GLENDALE, CALIF. –An investment group headed byCapital Real Estate Advisors has purchased a34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house byMichael Poyer.
Retail
CORAL SPRINGS, GA. — Westview Shoppes, a distressed 60,732-square-foot shopping center anchored by Office Depot at 9525 Westview Dr. in Coral Springs, has sold for $9.6 million. Drew Kristol, Kirk Olson and Greg Zeifman of Marcus & Millichap’s Miami office represented the seller, Westview Shoppes Fla. LLC. A North Miami Beach, Fla.-based private investor purchased the retail property. Westview Shoppes was built in 1999 and features two retail plazas. Tenants include Youfit Health Club, Mega Liquors, Dunkin’ Donuts, Anthony’s Coal Fired Pizza and a dry cleaning business.
DAYTON, OHIO — Cooper Commercial has arranged the $885,000 sale of a freestanding Wright-Patt Credit Union in Dayton. The 3,500-square-foot property was developed in 2010 and requires no landlord responsibilities. Wright-Patt has a ground lease on the property through 2030, with 10 percent rental increases every five years. Bob Havasi of Cooper Commercial represented the sellers, an institutional entity based in New York. The buyer was a private group based in Cleveland.
PLANO — A 47,000-square-foot former Sports Authority, located at 701 Taylor Drive in Plano, will be the site of the new Dark Shadows Entertainment Center. The new tenant will provide year-round events, such as murder mystery dinners, corporate meetings, musical specials and weddings, as well as seasonal events, including haunted houses and Christmas fares. Construction of the new complex is expected to begin before the end of the year. Shawn Loney and Greg Trout of Henry S. Miller Brokerage represented the seller in the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of the 22,465-square-foot Fondren Shopping Center, located at 2801 Fondren Road in Houston. Derek Hargrove and Justin Miller of Marcus & Millichap's Houston office represented the seller, Braun Enterprises, in the transaction. Hargrove and Miller also procured the all-cash buyer, a Houston-based limited liability company.
GLENDALE, CALIF. — An investment group headed by Capital Real Estate Advisors has purchased a 34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house by Michael Poyer.
CAMBRIDGE, MINN. — Opus Development Corp. has sold five acres of land in Cambridge to Mills Fleet Farm. The company recently purchased a nearby building, which it plans to convert into a store, and acquired the land for additional space. The parcel is located off of Highway 95 next to the Cambridge Retail Center, which includes a Target and Cub Foods. Mid-America Real Estate represented Opus in the transaction. Mills Fleet Farm is a family-owned retailer, which carries farm, horse, pet, automotive, clothing and other goods.
NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.8 million loan for the acquisition and development of a retail speculative project in the Lower East Side. The borrower, a developer, purchased a vacant single-tenant structure and is redeveloping the property into a three-story retail property.
HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of the 12,000-square-foot Union Plaza Shopping Center, located at 7401 Alabonson Road in northwest Houston. Mark McGinley of Coldwell Banker represented the seller, a California-based bank, in the transaction.
RIVERDALE, GA. — JW Realty Capital has arranged an $11 million construction loan for the second phase of Old National Marketplace, a 299,000-square-foot power center located on Old National Highway in Riverdale, a few miles south of Hartsfield Jackson International Airport. The project is anchored by Marshalls, Burlington Coat Factory, Beauty Masters and LA Fitness. Inland Atlantic Development Corp., an affiliate of The Inland Group, completed the first phase of the project last year and is now developing the second phase. The center shares access with a Walmart Supercenter.