MONTECITO, CALIF. – A 13,778-square-foot retail property in Montecito has sold to a local investor for $10.2 million. The property is located at 1046-1054 Coast Village Road. The fully leased center boasts a tenant roster that includes Starbucks, Von’s Pharmacy, Blenders In the Glass, Boutique Antoinette and Occhiali Fine Eyewear. The buyer was represented by Austin Herlihy and Steve Brown of Radius Group. The private seller was represented by Clarice Clarke of Lee & Associates – Central Coast.
FLAGSTAFF, ARIZ. – The Woodlands Village Shopping Center in Flagstaff has signed four new leases. Caf
AURORA AND LEMONT, ILL. — Two CVS pharmacy buildings have sold to a private group in Florida for $500,000 a piece. Both CVS locations are corporately backed with long-term, triple-net leases and were built in 2002. The Aurora property is 17,468 square feet and has a small retail space attached to the CVS. The Lemont property is 10,908 square feet. Cleveland, Ohio-based Cooper Commercial Investment Group represented the buyer and the seller, a private group out of Illinois, in the deal.
BRICK, N.J. — A 3,500-square-foot Verizon Wireless retail store is under construction in Brick, about 66 miles south of New York. The store is a freestanding building being developed by Piscataway, N.J.-based Edgewood Properties. Livingston-based Jarmel Kizel Architects and Engineers will provide architecture design and engineering services.
FLAGSTAFF, ARIZ. – The Woodlands Village Shopping Center in Flagstaff has signed four new leases. Café Rio and Miracle Ear hearing aids will be added to the tenant roster, while Maytag-Just-Like-Home-Laundry has found a new space at the center and Buffalo Wild Wings has expanded at the center. The shopping center is located at the southeast corner of McConnell Drive and Woodlands Boulevard. Mike Polachek of SRS Real Estate Partners serves as the leasing agent for Woodlands Village, which is owned by PDC Community Centers, LLC.
NEW LENOX, ILL. — An 11,996-square-foot CVS building has sold to a private group in Ohio for $400,000. The CVS/pharmacy location is corporately backed with a long-term, triple-net lease. The property was built in 2002 and is located approximately 36 miles southwest of downtown Chicago. Cleveland, Ohio-based Cooper Commercial Investment Group represented the buyer and the seller, a private group out of Illinois, in the deal.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Co. will bring a 61,233-square-foot Dick's Sporting Goods anchor store and a 4,166-square-foot Corner Bakery Cafe to The Shops at La Palmera in Corpus Christi. Construction is set to begin soon on the Dick's Sporting Goods, which is anticipated to open this fall. Corner Bakery Cafe is scheduled to open in May. The Shops at Palmera is a 200,000-square-foot retail development located across from the La Palmera mall. The retail development underwent a two-year, $50 million renovation after Trademark and Institutional Mall Investors LLC purchased the property in 2008.
RIVERSIDE, CALIF. – A 6,160-square-foot, single-tenant property that is occupied by Chase Bank in Riverside has sold to a private Los Angeles investor for $5 million. The property is located at 10355 Magnolia Ave. The buyer was represented by George Y. Ragheb of Entrance Homes. The seller, 665 Claremont LP, was represented by William B. Asher, Kevin T. Fryman and Edward B. Hanley of Hanley Investment Group Real Estate Advisors.
FERNDALE, WASH. – A 2,812-square-foot, net-leased building in Ferndale that is occupied by Jack in the Box has sold to an unnamed buyer for $2 million. The property is located at 1819 Main Street. The seller, a limited liability company, was represented by Aaron Hines of Marcus & Millichap’s Seattle office.
LOUISBURG, N.C. AND PRINCETON, W. VA. — Marcus & Millichap has arranged the sale of two Sheetz ground leases in Louisburg and Princeton for a total of $3.6 million. The Louisburg location sold for $1.7 million, while the Princeton site sold for $1.9 million. Sheetz, a quick serve restaurant/convenient store with gasoline pumps, has 435 locations, with plans to reach 500 stores by 2015. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer in the transaction. Brian Munn, also of Marcus & Millichap, represented the sellers.