LOS ANGELES — Passco Companies has announced that the Promenade at Howard Hughes Center in Los Angeles will undergo a repositioning. The Promenade is located at 6081 Center Drive in the Silicon Beach area of West Los Angeles. Dave & Buster’s and Buffalo Wild Wings are set to open at the center later this year, while Cinemark plans to enhance its recently purchased Rave Cinemas.
ROCK HILL, S.C. — Morgan Property Group (MPG) has sold a freestanding Walgreens drugstore at the intersection of Heckle and Herlong boulevards in Rock Hill, part of the Charlotte MSA. MPG sold the store for about $6.4 million to Zosime LLC. MPG, through its affiliate Rock Hill I Realty LLC, developed the drugstore, which opened in July. The store is MPG's third Walgreens development in the Carolinas. Stream Capital Partners represented the buyer in the transaction. General Realty Partners LLC, the brokerage arm of MPG, and Paisley Gordon of CPG Real Estate Inc. represented the seller.
MIAMI — Marcus & Millichap has arranged the $6 million sale of Shoppes of Tamiami, a 12,909-square-foot retail strip center located at 14200 S.W. 8th St. in Miami. The center, which was developed in 2007, is 90 percent leased to Starbucks Coffee, Smoothie King, Mattress Firm, Massage Envy and T-Mobile. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. The buyer is also a Miami-based limited liability company.
CARY, N.C. — CBRE | Raleigh has brokered the sale of a 97,707-square-foot big box retail property, located at 960 Kildaire Farm Road in Cary. March Pottery LLC purchased the former Kmart from Liberty Bankers Life Insurance Co. for approximately $3.3 million. Barry Bowling and Charlie Coyne of CBRE | Raleigh represented the seller in the transaction. Rich Roy of Casto represented the buyer.
LOS ANGELES — Passco Companies has announced that the Promenade at Howard Hughes Center in Los Angeles will undergo a repositioning. The Promenade is located at 6081 Center Drive in the Silicon Beach area of West Los Angeles. Dave & Buster’s and Buffalo Wild Wings are set to open at the center later this year, while Cinemark plans to enhance its recently purchased Rave Cinemas.
RICHMOND, VA. — CBRE | Charlottesville has brokered the sale of Glen Lea Centre, a 78,493-square-foot shopping center located at 3802-3804 Mechanicsville Turnpike in Richmond. Save-A-Lot anchors the center, which also includes Dollar General, Rent-A-Center, KFC and Kool Smiles Children's Dentistry. PK Kamath of CBRE | Charlottesville, along with William Kent and Gary Lawrence of CBRE's Washington, D.C., office, represented the seller, PCS Glen Lea LLC, in the transaction.
CHICAGO — Whole Foods Market has plans to open a new store in the Englewood neighborhood on Chicago’s South Side. DL3, led by Leon Walker, will develop the 18,000-square-foot store. Slated to open in 2016, the grocery store is part of a 13-acre development located at a four-way intersection near Kennedy King Community College. The new store will bring an estimated 100 jobs to the area. Whole Foods provides healthy and organic food to its customers.
TOWNSEND, DEL. — Marcus & Millichap Capital Corp. has arranged $2.8 million in refinancing for a single-tenant retail store in Townsend, located about five miles south of Middletown. The 10-year loan carries a 4.44 percent interest rate and includes a 25-year amortization schedule. Walgreens occupies the property.
FORT WORTH, TEXAS — Realty Capital Management LLC (RCM) has brokered the sale of Eagle Mountain Plaza, a 17,000-square-foot retail property in Fort Worth. Located at 8455 Boat Club Road, the strip was 100 percent leased at the time of sale by tenants including Double Eagle Liquors, Gaskey’s Sports Grill, Papa John’s Pizza and Martini Tan. Mark Boone, director of commercial sales and leasing for RCM, represented the seller in the transaction.
LOS ANGELES — Paragon Commercial Group, LLC, has purchased the 112,649-square-foot Woodland Hills Shopping Center for an undisclosed sum. It was purchased through PCG Woodland Hills Topanga LLC, an affiliate of Paragon. The center is located at 6201-6263 Topanga Canyon Blvd. in the Los Angeles submarket of Woodland Hills. It sits across from Westfield’s two existing Warner Center malls, as well as the proposed Village at Westfield Topanga, which is designed to be a 1-million-square-foot retail and entertainment complex. The center was fully occupied at the time of sale. Notable tenants include Toys “R” Us, Office Depot and Off Broadway Shoes.This is Paragon’s second acquisition in the San Fernando Valley. Both the company and the seller, Woodland Hills Retail, LLC, were represented by Bill Bauman and Kyle Miller of Studley’s National Retail Services Group.