ARVADA, COLO. — Phillips Edison–ARC Shopping Center REIT Inc. has purchased Westwoods Shopping Center, a 90,855-square-foot shopping center in Arvada. The purchase price was not disclosed. The center is located at 15530 & 15570 West 64th Ave. just northwest of Denver. It is currently 95.4 percent occupied and is anchored by King Soopers grocery store, a subsidiary of Kroger.
BEND, ORE. — Walgreens preferred developer Seven Hills Properties has purchased a 1.8-acre land parcel in Bend for $2.8 million. The site is on the southwest corner of Third Street and Franklin Avenue. It stretches for a full city block. Construction on the new Walgreens will begin next month, with Kirby Nagelhout serving as general contractor.
BOARDMAN, OHIO — Marcus & Millichap has arranged the $850,000 sale of DentalWorks, a 2,761-square-foot, net-leased property located in Boardman about 50 miles east of Akron. Brian Parmacek and Stephen Rachman, investment specialists in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a private investor. Parmacek and Rachman, also represented the buyer, a limited liability company in the transaction. DentalWorks is located at 930 Boardman Poland Road. This facility is one of 160 locations in 14 states and is now part of DentalOne Partners, one of the nation's largest privately owned dental services companies. Michael Glass, the Ohio broker of record, assisted in closing the transaction.
BROOKLINE, MASS. — The Grossman Cos. Inc., with its partner, the Kara Family, has purchased a 3,000-square-foot retail building in Brookline for $2.3 million. The retail property is located at 429 Harvard St. in the heart of the Coolidge Corner section of Brookline. Cambridge Savings Bank financed the acquisition. Citizen Bank occupies the building, which includes 14 parking spaces. The Grossman Companies has acquired approximately 750,000 square feet of office, retail and industrial property across New England during the last three years.
CORTLAND, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.4 million loan for the refinancing of a single-tenant building in Cortland, located about 34 miles south of Syracuse. Christopher Marks, associate director, and Kyle Young, associate, in the firm’s Manhattan office, arranged the financing. The 10-year loan includes a fixed-interest rate of 4.25 percent and a 20-year amortization schedule. Kentucky Fried Chicken occupies the building, which is located at 3890 State Route 281.
MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $18.1 million sale of a seven-property retail portfolio in Miami Beach's South Beach neighborhood. The portfolio totals 43,000 square feet and includes six properties on the Alton Road corridor and one property at Collins Avenue and 73rd Street. The tenants include Panera Bread, Papa John's Pizza, Alex Linens, Beach Food Market, Lambs Laundry, Nu Art Signs and Provecho Bistro Latino. Drew Kristol and Kirk Olson of Marcus & Millichap's Miami office represented the seller, Twin City Realty LLC, and the buyer, a local family trust, in the transaction.
LITHIA SPRINGS, GA. — Blanchard & Calhoun Commercial, a real estate development and brokerage firm based in Augusta, Ga., has arranged the sale of Paradise Crossing, a 67,470-square-foot shopping center in Lithia Springs, located about 17 miles west of Atlanta, for $9 million. The property is situated at the intersection of Lee and Fairburn roads (Highway 92). Publix anchors the center, which is 95 percent leased to a mix of local, regional and national tenants. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun Commercial represented the buyer, a public non-traded REIT, in the transaction. The retail REIT purchased the center from The Simpson Organization.
ORLANDO, FLA. — The Boulder Group, a net leased investment brokerage firm based in suburban Chicago, has arranged the sale of a single-tenant CVS/pharmacy, located at 1201 E. Colonial Drive in Orlando, for approximately $2.7 million. CVS/pharmacy is the sole tenant of the 10,767-square-foot property. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based on the East Coast, and the seller, a private individual based in the Midwest.
HOUSTON — A second Houston location of the Yucatan Taco Stand and Tequila Bar has been confirmed for 1001 Studewood Street No. 1 in Houston. The company has signed a retail restaurant property lease for a total of 4,900 square feet, of which Yucatan will occupy 3,200 square feet. The operator will use the remaining space for a concept yet to be named. Christopher Dray of Moody Rambin represented the landlord, The Omaha & South Texas Land Company LLC. Mark Raines of CBRE represented the tenant.
REDMOND, WASH. – Redmond Town Center, a 695,000-square-foot, mixed-use urban shopping center, has sold to a fund managed by DRA Advisors LLC and JSH Properties for an undisclosed sum. It is located at 7525 166th Ave NE in Redmond. The open-air center is set to undergo a series of upgrades to make it more pedestrian-friendly. Notable tenants at the center include Ann Taylor, REI, Bed Bath & Beyond, Macy’s, Chico’s, The Gap, The MAC Store, Victoria Secret and Cost Plus World Market. Charming Charlies, 24 Hour Fitness and Jersey Mikes are set to open at the center this fall.