MESQUITE — Denver-based Baceline Investments, a boutique private real estate investment company, has purchased the 49,125-square-foot MJ Crossing, a neighborhood shopping center located at 1418 N. Town East Blvd. in Mesquite, for $3.8 million. The shopping center is the eighth property in Baceline's No Debt Fund III portfolio. The center is fully leased to tenants such as K&G Men's Store and a Sears Outlet store.
Retail
MCALLEN — A joint venture between Cielo Realty Partners and MIMCO has purchased a vacant 79,000-square-foot retail property, located in the Las Tienddas Shopping Center at the corner of Expressway 83 and McColl Road in McAllen. The property is connected to a Target. Coler Yoakum of HFF represented the seller in the transaction. The joint venture was self-represented and plans to renovate and market the property immediately.
DECATUR, GA. — Deerwood Real Estate Capital has closed on $18.5 million in refinancing for Belvedere Plaza Shopping Center in Decatur. The 275,000-square-foot retail property is anchored by Kroger and was originally built in 1956. Other tenants include CW Price, Dollar Tree and Hibachi Grill. David Rosenberg and Mark Silbersher of Deerwood Real Estate Capital negotiated the non-recourse loan on behalf of the unlisted borrower.
WICHITA, KAN. — Several new tenants have joined Bradley Fair, a 280,000-square-foot lifestyle center in Wichita. Specialty grocer Fresh Market opened a 22,000-square-foot location, and Soma Intimates, a sleepwear retailer, also opened a new space. Versona Accessories and Apricot Lane, both women's specialty retailers, will open at the center next spring. Bradley Fair, which contains more than 50 stores and restaurants, was developed by Laham Development in 1990.
PENNSAUKEN, N.J. — Restaurant Equippers has signed a 45,524-square-foot lease at The Point in Pennsauken. Restaurant Equippers, one of the largest restaurant equipment warehouse stores in the country, will open its first location in the area in the spring of 2013. The Point is an 118,000-square-foot mixed-use complex, which previously served as a movie theater building. The property is located at the intersection of Route 38 and Route 70. Brandon Anapol of Metro Commercial Real Estate represented the tenant in the transaction. The Glimcher Group represented the landlord.
FRAMINGHAM, MASS. — Centercorp Retail Properties has acquired a TD Bank-anchored retail center in Framingham for $1.8 million. The 12,080-square-foot center is located at 1255 Worcester Road. Additional tenants include The UPS Store and Lapels Dry Cleaning. Bob Hovarth and Todd Tremblay of Marcus & Millichap represented the seller, Crosspoint Associates. Hovarth and Tremblay also represented the buyer.
HOUSTON — Hunington Properties has arranged the sale of an 82,868-square-foot retail property in Houston once leased to Home Depot. Todd Carlson of Hunington Properties represented the seller, Prosperity Bank, in the transaction. Carlson also procured the buyer, Silvestri Investments.
ABILENE — Quantum Real Estate Advisors has brokered the sale of two Family Dollar stores in Abilene. The 8,320-square-foot Family Dollar at 5277 Texas Ave. sold to a private investor for $1.08 million, while the other 8,320-square-foot store sold to a California-based private fund for $1.3 million. Family Dollar has 10 years left on its lease at both stores. Jordan Kaufman of Quantum represented the seller, a Houston-based private developer, in the sale of the Texas Avenue store. Kaufman also represented the seller of the other store, a California-based private fund.
HUNTINGTON BEACH, CALIF. – An auto dealership in Huntington Beach has sold to Huntington Beach Ford for $16.2 million. The dealership is located on a 6.3-acre lot at 18255 Beach Blvd. Huntington Beach Ford is the property’s current occupant. The dealership was represented by Todd LaPlante of Five Points Commercial Real Estate. The seller, the Howard L Abel Family Trust, was represented by Michael Abel of Lee & Associates.
PORT ST. LUCIE, FLA. — Old Royal LLC, a West Palm Beach, Fla.-based private investment group, has purchased Parkway Plaza, a retail strip center in Port St. Lucie, for $1.8 million. The 42,739-square-foot retail property is located at 6500 Selvitz Rd. and was constructed in 2007. It was 39 percent occupied at the time of the transaction. William Strauss of CBRE represented the seller, Baltimore-based Quality Properties Asset Management Co.