DALLAS — David Disney, formerly with UCR Investment Sales, has closed on the sale of Preston Oaks, a 103,000-square-foot grocery-anchored shopping center in Dallas. The center is located at the southeast corner of Preston Road and Royal Lane in the Preston Hollow neighborhood. H-E-B's Central Market grocery concept anchors Preston Oaks. Other tenants include White House | Black Market, Gap, Pier 1 Imports, Francesca's, Neighborhood Services and McDonald's. Jacksonville, Fla.-based Regency Centers acquired the center in an off-market transaction from a partnership controlled by Trademark Property Co. Disney, along with Stuart Brackenridge of Regency Centers, represented the buyer in the transaction. The seller was self-represented.
VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot. Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.
TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlian of NAI Capital’s South Bay office. The seller was Vivial Markham Trust.
MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
CONYERS, GA. — Ackerman & Co. has brokered the sale of a net-leased CVS/pharmacy in Conyers for $1.9 million. The 9,504-square-foot property is located across from Rockdale Medical Center. It was constructed for Eckerd Drugs in 1996, and CVS assumed the lease in 2009. Jason Powell of Ackerman arranged the all-cash deal between the buyer, Florida-based LJL Holdings, and the seller, a private entity based in New Jersey.
DEERFIELD, BEACH, FLA. — Walmart has opened its newest Neighborhood Market in Deerfield Beach. The approximately 57,000-square-foot store is located at 1101 S. Military Trail. The new store has tailored its products to the surrounding community with an extensive selection of kosher products. It also features a self-serve deli and a bakery. First launched in 1998, Walmart Neighborhood Market is a grocery store concept built on approximately one-quarter the footprint of a Walmart Supercenter. Neighborhood Markets focus on providing food products and household items to the surrounding community.
AUBURN HILLS, MICH. — Books Holding LLC has sold a former Borders building in Auburn Hills, located about 30 miles north of Detroit. The purchase price was undisclosed. The 25,000-square-foot property is located at 3924 Baldwin Road. The building has been vacant for 18 months and is located near a Starbucks, Pier 1 Imports, Subway and U.S. Post Office. Detroit-based Stokas Bieri, an X Team International partner, represented the seller in the transaction. The buyer, JMG Auburn Hills LLC, was self-represented.
LEOMINSTER, MASS. — Vintage Real Estate has acquired The Mall at Whitney Field, a 700,000-square-foot shopping center located in Leominster, about 35 miles west of Boston. The mall’s tenant roster includes Macy’s, Sears, JC Penny, Market Basket grocery, Toys “R” Us, Old Navy and 70 additional retailers and restaurants. Along with the acquisition, Vintage executed a 10-year lease with Burlington Coat Factory for the 66,000-square-foot former Circuit City store. The retailer is expected to open at the mall in the first quarter of 2014. The mall was sold in 2007 for $82 million, which included the assumption of a $74.5 million loan. The lender foreclosed on the mall in November 2010, with a $72.2 million loan balance, and Eastdil Secured LLC marketed it for sale.
GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.
FORT WORTH, TEXAS — Fort Worth-based Trademark Property Co. has opened a 50,000-square-foot Dick's Sporting Goods store at Alliance Town Center, a retail development located in north Fort Worth. Trademark also announced its plan for Phase II of the center, which includes constructing a total of 237,000 square feet of retail space and restaurants. Dick's is anchoring Phase II and construction is underway on Razzoo's Cajun Cafe, Pie Five and Cold Stone Creamery. Groundbreaking on the remainder of Phase II is slated for fall and completion is expected in spring 2014. Additionally, Alliance Town Center will undergo a “Main Street” style expansion, which will encompass 150,000 square feet of specialty retail space and dining. The expansion is expected to open in late 2014 or early 2015. Once completed, the center will consist of 1.3 million square feet of retail, restaurants and entertainment.