HUNTINGTON BEACH, CALIF. — Sampont Properties has received an $8.4-million acquisition loan for CVS Plaza, a 31,140-square-foot, multi-tenant retail center in Huntington Beach. The center is located on 2.54 acres at 18872-17922 Beach Blvd. It is fully leased to tenants including CVS/pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America.Sampont was represented by Jim Wellbaum of Triwell Properties. The seller, ValCenters, was represented by William B. Asher, Eric P. Wohl and Edward B. Hanley of Hanley Investment Real Estate Advisors. CVS Plaza was built in 2004 and remodeled in 2008. The total sales price for the property was $13.87 million. Financing was provided by Kenny Lim of Farmers & Merchants Bank.
SURPRISE, ARIZ. — Grand Village, a 25,653-square-foot retail center in Surprise, has received $2.15 million in financing. Bealls, the center’s major tenant, is expected to renew its lease shortly. Financing was arranged by Jim Cooper of NorthMarq Capital’s Phoenix regional office.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014.Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
FRANKLIN, TENN. — Kite Realty Group Trust has acquired the 224,000-square-foot Cool Springs Market in Franklin for $37.5 million. The center is 95 percent occupied and anchored by Dick's Sporting Goods, Marshalls, JoAnn Fabrics, Staples and a non-owned Kroger. It is located near the intersection of I-65 and Cool Springs Boulevard. The average household income within a five-mile radius of the center is $124,000 per year, and the population density is 85,200. The purchase is part of Kite's strategy to grow its portfolio in cities in the Southeast, Midwest and Texas.
CHARLOTTESVILLE, VA. — A new Fresh Market grocery store has opened at Albemarle Square, located at 100 Albemarle Square in Charlottesville. The grand opening took place Feb. 6. Albemarle Square is located 70 miles west of Richmond, Va., along Route 29 North, and is home to a mix of local and national restaurants and retailers. Dumbarton Properties manages the property.
TULSA AND OKLAHOMA CITY, OKLA. — Stan Johnson Co. has secured the sale of two Garden Ridge stores in Oklahoma totaling $19.6 million. The properties are located at 11015 E. 51st St. S. in Tulsa and 701 S. Macarthur Blvd. in Oklahoma City. Ken Hedrick, Andrew Ragsdale and Jerry Hopkins of Stan Johnson Co. represented the seller, New York-based W.P. Carey Inc., in the transaction. The buyer was Arizona-based STORE Capital. Both properties have been fully leased by Garden Ridge Corp. since 1996. The two stores feature 11.5 years remaining of primary lease term, with four five-year renewal options.
FORT WORTH, TEXAS — NorthMarq Capital has arranged $18.25 million in first mortgage refinancing for the 200,000-square-foot Chapel Hill Shopping Center, located at Interstate 30 and Hulen Street in Fort Worth. Chapel Hill's tenants include H-E-B Central Market, The Container Store and World Market. Phillip Bankhead of NorthMarq's Dallas office arranged the 10-year, interest-only loan through a CMBS lender.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014. Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
DALLAS — The Plaza at Preston Center, an upscale shopping destination located in the affluent Park Cities neighborhood in Dallas, has added new tenants and will experience expansions to existing retailers. International retailers LUBLU Kira Plastinina and Aftershock London have selected The Plaza for their flagship U.S. stores. LUBLU will occupy 1,096 square feet and Aftershock London will occupy 1,850 square feet on the ground floor of a new building currently under development. Other new tenants include Sprinkles Ice Cream and True Food Kitchen, which are both making their Texas debut with these new restaurants. Sprinkles will occupy 1,135 square feet and True Food Kitchen will occupy 4,419 square feet. Additionally, Sprinkles Cupcakes and Calypso St. Barth are expanding and/or relocating their stores in The Plaza. Calypso will occupy 3,173 square feet. Other new and/or returning retailers include Dallas jewelry maker Matthew Trent (1,600 square feet) and Bag'n Baggage (3,419 square feet). With the new additions and expansions, The Plaza is nearly 100 percent leased. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease negotiations. Rand Horowitz of First Resource Realty represented Bag'n Baggage, Zachary Porter of Retail Street Advisors represented LUBLU, Lisa Streidl of …