ROCK HILL, S.C. — Atlanta-based Halpern Enterprises has acquired the 50,000-square-foot Rock Hill Crossing, located at 4875 Old York Rd. in Rock Hill, from Bright-Meyers Rock Hill LP. for $8.07 million. The center is fully leased, and tenants include Dollar Tree, GNC, Verizon, T-Mobile, Shoe Show and Sports Clips. Zach Taylor and Don McMinn of Marcus & Millichap's Atlanta office represented the seller in the all-cash transaction. The buyer was self-represented.
PHOENIX — Faris Lee Investments has sold three free-standing properties in the Greater Phoenix area that are occupied by Pizza Huts for a total of $3.55 million. The properties were sold to individual, all-cash buyers from California and Arizona. The locations offered absolute NNN leases with either 15- or 20-year lease terms upon the close of escrow. The three acquisitions included 4708 South 48th Street in Phoenix that sold for $1,629,000; 2056 E. Baseline Road in Mesa that sold for $1,118,000; and 808 West Broadway Road in Tempe that sold for $800,000. Dennis Vaccaro and Matthew Mousavi of Faris Lee marketed all three properties on behalf of a Pizza Hut franchisee who operates 46 Pizza Huts throughout Arizona and Texas.
WEST HOLLYWOOD, CALIF. — A 5,700-square-foot retail building in West Hollywood has sold to Interior Illusions for $2,385,000. The upscale furniture retailer and interior design services company has occupied the single-tenant, three-story building for the past year. The property, which was constructed in 1929 and renovated in 2006, is located at 7335 Santa Monica Blvd. Trevor Belden of Lee & Associates-LA North/Ventura and Jay Martinez of J. Martin & Associates-KW Commercial represented both the buyer and the seller, VIA Lending Co., LLC/KAR Properties Inc., in this transaction.
INDEPENDENCE, MO. — CPH has sold a 50,092-square-foot retail center in Independence for $2.3 million. Tenants include Blockbuster, Goodwill and Papa Murphy's Pizza. The undisclosed buyer plans to redevelop the property and include a new CVS store. Keoni Fursse of Kokua Realty Co. represented the seller in the deal.
CHICAGO — Cohen Financial has arranged an $8.5 million loan for the refinancing of Addison Mall, located at 2921 W. Addison St. in Chicago. The 69,240-square-foot retail center is fully leased to tenants such as Casual Male, Dollar Tree and Foot Locker. Don Trossman of Cohen Financial's Chicago office arranged the 10-year, fixed-rate loan through AIG.
ALTON, ILL. — Marcus & Millichap has arranged the $1.8 million sale of a 3,011-square-foot Burger King, located at 1902 Homer Adams Parkway in Alton, located 15 miles north of St. Louis, Mo.. Edward Benton and John Pryzbyla of Marcus & Millichap's Houston office represented the seller, a developer.
MCALLEN — Palio Partners has commenced construction on an 8,500-square-foot retail property, located on a 1.33-acre lot called Renaissance Point at 1304 E. Expy. 83 in McAllen. Dallas-based Genghis Grill will occupy 4,500 square feet of the retail property and the remaining space is available for leasing. Greg Blandford of Dallas-based Position Property Group represented Genghis Grill in the lease transaction. This will be Genghis Grill's 95th location and it is slated to open in August 2012.
HOUSTON — Colliers International has brokered the sale of a portfolio of nine restaurants net leased to Burger King in the Houston area. Marshall Clinkscales and Bill Byrd of Colliers International's Houston office represented the seller, Gramdale, in the transaction. The buyer was Global New Millennium Partners.
VALLEY VIEW — Farmington Hills, Mich.-based Sperry Van Ness/Fortis Net Lease has brokered the sale of the 9,100-square-foot Dollar General, located in Valley View. Robert Bender, Doug Passon and Bryan Bender of SVN/Fortis represented the buyer and procured the seller in the transaction. This is the 15th Dollar General sale that SVN/Fortis has negotiated this year.
PARMA, OHIO — A private investment group has purchased a 48,320-square-foot retail center for $3.7 million in Parma. The property is leased to Toys/Babies “R” Us and Mr. Hero, both of which signed 10-year lease extensions prior to the sale. Mark Luttner of Luttner Real Estate Investment Services represented the seller, the Ratner Family Trust, in the deal. He also procured the buyer.