WILBURTON, OKLA. — Quantum Real Estate Advisors has brokered the sale of an 8,000-square-foot build-to-suit retail building leased to Family Dollar in Wilburton, approximately 120 miles south of Tulsa. At the time of sale, the tenant had nine years remaining on an initial 10-year, double net lease. Quantum’s Jordan Kaufman represented the seller, a private developer based in Houston, and the buyer, a private 1031 tax-deferred exchange buyer from California.
NEW YORK CITY — KZA Realty Group Inc. (KZA) has brokered three commercial real estate deals in the Bronx for a combined total of $3.7 million. KZA represented both seller and buyer in each of the transactions. Uzi Shvut of 699 MP Realty LLC purchased a 21,850-square-foot retail strip center at 699-723 Morris Park Ave. from 699 Morris Park Avenue Corp. for $2 million. At 33 West Tremont Ave., Brightside Academy leased 7,272 square feet of daycare space and 1,500 square feet of outside play area from landlord Atlantic Development. Rent for the initial 10-year term will total $1.6 million. At 1468 Williamsbridge Road, Yonkers Contracting leased 2,500 square feet of second floor office space from landlord Bronx Home.
HOUSTON — NewQuest Epic Investments has acquired the 193,595-square-foot Easton Commons Shopping Center, located at the corner of Highway 6 and West Road in Houston’s Copperfield master-planned community. The property is anchored by Kroger Signature and Studio Movie Grill. The investment arm of full-service retail real estate company NewQuest Properties, NewQuest Epic Investments plans to remodel Easton Commons as part of its value-add strategy.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Company has added DSW to the list of tenants at The Shops at La Palmera, a 200,000-square-foot outdoor shopping center in Corpus Christi, located across from super regional mall La Palmera. Construction of the 18,000-square-foot space for DSW is underway, as well as the future homes of Jared the Galleria of Jewelry, Dick’s Sporting Goods, T.J. Maxx and HomeGoods. This will be the first location in Corpus Christi for DSW, which currently operates 376 stores in 42 states, Washington, D.C. and Puerto Rico.
EVERGREEN PARK, ILL. — Inland Real Estate Corp. has announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group LLC and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512-square-foot shopping center in metro Chicago. Mariano’s will occupy 75,000 square feet and anchor the retail property located in Evergreen Park, about 15 miles south of Chicago. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a three-mile radius. Including the lease signed with Mariano’s, Evergreen Promenade is more than 80 percent pre-leased. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in fall 2014. Upon completion, Inland’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.
HUNTSVILLE, ALA. — Sperry Van Ness | Avat Realty has arranged the $2.5 million sale of a 81,000-square-foot retail property in Huntsville. The retail center is located at 1001 N. Memorial Parkway and its tenant roster includes Books-A-Million and Toys “R” Us. Sperry Van Ness | Avat Realty represented the seller in the transaction.
PALATINE, ILL. — Ramco-Gershenson Properties Trust has purchased Deer Grove Shopping Centre, a 236,173-square-foot property in Palatine, for $20 million. Developed in 1996, the retail center is anchored by Dominick’s, a Chicago-based grocer, and TJ Maxx/Home Goods, Petco and Staples. Target and Home Depot shadow-anchor the shopping center. The property is located at 605 E. Dundee Road, about 30 miles northwest of Chicago, and was 81 percent leased at the time of sale. Janice Sellis and Paul Barile of Transwestern’s Chicago office, along with C-III Realty Services, represented the seller, C-III Asset Management, in the transaction.
CHICAGO — Baum Realty Group LLC has arranged the sale of the REPAK Wicker Park Retail Portfolio, which includes five buildings totaling 28,000 square feet in the Wicker Park neighborhood of Chicago. The purchase price was undisclosed. The properties are located at 1455, 1519, 1521, 1525 and 1529 N. Milwaukee Ave. Tenants of the buildings include Citibank, Urban Outfitters, G-Star, Chrome Industries, Crossroads Trading and Dermatology and Aesthetics of Wicker Park. The portfolio offered properties with a range of rental rates, including some below market, according to Baum. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the seller and procured the buyer, Newcastle Limited.
FAIRHAVEN, MASS. — Heyman Properties has sold the 212,393-square-foot Fairhaven Commons, located in the Boston suburb of Fairhaven, for $23.8 million. The property, which was built in 1989, is 93 percent leased. Walmart and Marshalls anchor the center. Additional tenants include Sears Hardware, GNC and Wendy's. James Koury and Ben Sayles with HFF represented the seller and procured the buyer in the transaction.
HOUSTON — Whitestone REIT (NYSE: WSR) has launched four property redevelopment programs in the Houston metro area as part of a repositioning and rebranding initiative. The properties include Woodlake Plaza, a 106,000-square-foot office building in the Westchase District; Main Park, a 113,000-square-foot medical lab facility near Reliant Stadium and Texas Medical Center; Lion Square, a 118,000-square-foot retail center in the Asian district of southwest Houston; and Torrey Square, a 106,000-square-foot retail center in a predominately Latino district of north Houston. Whitestone purchased the properties for $60 per square foot on average.