CHARLOTTE — Cedar Ridge Group LLC has acquired the Markets at Cedar Ridge, a 27,920-square-foot retail center located at 7520 S. Tryon St. in Charlotte. Shane Buckner of NorthState Capital Partners and David Dupree of BCB Investments represented the buyer in the transaction. David Morris of Legacy Real Estate Advisors represented the seller. The center is less than 72 percent occupied, and the value-add deal falls under the company's strategy of buying “real estate assets in good locations that can be acquired below replacement cost,” says Buckner.
ORLANDO — Harvest Holdings has acquired Sand Lake Plaza, a 25,116-square-foot retail center in Orlando for $4.7 million. Built in two phases in 1995 and 2005, the property is fully leased and located at 1431 W. Sand Lake Road. The property is just east of South Orange Blossom Trail and across from the Florida Mall, the largest shopping mall in Central Florida. Daniel Baker of CBRE represented the seller, an affiliate of Ram Realty Services and Square Mile, in the transaction.
LOVELADY, TEXAS — Quantum Real Estate Advisors Inc. has arranged the sale of an 8,000-square-foot Family Dollar store, located in Lovelady. The store is a build-to-suit for Family Dollar and has a full 10 years remaining on its initial lease. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston, in the transaction. The buyer, a New York-based REIT, purchased the store for $956,925.
PEMBROKE PINES, FLA. — 150 NW 180th Street LLC has acquired a retail property that is fully leased to Chase Bank in Pembroke Pines. The sale included a 1.8-acre site subject to a new 20-year, triple-net ground lease. A new 4,713-square-foot Chase Bank, with drive-thru lanes, will be completed on the site this year. Todd Weintraub and Dave Donnellan of CBRE represented the seller, Pembroke Pines Place, a Florida-based private developer, in the transaction.
BOCA RATON, FLA. — Marcus & Millichap has arranged the $5 million sale of a Sound Advice, a vacant retail building and development site situated on two adjacent parcels in Boca Raton. 331-335 Yamato Road includes Sound Advice, an electronics retailer, and a vacant retail building formerly housed by Pizza Hut. The property also includes 99 parking spaces. Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the seller, a private real estate company in Boca Raton, in the transaction. Mandel and Silver also represented the buyer, a limited liability company.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secretand Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.
HOUSTON — Houston-based Read King Commercial Real Estate has begun to develop a 40,443-square-foot Whole Foods Market. The store, which will be located at Louetta and Cutten roads in north Houston, will be the area's first Whole Foods store. The grocery chain will anchor the first phase of Vintage Marketplace, an 18-acre development within The Vintage, a 630-acre mixed-use development. Gensler Architects will design the new store, in addition to its 31,000 square feet of small shop space, and Arch-Con Corp. will serve as the project's general contractor. Read King was self-represented by Tony Patronella and Christie Amezquita in the land transaction. Read King worked directly with the seller, LCSE Limited Partnership. Amezquita also represented the landlord in the lease transaction with Whole Foods. Jeff Hayes and Tal McIver of New Quest Properties represented Whole Foods.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secret and Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.
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.