KELLER, TEXAS — Irving-based Realty Capital Management has arranged the sale of approximately nine acres of land in Keller to Moviehouse & Eatery, a dine-in theater concept. The parcel is located on Rufe Snow Drive just south of FM 1709. The approximately 42,000-square-foot theater will include eight upscale auditoriums, reserved seating in electric recliners and a full menu and bar. The new theater will be an addition to Keller Town Center. Construction is slated to begin in the summer and the theater is anticipating opening its doors in summer 2014. Mark Boone of Realty Capital Management represented the seller in the transaction. Debi Carter of Hudson Peters Commercial represented the buyer. Moviehouse & Eatery operates another location in Austin.
THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has inked a 5,015-square-foot lease with Ferrari of Houston. The new satellite dealership will open in The Waterway Square District in The Woodlands, located at 1501 Lake Robbins Drive. Pat Moritz of Houston International Realty represented the tenant in the lease transaction. Rip Reynolds of The Howard Hughes Corp. represented TWDC.
GARDEN GROVE, CALIF. — Saigon Plaza, a 33,074-square-foot retail center in Garden Grove, has sold to N. D. Dinh Tran Trust for $8.5 million. The center is located at 10320 Westminister Ave. The buyer was represented by Tom Nguyenof NAI Capital’s Orange County office. The seller was Westgrove Plaza.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 13,767-square-foot retail property, located at 1933 Fredericksburg Road in San Antonio. Bethany Babcock and Chad Knibbe of Marcus & Millichap's San Antonio office represented the seller, a private investor, in the transaction. The property was constructed in 1940 and is located in the historical art deco district, which has recently undergone a beautification project.
HOUSTON — MM Donuts LLC has a signed a 3,806-square-foot lease for a freestanding building in the Orleans Square Shopping Center, located on West Lake Houston Drive. MM Donuts will operate a new Dunkin' Donuts store in the freestanding property. The store will be the first location in the Houston expansion for MM Donuts. Dunkin' Donuts plans to open 50 to 60 stores in the greater Houston area during the next five years. Jonathan Hicks of Davis Commercial represented the tenant in the lease deal. Janet Maas of Century 21 represented the landlord, Compass Care Holdings Ltd.
GARDEN GROVE, CALIF. — Saigon Plaza, a 33,074-square-foot retail center in Garden Grove, has sold to N. D. Dinh Tran Trust for $8.5 million. The center is located at 10320 Westminister Ave. The buyer was represented by Tom Nguyenof NAI Capital’s Orange County office. The seller was Westgrove Plaza.
LOS ANGELES – The 14.56 acres that sit under the Midtown Shopping Center in Los Angeles have sold to Midtown Shopping Center Associates (MTSCA) for $42.5 million. The 185,000-square-foot center is located at 4725 W. Venice Blvd. in Mid-City. The land acquisition also includes the 3.5 acres under two properties adjacent to the shopping center. MTSCA includes Young Management Company and its partners, James Young and Courtland Young. Young Management will manage the property and oversee the center’s leasing and redevelopment efforts. Young Management is the center’s original developer and negotiated the ground lease with its original owner, Southern Pacific. Notable tenants at the center include Ralph's, CVS, Orchard Supply Hardware and Bank of America.
PORTLAND, ORE. — The Strand Restaurant, a 7,657-square-foot retail property in Portland, has sold to a limited liability company for $2.7 million. It is located at 1910 SW River Drive. There are about five years left on the Strand’s triple-net lease. The buyer was secured and represented by Ryan O'Leary, an investment specialist in Marcus & Millichap’s Portland office.
ASHEVILLE, N.C. — Tremont Realty Capital LLC and New England Development have teamed up to transform the Biltmore Square Mall in Asheville into the city's first outlet center. The joint venture plans to build a 325,000-square-foot retail center, located off I-26 at 800 Brevard Road, which is scheduled for completion in 2014. The nearest outlet center is 80 miles away, according to a New England Development press release. The property was originally developed in 1989 as a regional mall anchored by Belks and Dillard's. Tremont acquired the property in 2010.
PEMBROKE PINES, FLA. — A joint venture between Jeffrey A. Anderson Real Estate Inc. and an institutional investor has acquired The Shops at Pembroke Gardens for $188 million. The 395,000-square-foot property houses more than 70 shops, including Banana Republic, Bebe, Sur La Table and Victoria's Secret. The property, currently 90 percent leased, is also home to some of the highest grossing restaurants in Broward County, including Brio Tuscan Grill and Cheesecake Factory. Danny Finkle, Jim Batjer, Luis Castillo and Robert Saracco of HFF represented the seller, Duke Realty, in the transaction.