MODESTO, CALIF. — A 45,950-square-foot retail property in Modesto that is leased to Best Buy has sold to an unnamed buyer for $6 million. It is located off State Highway 99 and Sisk Road. There are seven years remaining on Best Buy’s 20-year, absolute triple-net lease. The lease also offers three, five-year renewal options with rental increases every five years. Rod Pickney and Chad Byerly of Stan Johnson Company represented the unnamed seller in this transaction.
LUTZ, FLA. — Prestige Properties & Development has closed on its purchase of Van Dyke Commons, a 139,347-square-foot community center in Lutz for $30.2 million. Tenants include LA Fitness, Home Goods and Golfsmith. iStar Financial was the seller.
BUFORD, GA. — Blue Ridge Capital LLC has acquired two value-add retail centers in Buford, approximately a half-mile from I-985 along Lanier Islands Parkway, for $2.5 million. The sale included the 23,750-square-foot Friendship Village, a neighborhood center that includes tenants such as All Eyes Vision, Lanier Dental and La Cazuela, a Mexican restaurant. The second property is the 23,450-square-foot Shoppes at Friendship, with tenants such as Subway, Vinny's New York Pizza and Ark Veterinary Hospital. State Farm also finalized a 1,050-square-foot lease at the property at the close of the deal. Blue Ridge plans to renovate the properties, which were approximately 60 percent vacant at the time of sale.
BATAVIA, ILL.— Paragon Real Estate has purchased the 42,500-square-foot former Wickes Furniture building in Batavia, a suburb of Chicago. The Oak Brook, Ill.-based developer has also executed a lease for the property, located at 165 N. Randall Road, with Art Van Furniture. The location is one of several that Warren, Mich.-based Art Van Furniture plans to open in the Chicago area in 2013. The furniture retailer, which operates 36 stores throughout Michigan, plans to take occupancy of the freestanding building this summer. The building is shadow-anchored by a Target and a new Chick-fil-A, which opened adjacent to the property in February. Michael Havdala and Brenton Schrader of Chicago-based HSA Commercial Real Estate represented the seller, US Bank, in the transaction. Stan Bobowski and Chris Bobowski, of Naperville, Ill.-based Bobowski Commercial Real Estate represented the tenant, Art Van Furniture.
BRIGHTON, MICH. – McKinley Inc. has named Colliers International the leasing agent for Green Oak Village Place in Brighton, Mich. The 315,000-square-foot retail property site is located alongside U.S. Route 23, just south of I-96. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor have listed the available retail spaces.
HOUSTON — New York City-based Cohen Real Estate has arranged the sale of Willowchase Shopping Center, a 273,274-square-foot center located at 12792 Willow Chase Drive in Houston. A 92,818-square-foot Fiesta Mart anchors the shopping center, which is 85 percent leased to tenants such as Jo-Ann Fabrics, Family Dollar and Dots. Helen Putterman and Vera Thomas of Cohen Real Estate procured the buyer, Houston-based Fidelis Capital Partners, in the transaction. Putterman and Thomas also represented the seller, Virginia Beach, Va.-based Wheeler Interests.
LAREDO, TEXAS — GBT Realty, a real estate developer based in Brentwood, Tenn., has completed the construction of the 10,000-square-foot McPherson Place, a retail development located on the corner of Bob Bullock Loop and McPherson Road in Laredo. The new property is fully leased to four retailers: James Avery, Orange Leaf, Starbucks Coffee Co. and AT&T. Including McPherson Place, GBT Realty's total number of developments in Texas is 77.
MODESTO, CALIF. — A 45,950-square-foot retail property in Modesto that is leased to Best Buy has sold to an unnamed buyer for $6 million. It is located off State Highway 99 and Sisk Road. There are seven years remaining on Best Buy’s 20-year, absolute triple-net lease. The lease also offers three, five-year renewal options with rental increases every five years. Rod Pickney and Chad Byerly of Stan Johnson Company represented the unnamed seller in this transaction.
WARRENVILLE, ILL. — The Boulder Group has arranged the sale of a single-tenant Bank of America ground lease, located at 28301 Diehl Road in Warrenville, for $3.4 million. Bank of America is the sole occupant of the 4,500-square-foot retail building, which was developed in 2003. The bank’s lease had 11 years remaining at the time of sale. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high net-worth individual, in the transaction. The buyer was a Chicago-based private individual in a 1031 tax-deferred exchange.
BLOOMFIELD TOWNSHIP, MICH. — Lifetime Fitness Platinum Club has committed to a 67,500-square-foot, build-to-suit in Bloomfield Township, located about 25 miles north of Detroit. The fitness club will occupy a three-story building located at Dublin and Telegraph roads. John Lominack and Bob Hanzl of Colliers International represented Lifetime Fitness in the transaction.