SURPRISE, ARIZ. — The Boulevard At Surprise Pointe, a 141,507-square-foot specialty/entertainment shopping center in Surprise, has sold to CIRE Investments for $17.5 million. The center is located on the southeast corner of Waddell and Litchfield Roads. It is 62 percent leased. Its anchors include Ultra Star Cinemas, Walgreens and Uptown Alley Entertainment Center. The Boulevard features eight strip-retail buildings and six land pads for future development. The seller, Karlin Real Estate, was represented by Ryan Schubert and Michael Hackett with Cassidy Turley Arizona’s Capital Markets Group. Brad Douglass and Chris Hollenbeck of Cassidy Turley Arizona’s Retail Group will act as the center’s leasing agents.
JACKSONVILLE, FLA. — Raleigh, N.C.-based First Citizens Bank and Trust has acquired two properties and leased a third property for expansion in Northeast Florida. The financial institution purchased three combined lots at the corner of San Marco Boulevard and Cedar Street in Jacksonville to construct a two-story, 6,000-square-foot building that will house its Jacksonville office and San Marco branch. It also purchased a 4,053-square-foot vacant building at 13860 Old St. Augustine Rd. within the Shoppes of Bartram Park. The building previously served as a banking branch of another financial institution. The Federal Deposit Insurance Corp. (FDIC) sold the building to First Citizens for $2.25 million and it will be renovated for the bank’s Julington Creek branch. First Citizens is also relocating its Ponte Vedra branch to 830 State Rd. A1A North within Tournament Plaza through a 2,500-square-foot lease from Sleiman Enterprises. Lee Stine and Rick Sutton of Jacksonville-based Grubb & Ellis/Phoenix Realty Group represented First Citizens in all three transactions.
DETROIT — A ground lease portfolio of 11 Michigan 7-Eleven locations has hit the market for $18.9 million. The properties are fully occupied and are located in Howell, Shelby Township, Macomb, Chesterfield, Romulus, Warren, Clinton Township and Lenox Township. Simon Jonna and Raymond Jonna of Marcus & Millichap are representing the seller, a private partnership.
CASS LAKE, MINN. — Marcus & Millichap has arranged the $120,000 sale of an O'Reilly Auto Parts property in Cass Lake. The 4,000-square-foot building is located at 6289 Cass Frontage Road. Mike Marzinske, Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a private investor. Marzinske also represented the buyer, a private investor.
DAYVILLE, CONN. — Inland Diversified Real Estate Trust has acquired a majority interest in The Crossing at Killingly Commons, a 395,539-square-foot shopping center in Dayville. Inland purchased the property through a joint venture with Dayville Unit Investors, an affiliate of the seller, for $60.2 million. Completed in 2010, the center is anchored by Lowe's Home Improvement, which operates on a ground lease, as well as Stop & Shop and T.J. Maxx.
FORT WORTH — Alliance Architects has been selected to provide architectural and design services for Tandy Leather Factory's flagship store, which will be located adjacent to Tandy's corporate headquarters in Fort Worth. The 21,000-square-foot property will feature meeting/teaching space on the lower level. Bob Moore Construction is providing general construction and construction management services. The project is slated for a March 2013 completion.
FORT WORTH — Marcus & Millichap has arranged the sale of a 32,400-square-foot Ross Dress for Less, located at 4629 S. Hulen St. in Fort Worth. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a partnership, and the buyer in the transaction.
SURPRISE, ARIZ. — The Boulevard At Surprise Pointe, a 141,507-square-foot specialty/entertainment shopping center in Surprise, has sold to CIRE Investments for $17.5 million. The center is located on the southeast corner of Waddell and Litchfield Roads. It is 62 percent leased. Its anchors include Ultra Star Cinemas, Walgreens and Uptown Alley Entertainment Center. The Boulevard features eight strip-retail buildings and six land pads for future development. The seller, Karlin Real Estate, was represented by Ryan Schubert and Michael Hackett with Cassidy Turley Arizona’s Capital Markets Group. Brad Douglass and Chris Hollenbeck of Cassidy Turley Arizona’s Retail Group will act as the center’s leasing agents.
HUNTINGTON BEACH, CALIF. — Edinger Plaza, a 155,000-square-foot retail center in Huntington Beach, has completed its $20-million renovation, which commenced in late 2011. Improvements to the plaza included site, landscaping and exterior upgrades. A few of the center’s buildings were also expanded. They include a vacant 25,000-square-foot building that was expanded to 47,948 square feet to accommodate Dick’s Sporting Goods; another vacant building that was expanded to 34,000 square feet to accommodate Nordstrom Rack; and a Michaels store that was expanded to 25,000 square feet. The center also received a new drive-thru Starbucks. Edinger Plaza is now 94 percent leased. Ken Shishido and Chris Wilson of Wilson Commercial Real Estate serve as the center’s leasing agents, while Coreland Companies oversees the property management. MPA acted as project manager of the plaza’s redevelopment.
ONTARIO, CALIF. – A 2,313-square-foot property in Ontario that is triple-net leased to Taco Bell has sold to a private investor for $2.06 million. It is located at 2544 S. Archibald Ave. Taco Bell recently renewed its long-term corporate lease for another 20 years. Phil Voorhees, John Read, Patrick Toomey and Megan Read of CBRE’s National Retail Investment Group-West represented the seller in this transaction.