; the 640,000-square-foot The Waterworks in Pittsburgh; the 130,000-square-foot North Huntingdon Square in North Huntingdon, Pa.; and the 385,000-square-foot Norththowne Hall in Defiance, Ohio. The HFF team was led by Gerard Sansosti and Brandi Wyskocil.