WAIMEA, HAWAII — KZ DevCo, LP has completed construction on a 23,008-square-foot Long’s Drugs in Waimea on behalf of CVS/pharmacy. The $10.3-million store was built on two land parcels totaling 2.27 acres. They are located at 65-1271 Kawaihae Road. The full-service pharmacy will replace a smaller, 1,424-square-foot Long’s Drugs that is located in an adjacent center. The store is expected to serve nearly 15,000 residents in the north Kohala upcountry coast of the Big Island. This is the ninth Long’s Drugs that KZ DevCo has completed in Hawaii in the past six years.
Retail
HEMET, CALIF. — Diamond Valley Plaza, a 58,034-square-foot shopping center in Hemet, has sold to Time Equities Inc. (TEI) for $5.8 million. The center is located on Diamond Valley Road. It is 94 percent leased to tenants like Crunch Fitness and Big Cheese Pizza. It is shadow anchored by Sprouts Farmers Market. This is TEI’s fourth shopping center purchase this year.
AUBURN, COLO. — Auburn Shopping Center, a 39,829-square-foot retail property, has sold to a limited liability company for an undisclosed amount. The center is located at 1801 Howard Road in Auburn. It is anchored by Jo-Ann Fabric and El Mercado Latino Grocery. The buyer was represented by Dino A. Christophilis of Marcus & Millichap’s Seattle office.The seller was also represented by Christophilis, along with Larry Corkins of the same office.
WAUWATOSA, WIS. — Premier Design + Build Group and HSA Commercial Real Estate have begun construction on a 255,000-square-foot retail redevelopment project near Milwaukee. Located two blocks north of Mayfair Mall, the retail space has been preleased to Dick’s Sporting Goods, Ulta Cosmetics, Old Navy and Nordstrom Rack. Plans for the large-scale development include demolishing portions of an old produce warehouse complex and removing a former water tower. Slated for a spring 2014 completion, the retail project will include space for up to 20 tenants. Phase I of the redevelopment project will complete the retail and warehouse segment of the Mayfair Collection in the Burleigh Triangle area.
LAPEER, MICH. — Marcus & Millichap has arranged the $4.9 million sale of Kmart Plaza, a 131,033-square-foot retail property in Lapeer, located about 20 miles east of Flint. Rick O'Connor, a retail investment specialist in Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a New York-based real estate investment firm. O'Connor also represented the buyer, Charlie Laurencelle of Laurencelle Properties, a Michigan-based private investor, in the transaction. Kmart Plaza is located at 863 S. Main St. and was 94 percent occupied at the time of sale. Anchored by Kmart, other tenants also include O’Reilly’s Auto Parts, Dollar Tree, Pet Supplies Plus, Rent A Center, Radio Shack and Maurice’s.
WAIMEA, HAWAII — KZ DevCo, LP has completed construction on a 23,008-square-foot Long’s Drugs in Waimea on behalf of CVS/pharmacy. The $10.3-million store was built on two land parcels totaling 2.27 acres. They are located at 65-1271 Kawaihae Road. The full-service pharmacy will replace a smaller, 1,424-square-foot Long’s Drugs that is located in an adjacent center. The store is expected to serve nearly 15,000 residents in the north Kohala upcountry coast of the Big Island. This is the ninth Long’s Drugs that KZ DevCo has completed in Hawaii in the past six years.
HEMET, CALIF. — Diamond Valley Plaza, a 58,034-square-foot shopping center in Hemet, has sold to Time Equities Inc. (TEI) for $5.8 million. The center is located on Diamond Valley Road. It is 94 percent leased to tenants like Crunch Fitness and Big Cheese Pizza. It is shadow anchored by Sprouts Farmers Market. This is TEI’s fourth shopping center purchase this year.
AUBURN, COLO. — Auburn Shopping Center, a 39,829-square-foot retail property, has sold to a limited liability company for an undisclosed amount. The center is located at 1801 Howard Road in Auburn. It is anchored by Jo-Ann Fabric and El Mercado Latino Grocery. The buyer was represented by Dino A. Christophilis of Marcus & Millichap’s Seattle office. The seller was also represented by Christophilis, along with Larry Corkins of the same office.
PARMA, OHIO — Marcus & Millichap has arranged the sale of State Hill Plaza, a 14,659 square-foot retail property in Parma, located about nine miles south of Cleveland. Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a local investment company. The buyer, a private investor, was secured and represented by Ryan Moore, an investment specialist in Marcus & Millichap’s Cleveland office. State Hill Plaza is located at 5566-5590 State Road and sold for $867,500.
AURORA, COLO. — HighPoint Marketplace, a 99,433-square-foot retail center, has received $15 million in refinancing. It is located at 18648-18860 E. Hampden Ave. and 3594 S. Tower Road. The center was built in 2001 and is anchored by a 55,580-square-foot Safeway. Other notable tenants include Great Clips, Wendy’s and H&R Block. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver regional office.