GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of two net-leased restaurant properties in the northern Dallas/Fort Worth suburb of Grapevine. The assets include a 9,551-square-foot building, located at 1285 S. Main St. and occupied by Fireside Pies; as well as a 5,595-square-foot building located at 1265 S. Main St. and occupied by Winewood Grill. The restaurants are part of the Grapevine Epicenter development, which is in close proximity to State Highway 114. Jason Vitorino of Marcus & Millichap marketed the properties on behalf of the seller, a local private investor, and also procured the buyer, a limited liability company. Single Purpose LLC will operate the facilities and has guaranteed the leases.
Retail
JEFFERSON, N.J. — HFF announced has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot grocery-anchored retail center in Jefferson. Ridge Plaza is situated on a 15.5-acre site at 5730 Berkshire Valley Road and is the only grocer within a five-mile radius. Completed in 2001, the property is 90 percent leased. Tenants include A&P, Chase Bank, The UPS Store, Subway and Dunkin' Donuts. CVS/pharmacy and McDonald’s occupy the two pad sites at the property. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. ACRE Group, a full-service commercial real estate company out of Connecticut, represented the buyer in the transaction. HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment team representing the seller included Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein of HFF arranged the financing for the buyer. ACRE Group’s acquisitions team, led by Daniel Charest and Jacqueline Barrett, identified this investment opportunity for the buyer.
MUKWONAGO, WIS. — The Dickman Co. Inc./CORFAC International has completed the sale of an 11,400-square-foot retail building in Mukwonago, a city approximately 30 miles southwest of Milwaukee. The property is located at 723 N. Rochester Ave. Nathan Powers and Brian Riordan of Boerke Co. Inc. represented the buyer, 723 Rochester LLC. Dave Hazenfield of the Dickman Co. Inc. represented the seller, Cheryl A. Berg.
LITTLE ELM, TEXAS — Henry S. Miller Cos. has sold Little Elm Towne Crossing, a 170,000-square-foot retail property in the Dallas suburb of Little Elm. Henry S. Miller Cos. originally purchased the 21-acre parcel in 2005 and developed the neighborhood shopping center on the land in 2008. Tenants of the facility include anchors Hobby Lobby and 24 Hour Fitness, as well as Hibbets Sports, Planet Tan, Baskin-Robins and Monarch Dental. Robert Grunnah, Darrell Hurmis and Daniel Harris of Henry S. Miller Cos. arranged the sale. LETC Dunhill LLC acquired the asset.
SAN ANTONIO AND AUSTIN, TEXAS — Venture Commercial Real Estate has arranged two leases in Austin, as well as another lease and a land sale in San Antonio, on behalf of Fitness International LLC, which will open four new LA Fitness locations at the sites. John Zikos, Jonathan Cooper and Chris Booras of Venture worked with Walt Brown Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern U.S., on each of the deals. In Austin, Venture arranged a 40,000-square-foot lease at a facility to be constructed at 2020 W. Anderson Lane. In this arrangement, Alan Rust of Retail Solutions represented the unnamed landlord. Also in Austin, Venture arranged a 46,200-square-foot lease at a facility to be constructed in the Lamar Oaks shopping center, located at 4001 S. Lamar Blvd. In this lease, Adam Zmiel of The Weitzman Group represented the unnamed landlord. In San Antonio, Venture arranged a 45,000-square-foot lease at a facility to be constructed in the Vineyard shopping center, located at the corner of Loop 1604 and Blanco Road. In this deal, Thomas Tyng of REATA Real Estate Services represented the unnamed landlord. Finally, Venture arranged the sale of a six-acre parcel …
MORENO VALLEY, CALIF. – Alto Real Estate Funds has acquired TownGate Center, a 300,000-square-foot retail complex in Moreno Valley, for $47.2 million. The complex is located at 12625 Frederick Street, just east of Riverside. It is currently 91 percent occupied. Notable tenants include TJ Maxx, ULTA, AT&T, Chipotle, Chase Bank, Time Warner Cable, Wells Fargo Bank and Dollar Tree. TownGate was purchased by Alto through Alto Fund 2, the company’s new American investment vehicle. The transaction was financed with $15 million of equity, as well as a $32-million loan from Deutsche Bank. The loan carries a fixed interest rate of 4.55 percent.
OKLAHOMA CITY — Quantum Real Estate Advisors Inc. has brokered the $1.4 million sale of an 8,000-square-foot retail facility occupied by Family Dollar in Oklahoma City. The tenant had a full 10 years remaining on an initial 10-year net lease at the time of sale. Jordan Kaufman of Quantum represented the seller, a Houston-based developer, in the transaction. Chad Firsel, also of Quantum, represented the buyer, a California-based private investment fund.
ALISO VIEJO, CALIF. – A 25,960-square-foot property in Aliso Viejo that is triple-net leased to PetSmart has sold to RPM Catalina & Tanque Verde LLC for $8.1 million. The building is located at 26761 Aliso Creek Road within the Aliso Viejo Town Center. RPM Catalina was represented by Dennis Vaccaro of Faris Lee Investments. Vaccaro also represented the seller, a local partnership that had owned the property since it was constructed, along with Nicholas Coo.
SALINAS, CALIF. – A 22,500-square-foot retail building in Salinas that is occupied by CVS has sold to Robert Miles Living Trust for $5.2 million. The building is located at 662 E. Boronda. The trust plans to hold the property as an investment. It was represented by Matt Weaver, Al Apuzzo and Patrick Miller of Lee & Associates North County San Diego. The seller, LD&B Investment LLC, was represented by Brian Bethea of NAI Capital.
GROTON, CONN. — Marcus & Millichap has arranged the $5.2 million sale of a 34,944-square-foot retail property anchored by a Walgreens in Groton. Seth Richard and Laurie Ann Drinkwater of the firm marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor. Located at 441 Long Hill Road, the 24-hour store features a double drive-thru and separate exit.